Torque — a powerful DeFi asset borrowing platform with perpetual loans and fixed interest rates. Get instant crypto-backed loans without any KYC or credit checks.
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Description of the Torque project
Torque — uniquely both an application and a dApp. The project works with any web3 wallet like Metamask. This allows users to borrow assets by simply posting collateral to the human-readable ENS domain from any wallet. Best of all, it does this without requiring any bills or charging any fees. When a loan is initiated, this triggers the target iToken contract to fund the underlying protocol order object with a loan for which the expiration parameter is set to 0.
Why you should trust this project:
| Firstly | With a fixed interest rate, you always know what you are paying. |
| Secondly | When volatility hits, the project keeps your loans safed with minimal liquidation, only to provide collateral 10% above margin service. |
| Thirdly | Developers take decentralization seriously. Get a loan without verification, KYC / AML or credit checks. |
10% of interest, paid by borrowers, goes to the insurance fund. When opening a loan, a commission is charged for issuing a loan in the amount of 0.09% of the loan amount. Interest is also paid for the entire duration of the contract.
The user interacts with the Torque interface to specify the loan amount and accepts the transaction, using their web3 wallet. Alternatively, the user sends the collateral to the appropriate ENS address, such as dai.tokenloan.eth. In this example, a user receives a DAI loan, secured by ETH.
Additional information
At the moment, White Paper and RoadMap are not available on the site. Instead, the developers provide a section with answers to questions. Also, some information is on the main page and in the Medium blog. If you want to stay up to date with all innovations, subscribe to the community on these social networks:
The leading blockchain safety auditors ZK Labs and Certik have reviewed the smart contracts. The underlying protocol audit is publicly available.