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Torches Finance, the leading lending protocol based on KCC (KuCoin Community Chain), announced that BlockSec had audited its smart contract and it will reduce its lending interest rates of USDT and USDC at 4:00 on October 20, 2022 (UTC).
Torches, the top lending protocol based on KCC, officially launched last June 2022. Besides Torches being deeply incubated by KCC, it was strategically invested by KuCoin Ventures and had a strategic collaboration with KuCoin Wallet. As the basic lending protocol on KCC, Torches aims to cooperate with other on-chain projects to achieve DeFi’s self-circulating ecosystem.
Torches Finance has finished its 2nd round of smart contract security audit by BlcokSec, a famous security company. According to the audit report, based on torches-protocol and torches-dao, BlockSec conducted security audits on Software Security, DeFi Security, NFT Security, etc. And Torches has fixed issues identified in the audit and upgraded the smart contact. Before this audit, PeckShield completed the initial smart contract audits for Torches, and this new round of security audits by BlockSec reveals the importance of asset security on Torches, which implements the protection of user assets into daily life.
Charles, the CTO of Torches, said, “The security issue is the sword of Damocles in the blockchain industry, and as practitioners, we must deal with it. We know the importance of asset security for the lending protocol, so we continue to improve our internal security management process while also hiring professional security agencies to conduct smart contract audits from time to time. Torches aims to provide users with a safe, convenient, and easy-to-use asset lending service.”
Also, Torches announced the interest rate adjustment plan for USDT and USDC, which will be implemented on October 20. Torches’s official announcement shows that after the implementation of the plan, the lending interest rates of the stablecoins on Torches are lower than other lending protocols, like Compound, Venus, and AAVE. It provides DeFi users with a new option to improve asset liquidity with a more convenient and low-cost experience.
About Torches
Torches Finance is a decentralized lending protocol based on KCC, supporting mainstream crypto assets such as BTC, ETH, KCS, USDT, USDC, etc. Users can earn TOR tokens by both depositing and lending assets on Torches Finance.
Visit Torches Finance: https://www.torches.finance/en.
About BlockSec
BlockSec focuses on the security of the blockchain ecosystem and collaborates with leading DeFi projects to secure their products. BlockSec was founded by top-notch security researchers and experienced experts from both academia and industry. They have published multiple blockchain security papers in prestigious conferences, reported several zero-day attacks of DeFi applications, and successfully protected digital assets that are worth more than 5 million dollars by blocking multiple attacks.
