With BSC empowerment, what are the ways Torum can play in the combination of DeFi and NFT?

What does BSC+DeFi+NFT+Socialization look like?

Each concept has been very popular recently, whether it is the high-performance BSC, the DeFi and NFT that have been proven by the market, or the social platform that attracts users to participate. At present, Torum, which has already gained a certain degree of enthusiasm overseas, combines these popular concepts.

How does Torum work and how to maximize the value of the platform?

On April 16th, the Beep Big Coffee Show invited Mr. Wu Yifeng, the founder and CEO of Torum, to talk about how Torum can play DeFi+NFT.

The following is the live record.

1. Please Mr. Wu Yifeng briefly introduce Torum. As a one-stop social ecosystem, what are the main products?

Wu Yifeng: Torum is a social platform specially designed for the cryptocurrency industry. In addition to the various unique cryptocurrency social functions in the platform, we will also launch the DeFi pledge platform and NFT mall in Q2 and Q3 this year to build Torum into a social + DeFi + NFT cryptocurrency user social ecosystem. In the future, Torum will continue to launch products such as "virtual mining games" on the platform to allow platform users to enjoy an unprecedented "cryptocurrency social experience".

At present, nearly 30,000 user groups mainly come from the United States, Canada, Switzerland, and other Western countries, as well as Southeast Asian countries such as Malaysia, Singapore, and Indonesia.

2. Why did Torum choose to build on BSC? Have you considered multi-chain deployment?

Wu Yifeng: In the initial stage of Torum products, our team originally planned to build some applications of Torum on the Ethereum blockchain. However, the recent market craze caused by DeFi and NFT has caused the network congestion of the Ethereum blockchain and high transaction fees. In addition, the BSC blockchain has compatible EVM, lower transaction fees, and shorter block confirmations. The characteristics of time and so on, so we finally chose BSC as our foothold.

Speaking of multi-chain deployment, our team is currently actively developing the cross-chain currency transfer function of BSC x ETH, so that users can implement the multi-chain currency transfer function in Torum's DeFi platform. In the future, depending on market conditions, we will also deploy to the HECO chain like Huobi.

3. As a social project on the BSC chain, what can users do through Torum, and what benefits can users get through the Torum social platform?

Wu Yifeng: From a social perspective, users can track high-quality content creators on the platform, quickly obtain a variety of rich cryptocurrency-related information and content, and make friends with colleagues from all over the world. KOLs can settle in the platform to build and operate a fan group, and shape their own brand and image in the industry. In addition, the project party can also set up their own official account on the platform.

From the perspective of incentives, users on the Torum social platform can obtain platform currency XTM as a reward for providing value to the platform by completing various types of social tasks. Creators who produce high-quality content will also receive various exquisite gifts from fans on the platform, such as "Doge CEO", "Moon and Lamborghini", "Satoshi Nakamoto's Gift", etc., so as to get more Many XTM rewards.

4. The Torum NFT Mall is currently under development. What is the current progress? What functions will the NFT Mall have in the future?

Wu Yifeng: Torum NFT Mall is currently progressing very smoothly. It is estimated that the Beta version will be launched at the end of May or early June. The first version of the NFT mall has the function of binding Torum social platform accounts. Users can quickly share NFTs to their own social platform accounts with one click, so that users' NFTs can get more exposure. Users can regard the Torum social platform as a unique NFT show, which can be used to display their own NFT collections to other users.

In the future, Torum NFT Mall will introduce the function of creating custom and programmatic NFTs. Users can obtain various rare items, such as rare astronaut decorations, ships, planets, etc., by purchasing and extracting blind boxes using XTM on the NFT platform. Users can synthesize these items to create their own "Astronaut Self-Biography" NFT, and displayed on social platforms as the avatar of the NFT. In addition, the NFT is a programmatic NFT, and its image will change according to the time difference of the country where the user is located, the number of fans on the social platform, and the level of activity.

5. At present, the form of DeFi + NFT is in the ascendant. What are the ways Torum combines DeFi and NFT?

Wu Yifeng: The pledge rewards of users in the sub-level LP pool will receive additional bonuses through users' popularity and activity on the platform, realizing one of the “social pledge mining” models in the cryptocurrency industry. In addition, users can also purchase NFTs of varying rarities in the first public NFT sale (INO) on the platform, and pledge the NFT to the sub-level LP pool to obtain additional bonus bonuses.

