While the world of cryptocurrencies is still expanding, with various forms of DeFi getting floated for users, one of the latest, arguably most exciting, cryptocurrencies to have entered the marketplace goes by the name of Torch Currency (TORCH).
TORCH is a decentralized, non-custodial liquidity protocol developed based on the KCC-KuCoin Community Chain network and is already gaining significant momentum among investors and blockchain enthusiasts alike.
In this article, we are going to speak about everything you might want to know about Torch Currency crypto—from its features and market performance to the future outlook of this virtual currency.
What is Torch Currency?
Torch currency (TORCH), is a decentralized, non-custodial liquidity protocol.
It enables users to provide liquidity and borrow assets totally on a peer-to-peer basis, without any middleman or custodian.
The platform is built on the KCC network, with ultra-low transaction fees; hence, it becomes highly viable for small and large-scale traders alike.
Within the Torch ecosystem, investors can provide market liquidity and earn passive interest income based on the demand of that asset to be borrowed; borrowers are allowed to source loans by over-collateralizing their deposited assets.
This structure creates a balanced and flexible financial environment whereby participants may either gain interest or borrow liquidity as per their needs.
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Key Features of Torch Currency
Hence, among the flock of currencies out there, Torch Currency is that very unique cryptography that comprises some avant-garde features that amuse both groups of depositors and borrowers.
- Herein, depositors receive passive income through depositing their assets into the Torch protocol since the assets deposited by them would be utilized to meet the market demand for liquidity.
- Over-collateralized borrowing takes place when one lends against deposited assets, with those very assets serving as some form of security on claims for both lenders and borrowers involved in the system. This overcollateralization reduces the chances of defaults.
- Pool-Based Mechanics: All assets deposited into the protocol called Torch take part in interest-earning activities on equal terms. The distribution is fair and transparent within such a pool-based approach.
- Low Transaction Fees: Built on the KCC network, Torch transactions have extremely low fees, sometimes as low as a few cents per transaction, which makes it ideal both for high- and low-volume traders.
All these features make Torch a big player in the growing DeFi landscape, both for new crypto users and for more experienced ones.
Torch Price Overview and Market Performance
Presently, (as of October 2024), Torch Currency (TORCH) changes hands at $0.001243.
While it has a relatively low market capitalization volume that does not exceed $15.41 within the last 24 hours, it has managed to keep up its stability in the highly volatile market.
TORCH has reached an all-time high of $0.008701 on May 9, 2024, showing the heights which the token once reached in momentum. Like many cryptocurrencies, Torch has also seen its share of market corrections, with the current price coming down from this high point.
The token also recorded an all-time low of $0.001244 on October 1, 2024, just days before writing this article, which may mark a good buying opportunity for new investors.
Still, it outperformed the broader cryptocurrency market, which is down by 8.00% in the week, given Torch remained static in price at 0.00%.
Also, on the Base Ecosystem, ranking it against other cryptocurrencies, it averages well, which promises a great future ahead.
Torch Tokenomics and Circulating Supply
The most influential factors of price and market behavior are normally represented by tokenomics.
At the moment, the circulating supply of TORCH isn’t available, but its total supply stands at infinity since there’s no hard cap on the number of Torch tokens to be produced.
As this is an infinite supply model, demand needs to be watched because this can affect market capitalization and, in turn, the price of TORCH.
Of course, there is no capped circulating supply that could make the asset volatile, but this provides scalability for future growth should it see wider adoption in the DeFi space.
Where to Buy and Trade Torch
If you’re interested in getting some Torch tokens, you can purchase and trade them on decentralized exchanges.
Uniswap V3 (Base) is currently the most popular platform for Torch trading, with the TORCH/ISK trading pair leading in volume. The volume of trading is relatively low at this time, though. Of course, that may change in a split second if more users learn about the currency’s potential.
How to Buy Torch
- Set up a wallet that supports the KuCoin Community Chain, such as MetaMask.
- For receiving Torch tokens, connect your wallet with Uniswap V3 and search for the TORCH/ISK trading pair.
- On KCC, meager transaction fees are something to consider when trading your asset for torch tokens.
$Torch Historical Data, Performance & Price Predictions
Understanding the historic trends of any cryptocurrency will help in determining its potential in the future. Minutely, during the week, the price of Torch has oscillated between $0.001244 and $0.001549.
While these numbers may be very small, it means the development stage and market position of the token at this time.
As of 2024, Torch has its share of highs and lows.
For instance, in May, it reached its all-time high price of $0.008701, showing early promise; its subsequent fall to an all-time low of $0.001244 in October perfectly showed the general problem of many cryptocurrencies trying to keep their leads in the market.
With steady interest in decentralized finance ahead and further expansion of the KCC network, Torch has a decent chance to see upward trends in price again.
How Does Torch Compare to Other Cryptocurrencies?
With the given advantages of its low transaction fees, decentralized liquidity model, and passive income generation for depositors, Torch is already ahead of the other cryptocurrencies in the Base Ecosystem.
For the moment, it outperforms the general crypto market in terms of price stability, though the general market performances have fallen over.
In this regard, the areas mentioned above make the Torch a conducive investment choice to diversify one’s portfolio with the latest DeFi projects.
The Future of Torch and Roadmap
The future looks bright for Torch, even though its price may be in a humble state today. Active development continues with the addition of new updates and features that better serve its user base to attract a wider audience for its use.
Other potential features in the pipeline may encompass deeper integrations with other DeFi platforms, collaborations with major cryptocurrency ecosystems, and new passive income generation methods.
Over time, this will continue to grow the Torch ecosystem and, in turn, appreciate the value of the token, leading to handsome returns for early adopters.
Conclusion
Torch Currency, TORCH, is one exciting new player in the DeFi space, bringing a decentralized, low-fee, non-custodial liquidity protocol.
With innovative features, stability in the market performance so far, and much potential for future growth, Torch could very well leave its mark in the cryptocurrency domain.
By design, with a fine-tuned relationship in mind between depositors and borrowers, in addition to having scalable token economics, Torch is definitely one to watch for the investor looking for exposure both to DeFi and a token with solid fundamentals that will no doubt be a mainstay in the ever-changing world of crypto.
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