[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 (https://app.torque.fi/import) 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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[Torque] Bi-Weekly Update (9.13.24)

Refinancing

Hello and welcome back to another bi-weekly update. We’ve received the completed Refinancing smart contract audit and have made it available for public viewing: https://x.com/torquefi/status/1834250702463652097.

Improvements related to the handling of USDC were made during the audit process, so we’ve deployed a fresh set of smart contracts that were then validated for correctness.

The updated smart contracts can be found below –

Aave WBTC: 0xe76686E8723E1cf300A43616B5249C144f43d485
Aave WETH: 0xeecbD33fA7b52834417fB73fF888cEC7C8B1f483
Radiant WBTC: 0x380206E0D634630d1F47eCdA0A01e4B95409D9f7
Radiant WETH: 0x5c4DC1c9fbC4DDBb29680e1B6aE80432a3942e9b

Up next is release on Arbitrum One. Keep an eye out across our social channels. For anyone unaware, this initiative enables borrowers to reduce their interest burden by migrating loans to Compound and we’re excited to see who may be willing to take up the offer.

All feedback remains welcome and sincerely appreciated.

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[Torque] Bi-Weekly Update (9.27.24)

Refinancing

Good day all,

We’ve had the opportunity to engage with several potential users regarding Refinancing and understand great adoption may result from a competitive incentive structure.

Radiant’s governance token locking boosts APRs, encouraging long-term commitment, while Aave’s Merit program rewards participants based on their contributions.

Exploring similar models could be valuable for Compound, and I will keep the community updated as we continue research and refine our approach.

Sincerely,
Cameron

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[Torque] Bi-Weekly Update (10.11.24)

Refinancing

Hello all,

As part of my commitment to providing regular updates, I wanted to check in for this bi-weekly period. At this time, there are no significant updates to report, but please know that we remain focused on our shared goals and will keep you informed as progress is made.

If any members feel these updates are not particularly helpful, we can adjust the frequency or pause them until there are more substantial developments. Your feedback is appreciated and I want to ensure our communication serves the community’s needs.

I look forward to sharing more in the next update.

Sincerely,
Cameron

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