Torum combines the three elements of social, DeFi, and NFT through the above methods. It is believed that this kind of gameplay will give users a completely new experience.

6. The position of XTM tokens in the Torum ecosystem is very important. What role does XTM tokens play in the Torum ecosystem?

Wu Yifeng: XTM is a token used as a value exchange and transaction medium in the Torum ecosystem. So far, users can use XTM on the platform to buy gifts and give them to other users. This function alone has consumed up to 350,000 tokens since the platform went online. After the Torum DeFi pledge platform and NFT mall are launched, users can pledge XTM in the NFT mall as a credit guarantee, pledge on the DeFi platform, etc. In the future, XTM can be used to pay for various services or additional functions in social platforms, such as ad placement, exclusive chat sticker purchase, VIP user subscription, etc.

With the rapid growth of Torum platform users, when the platform reaches the critical mass effect, we can develop various innovative functions or platforms and integrate them into the existing social ecology. Combining DeFi and NFT elements into social platforms is a good example. As the trading medium of the entire social ecology, XTM will increase its value rapidly as the ecology expands.

Below is the token distribution of XTM.

7. It is expected that the XTM public offering round will be held in May this year. According to reports, it will be sold in the form of the first public sale of pledged NFTs. What are the characteristics of this form of sale and how can users participate?

Wu Yifeng: The NFT cards sold by the public offering round are divided into five levels. NFT cards of different levels have different prices, different rarities, different pledge mining bonuses, and different amounts of XTM as endorsements. After purchasing NFT, participants can: (1) Pledge with XTM on the Torum DeFi platform to obtain additional sub-level pledge rewards, (2) Burn the NFT card and obtain XTM in the card, (3) Put NFT cards on the shelves in Torum or other NFT malls for sale and profit.

As for the specific method of participation, users can first join our WeChat or Telegram group, and first register on the Torum social platform and follow the official account in the platform: @torum.official to get more through the above channels before the NFT sale starts. relevant information.

8. At present, a large number of IPs have entered the NFT field. It can be foreseen that the NFT market will be a big wave in the next two years. How does Torum build high-quality IP and gain an advantage in the NFT market competition? How do you see the value of social and IP in the NFT market?

Wu Yifeng: I personally think that social platforms and IP are closely related. The number of fans of IP on traditional social platforms actually reflects the value of the IP to some extent. By selling their own exclusive NFTs, IPs are actually a way of realizing their own value. Torum's social platform is the starting point, which has actually laid a good foundation for the introduction of IP in the Torum NFT mall in the future.

With the rapid growth of the number of Torum users, it is believed that more and more industry leaders will participate in the platform to communicate with other cryptocurrency users and expand their fan base. And these big names participating in the Torum social platform are actually potential high-quality IPs in the Torum NFT mall. Using the social platform as a show field, IP can directly share the created NFT to its social platform account with one click, and expose the NFT to the IP fan base. Fans can go to the NFT mall to purchase the NFT of the IP with one click. Display the NFT on the personal homepage of the Torum social platform.

Therefore, combining the cryptocurrency social platform with the NFT mall is Torum's biggest advantage in the NFT market competition. We believe that the potential of the innovative combination of design + NFT cannot be ignored.

9. What kind of roadmap planning does Torum have, and what are the short-term and long-term project plans, goals, and visions?

Wu Yifeng: In the short term, we plan to launch the Torum social platform mobile app, DeFi pledge platform and NFT mall within three months. In the long run, the Torum team will continue to optimize existing functions and add various additional functions to each platform to improve user experience. It will also continue to develop more functions related to the cryptocurrency industry. Improve Torum's social ecology.

If it's a goal, we will use the number of registered users on the platform as the measurement standard at this stage. We hope that Torum will have at least 100,000 to 200,000 registered users before the end of 2021.

Torum's vision is to narrow the distance between cryptocurrency users through unique and innovative social methods and become the largest cryptocurrency social ecosystem in the blockchain industry.