An Introduction to the ForTube Governance Token — FOR
ForTube platform governance token FOR has been issued and circulated for a long time. Many new users don’t know the history of tokens and have asked many questions in the community. Therefore, we’ve decided to release an introduction to the token as follows:
The Force Protocol was founded in July 2018. The team launched the new brand, ForTube, in August 2020. FOR, as ForTube’s platform governance token, was issued in February 2019. An IEO was conducted on Bibox Exchange in April 2019, the first time it was traded on the open market. Since then, FOR was listed on more exchanges, such as MXC and Hotbit. In September 2019, FOR was listed in Huobi Exchange, and listed in Binance, Bittrex, Upbit, Gate and other exchanges in 2020.
The total amount of FOR is 1 billion, and the token distribution is as follows:
2. Current Situation
As of May 1, 2021, a total of approximately 650 million tokens are in circulation. They are:
Donation of strategic investors and community — (30%, which is 300 million) has been unlocked in 2019;
Ccommunity ecosystem building — (30%, which is 300 million): approximately 260 million are in circulation, and the remaining 40 million will be unlocked on demand based on market operation activities (see section 3.1 for details);
ForTube founders and the development team — (15%, which is 150 million): 90 million has been unlocked, and the remaining 60 million will be unlocked on April 23, 2022;
Force Protocol Foundation — (25%, which is 250 million) is still locked: 100 million is allocated as the risk reserve of the ForTube platform, and the remaining 150 million is in pending status. At present, all foundation members agreed to use this portion of tokens for long-term operation and ecosystem development of the platform (see section 3.2 for details)
3. Summary and Prospect
3.1 Community Ecosystem Token
Since the ForTube project has been operating (early 2019), community ecosystem tokens have been mainly used for: community activities operation; airdrops; expenditures of marketing events; expenditures of exchange events, and the expenditures of liquidity mining incentives from August 4, 2020.
At present, the remaining 40 million tokens will be unlocked according to the needs of market operation activities, such as airdrops, AMA rewards, and expenditures of listing tokens on exchanges.
The preliminary plan is: starting from January 2021, 5 million will be unlocked every quarter for 2 years.
3.2 Tokens Held by the Foundation
The foundation has a total of 250 million tokens: 100 million is allocated as the risk reserve of the ForTube platform, and 150 million tokens will be allocated linearly according to platform operations and ecosystem development.
At present, according to ForTube’s roadmap and current business, it will be mainly used for the following expenditures within the next 3 years:
- Expenses for overseas market expansion, such as Southeast Asia, Russia, etc., for exhibitions, conferences, etc.
- Expenses for code security audits to ensure the safe iteration of products
- Expenses for for media promotion
- Liquidity incentives and expenditures, and activity incentives for cross chain migration, such as FOR POOLs combo mining activity rewards
- Regular monthly token burns
- Rewards of the membership system
- Lock-up and governance expenditures required by the fDAO governance
3.3 New fDAO model
As the governance token of the ForTube platform, FOR is closely related to the development of the ForTube platform. The ForTube protocol introduces a new governance structure based on the Bonding Curve to balance the issues of ForTube’s revenue distribution, risk-taking, and governance decision-making.
Specifically, it includes the following main sections:
- Investors can stake their assets to a certain fDAO pool according to their own risk preferences and obtain the corresponding $fDAO tokens;
- $fDAO tokens conduct governance and cover some of the risks;
- The fee collector will collect and distribute platform revenue.
In summary, investors can invest in a less frictional and less permissioned way to align their benefits with the ForTube protocol’s benefit through a simple and effective fund acquisition mechanism.
Be sure to follow us on social media for more updates and mining campaigns:
▲Announcement channel: https://t.me/the_force_announcement
▲ForTube website: https://www.for.tube/home
▲knowledge library of ForTube platform: https://docs.for.tube/