ForTube AMA Summary with Decentralized Club ✔️
Dear, Community,
Welcome to the recap of our AMA with ForTube.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what ForTube is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with ForTube :👉
BILLY | Decentralized Club:
Q1. Can you please introduce yourself and also tell us a bit about ForTube?
Jeffrey@ForTube CEO:
Currently, I’m the co-CEO of ForTube. Previously, I worked in China UnionPay as a senior manager for a long time, focusing on the R&D of inter-bank transfer clearing system and investment.
My previous working experience included partnering with People’s Bank of China to establish the standardized payment training systems in China, and promoting financial technology and blockchain technology in the financial system for a long time. After that, I was focusing on the investment consulting blockchain and digital economy, so that I have great experience on investment and operation in the Blockchain and fintech industry.
A leading DeFi lending platform based on The Force Protocol, ForTube is committed to providing decentralized lending services for crypto asset enthusiasts around the world. It supports a majority of popular assets in the world.
ForTube is built on Smart Contracts and automated algorithm technology. Users can deposit to earn interests, mortgage and borrow the digital assets.
The interest rates on ForTube are determined by market supply and demand, and the assets are all controlled by users. ForTube supports deposits and withdrawal, borrow and repayment at any time. Currently, ForTube has released 2 versions of Ethereum and Binance Smart Chain, and market scale has exceeded 100 million dollar. The goal for ForTube is becoming one of the leading DeFi lending platforms.
BILLY | Decentralized Club:
Wonderful!
Q2. What is so exciting about ForTube that we should know about? @jeffreysky
Jeffrey@ForTube CEO:
I think the most exciting thing about ForTube is the ability for users to let their crypto assets earn interest. Anyone with stablecoins, WBTC, ETH or other cryptocurrencies (we have around 30) can deposit and start earning through DeFi.
Also ForTube is available for both ETH and Binance Smart Chain, so users that like either platform can enjoy ForTUbe.
BILLY | Decentralized Club:
That’s great flexibility
Q3. Which are the most important achievements in 2020 for ForTube??
Jeffrey@ForTube CEO:
We’ve had a few so far.
Joining the Binance Smart Chain ecosystem has been great for us, with the support and listing on Binance, as well as their liquidity incentive program.
Others include the launch of Bank V2.
The year is not over yet! We still have much more for users to get excited about over the next coming months.
BILLY | Decentralized Club:
Is this what you guys gunned for since the beginning of the year ?
Jeffrey@ForTube CEO:
Plans change in a fast moving industry like crypto. We’ve adjusted our plans to suit the market!
BILLY | Decentralized Club:
Hell yeah 😎
Q4. Finally, any sneak peek into 2021 plans for ForTube??
Jeffrey@ForTube CEO:
Currently we have Bank V2, which will be updated to Bank V3 in the near future!
Aside from that, integrating with DOT will be a big one.
Also, continuing to improve utility for the FOR token will be key in 2021.
BILLY | Decentralized Club:
Hmm..lot work ahead..but 💪you guys will do it definitely. We are confident 👍
🐧Community ask Questions by Twitter ✔️
BILLY | Decentralized Club:
Twitter question no 1.
Username : @mikenit890
I’m glad to see the @ForTubeFi Trading Competition on @binance. Are there going to be any future trading competitions on other CEX? What is the minimum criteria to be part of this competition?
Jeffrey@ForTube CEO:
Hi there. Yeh, we were very excited to launch that competition. For the Binance competition, users need to trade at least 60,000 FOR.
As for other exchanges, this is something that will happen naturally over time! I hope with each new listing we can do more awesome events.
You can find more details about the Binance event here: https://t.me/theforceprotocol666/66426
BILLY | Decentralized Club:
Twitter question no 2.
Username : @winterkom
Recently ForTube made a buyback and burning of tokens. How often does this event occur? Do you have an outline planned or was it just an occasional thing?
Jeffrey@ForTube CEO:
We recently complete Buyback and Burn #2, and these are monthly occurrences.
A certain allocation of collected fees each month is used for this activity.
You can see more details about BB&B2 here: https://twitter.com/ForTubeFi/status/1333690353564610562
BILLY | Decentralized Club:
Twitter question no 3.
Username : @ada_atalay
How can I contribute to your success as a community driven project? Will I get any benefit from storing the token in FOR in the long term?
Jeffrey@ForTube CEO:
The best way to contribute is to help guide ForTube through the governance mechanism of the FOR token.
FOR is the ForTube’s ecosystem governance token, and it’s core function is governance. To participate in governance voting, you need to lock the FOR, and at the same time you will get GFOR. The ForTube team believes that the governors who lock FOR to participate in the community are the real supporters of ForTube. We respect and thank all the governors. Therefore, the team will give additional incentives to users who hold GFOR. The current average APY of locked positions exceeds 50%.
