[Torque] Bi-Weekly Protocol Update

Grants
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With the support of AlphaGrowth, Torque will distribute ARB to USDC borrowers starting next Monday. The contract for claiming ARB is available for viewing here. Real-time reward accrual values can be found by visiting the dashboard in our application.

Additionally, Torque won a grant from CGP 2.0 to develop refinancing. It was proposed in May and more detail can be found at Questbook. Let us know if you have any special requests.

This thread will detail both initiatives (as well as any future ones).

If you’re not familiar with Torque, see our previous thread.

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[Torque] Bi-Weekly Update (8.16.24)

Recap of the Previous Two Weeks

ARB received last disbursement: 30,000

ARB utilized as incentives: 20,000

Contracts incentivized:

Summary of incentives: ARB is currently being distributed to USDC borrowers across two collateral assets (Wrapped Bitcoin and Wrapped Ether). Wrapper Ether has gained a lion’s share of transaction volume, seeing growth from zero to mid 5-figures in assets.

Stats

Loans originated: 75

Outstanding debt: $13k-$15k

Collateral supplied: $24k-$30k

Avg. daily transactions: 14

Unique user addresses: 15

Debt-to-reward ratio: 2-3x

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Plan For the Next Two Weeks

Amount of ARB to be distributed: TBD

Contracts that will be incentivized: TBD

Mechanism for distribution: Onchain accrual

Summary of incentives plan: All infrastructure is in place for onchain distribution and we’re now focused on growing awareness. To achieve it, we’re engaging key opinion leaders, continuing conversations with interested borrowers, and driving traffic via X.

Refinancing

The interface is available for review (code: all 8s) and we’re now going for Radiant integration to begin testing. It’s a straightforward ‘repay/withdraw/borrow new’ interaction. Here’s step 1.

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Beyond Radiant, we’re completing the same for Aave, Dolomite, Lodestar, and Silo markets. It’s interesting because Compound’s rate is superior across every single one. We look forward to helping new users save on interest and attracting new debt to Compound.

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[Torque] Bi-Weekly Update (8.30.24)

Recap of the Previous Two Weeks

ARB received last disbursement: 30,000 (no change)

ARB utilized as incentives: 30,000 (complete)

Contracts incentivized:

Summary of incentives: Incentives weren’t renewed from the previous cycle. We saw activity stagnate as they were tailored downwards, ultimately leading to significant redemptions. No ARB rewards will be made available for the Compound <> Torque Refinancing initiative.

We sincerely thank AG and the Compound community for the opportunity.

Refinancing

The UI integration is complete (Torque) and an audit is in progress!

torque-import

The complete set of contracts that’ve gone for audit are below –

Aave WBTC: 0xa4C46c137Be22E8fb6033509041917C70665fD24
Aave WETH: 0x1dBAEc382a74743504607FFe73aD22F9142396D
Radiant WBTC: 0x6b5c6C6a5223e1Ce30d24dedE62848bAd0845Fd2
Radiant WETH: 0xB4C189f3697F21703AbbB6550e97D8dDF4c3DF3B

Some integrations proved tricky, having altered or omitted repayOnBehalf functions. But, we were able to cover just over 90% of the proposed collateralized positions with the above.

The contracts work by repaying USDC or USDC.e from a user’s wallet, withdrawing a specified amount of collateral asset, and using it to create a new loan at Compound through one of Torque’s Simple Borrow Factories. Migrators may manage positions at the bottom of Borrow.

If you’re interested in helping to spread awareness, test the product, or get involved in any other capacity, you can always find us on Telegram, Discord, or via email: hello[at]torque.fi.

A big thank you to the Compound community for the support!

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