The future important R&D development and core parameter adjustments of ForTube platform will be decided by FOR holders. In addition, users who hold FOR can also participate in ranking of “ForTube Bond” to obtain the rating service fees.
In order to empower FOR community in the long term, we use the ForTube’s transaction fee income to buyback and burn FOR.
BILLY | Decentralized Club:
Twitter question no 4.
Username : @quyencao11
What important milestones does ForTube aim to achieve by the end of this year and in the future? How will it help you and how will ForTube be successful in 2021 and beyond?
Jeffrey@ForTube CEO:
I think our goal for the last month of the year is to continue to increase our TVL and prepare for Bank V3!
As for long term goals, this is driven by our governance mechanism.
We want to be in the top few DeFi platforms by metrics like TVL, so we will continue to push this ahead.
BILLY | Decentralized Club:
Twitter question no 5.
Username : @Athif18867738
Fortube officially launched its DeFi services in Binance Smart Chain. Why choose BSC to do this? How will this network facilitate the generation of liquidity mining?
Jeffrey@ForTube CEO:
CZ announced that ForTube was the first batch of important partners on the day the Binance Smart Chain went live. Mainly based on three reasons:
First, the Ethereum network is crowded, and most users complained about high transaction gas fees. The Binance Smart Chain adopts the Proof-of-Stakes Consensus Mechanism (PoSA), which can produce blocks faster and has lower gas fees, greatly improving the user experience.
Second, Binance Smart Chain is compatible with the Ethereum virtual machine, which is very friendly to Ethereum developers. The contracts we developed in the early stage can be directly used, which saves a lot of learning and R&D costs.
Third, the current Binance Smart Chain ecosystem is very diverse, and it has already included almost all applications in the DeFi field. Therefore, we can introduce more assets into ForTube Bank’s lending business to expand the business scale and user base.
The result is obvious. Currently, the TVL on our BSC is usually higher than the TVL on Ethereum. 70% of ForTube Bank’s fee income source also comes from BSC.
orTube has shifted liquidity incentives from deposits to borrowing, and has innovated on ETH. Specifically, the ForTube Bank liquidity incentive (interest-free currency borrowing) liquidity incentive quota will be calculated based on the value of the user’s borrowed currency assets. For every 1000 USDT worth of daily borrowed assets, users will receive 1USDT equivalent of FOR as an interest subsidy (borrowings less than 1000 USDT will not be calculated). The main reason for this adjustment is to encourage users to really use ForTube, promote business development, and repurchase FOR, which will help increase the value of FOR.
✍️ Telegram live Questions answered by ForTube ✔
Dear Ex:
How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates??
Jeffrey@ForTube CEO:
Currently the best way for people to learn more about ForTube would be to join our Telegram : @theforceprotocol666 or follow us on Twitter: https://twitter.com/ForTubeFi
We have a friendly team of admins that will be able to help you with any questions that you may have.
Oleta Dickens:
Q. Any small coding error can permanently damage the entire assets of the LPs. This is the biggest risk of Yield Farming . How will you deal with this problem? Has your smart contract been audited by any blockchain system ?
Jeffrey@ForTube CEO:
Hi Oleta. We have been audited by Slowmist and Certik and given the tick of approval. You can find more information here:
https://certik.foundation/vendors/fortube
https://medium.com/the-force-protocol/slowmist-technology-released-the-security-audit-results-of-fortube-smart-contract-security-16fb132784f5
Manugotsuka:
🔴 There exists a Fee or comission for chance FOR to GFOR? What is better, be a FOR or GFOR holder?
Jeffrey@ForTube CEO:
There are gas fees, as usual when interacting with Metamask. However, when locking FOR to receive GFOR, there is no kind of “exchange fee”.
If you are interested in becoming part of the FOR governance community, GFOR would be the best option. But most token holders would just deposit their FOR into ForTube Bank.
Also when locking FOR to receive GFOR, users will earn interest! The interest rate depends on how long they lock their FOR for.
You can find more information here: https://vote.for.tube/staking
Serg:
Why is only FOR / ETH and FOR / USDT available today? Are you working on expanding trading opportunities and trading pairs?
Jeffrey@ForTube CEO:
This depends on which exchange you are looking at! On Binance we have FOR/BTC and FOR/BUSD. The trading pairs kind of depend on the platform, but I hope we can continue to expand our trading offerings on centralized exchanges.
FFdior:
ForTube is a lending protocol for digital assets. How can you compete with existing projects that have the advantage of networked maturity like AAVE and Compound?
Jeffrey@ForTube CEO:
I think the DeFi market is becoming more mature, but by no means is DeFi mature already. There are lots of opportunities for the whole market to grow together.
We will continue to work hard to improve our products and services to users and improve the FOR token utility. If we do this well over time, we will have no problem with reaching the heights of the current leaders in the defi industry.