ForTube
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ForTube

BSC x ForTube AMA Recap

On March 18th, the Binance Smart Chain community hosted Jeffrey for an AMA on Telegram to discuss all things ForTube V3. This is a recap of that AMA.

BSC: Hey everyone, thanks for joining. We have the pleasure to be one of the founders of ForTube.

Jeffrey: Hi, thanks for having me!

BSC: Can you please introduce yourself ?

Jeffrey: Hi everyone, I am Jeffrey. 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 I have great experience on investment and operation in the Blockchain and fintech industry.

BSC: Great you are a OG of crypto and bank.

Jeffrey: 😄 I guess you could say that.

BSC: Can you please introduce your project and the problems you want to solve / Solutions you are proposing ?

Jeffrey: ForTube is a DeFi lending platform launched by The Force Protocol. ForTube is based on smart contracts and automated algorithm technology. Users can deposit and earn interest, and also mortgage currency and loan currency to pay interest. The interest rates on ForTube are determined by market supply and demand, and the assets are controlled by users. ForTube supports deposit and withdrawals, borrowing and repayments at any time.

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 supports both ETH and BSC chains. Users can deposit to earn interests, mortgage and borrow the digital assets.

ForTube has a strong user base around the world, with more than 5,000 Chinese community users, more than 17,000 English, Korean and Turkish Telegram user groups, and more than 21,000 Twitter followers. ForTube’s original offline security audit model has passed the joint audit of three major security audit companies, which are CertiK, Peckshield and Slowmist.

With its outstanding security concept, technical level and user base, ForTube was in the first batch of five projects supported by Binance Smart Chain (BSC).

BSC: Nice. Now let’s go for our first question! When the Binance Smart Chain went live, ForTube was one of the first batch of BSC ecosystem partners when CZ announced in the livestream. Why did ForTube choose BSC to develop the cooperation, and what has ForTube achieved so far?

Jeffrey: 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.

BSC: Wow! So awesome! Second question: Now, FOR has listed on Binance, what kind of cooperation will you have with Binance in the future? Please share ForTube’s global marketing strategies with us.

Jeffrey: The listing of FOR on Binance is just the beginning of ForTube’s global plan. ForTube’s goal is to occupy at least 20% of the global lending market, and to achieve a win-win situation, like AAVE and Compound did.

We are very confident to do this, because there are a large number of users in Asia. Of course, we are also constantly learning the strategies from the western countries, and launching ForTube’s own innovative ways at the same time.

To be specific, ForTube’s global plans has three aspects:

One is the global DAO community governance and service. ForTube continues to expand the governance of DeFi DAO, and updates safe and convenient services for users in different regions, so that global community members can enjoy ForTube’s rapid growth.

The second is to benefit from global financial resources. ForTube’s core team members have been involved in the financial industry for many years and all of them have a professional financial background. Based on decentralized governance, they can realize the onchain and offchain interconnection of funds by combining real-world assets with lower fund costs.

The third is to unite global ecosystem partners. ForTube will cooperate with global professional influencers, AMM communities, DeFi communities, as well as overseas market operation teams, to promote governance concepts and strategic visions all over the world; Well manage the official Twitter and Telegram groups, and establish cooperative relationships with the world’s top institutions to build a good ecosystem.

We are looking forward to working with the Binance global users in the DeFi field, and sharing ForTube’s future market value!

BSC: Perfect! ForTube has a big future. Third question: What are the new features of the V3 version? Except lending, does ForTube have plans to develop other DeFi products?

Jeffrey: The V3 version will layer digital currency assets into an innovation zone and a stable zone. Mainstream assets will be launched in the stable zone, and non-mainstream assets will be launched in the innovation zone. At the same time, the initial staking rate and the closing staking rate are set. Compared with Compound and Venus, users can borrow tokens according to the maximum borrowing amount, reducing the risk of liquidation.

After the launch of V3 version, the team will focus on disassembling borrowing and wealth management functions, and launching a number of borrowing products and wealth management products. The backend product implementation logic is not limited to the capital pool lending model, and will have more interaction with other DeFi products. In the future, ForTube will focus on the core needs of users, and continue to introduce borrowing and wealth management products that meet the needs of users, and become a decentralized digital currency commercial bank.

BSC: After the launch of the new version, how do platform governance token capture value? It seems that the current economic model of FOR tokens is rather chaotic and does not fully capture the value of the platform. Compared with other DeFi lending platforms, the market value is also much lower.

Jeffrey: The current token economic model has historical reasons. At the beginning of the plan, it was not expected that the current DeFi economy would develop so prosperously. For this reason, after the launch of V3, major adjustments will be made to the token economic model.

We will initiate a community vote for token deflation. Secondly, the fDAO platform will be established, which is the governance role of the ForTube platform. At the same time, 60% of the revenue of the ForTube platform is allocated to fDAO. All FOR holders can stake FOR to fDAO and become the governor and receive the benefits. See the figure below for details.

BSC: Is the V3 launched? Or will it be launched?

Jeffrey: Coming soon :)

BSC: What security mechanisms does ForTube V3 have? How can ForTube avoid hacker attacks? If the platform is attacked, will the user be compensated?

Jeffrey: According to the statistics of The Block Research, 15 DeFi platforms were hacked in 2020 with the total amount of $120 million stolen. Safety has always been the top priority of ForTube. Since its launch, it has maintained stable operation without major safety issues.

ForTube guarantees platform security from three aspects.

Financial risk control: Learn from the accumulated experience and models of the existing financial risk control industry for many years, according to the characteristics of blockchain financial applications, formulate risk control models and rules suitable for ForTube’s own business characteristics.

Smart contract security: ForTube contract developers have rich experience and hire at least one well-known security organization in the industry to conduct a comprehensive audit. In addition, ForTube’s unique DeFi security component can greatly improve system security.

Oracle security: ForTube once again upgraded and optimized the oracle system, using a combination of decentralized oracles and self-feeding nodes.

If the user’s funds are lost due to a hacker attack, part of the reserve asset FOR in fDAO will be auctioned to make up for the loss. If it is not enough, the system risk reserve will be used.

BSC: ForTube V3 currently supports BSC Chain and ETH Chain. Will it consider migrating to the new popular public chain in the future, like Polkadot and Heco?

Jeffrey: The public chain is the infrastructure for the development of blockchain. ForTube has always been actively paying attention to the development of other public chains. ForTube was in the first batch of five projects supported by Binance Smart Chain (BSC).

The current problems encountered by DeFi applications on the Ethereum network are obvious. The high gas fee prevents many users from using DeFi products. It is contradictory to our concept of inclusive finance.

The cost of deploying a set of applications for each chain is too high and it is also difficult to operate. We pay more attention to the technical methods that can connect different chain assets, so that one chain deployment and multiple chain applications can be realized. This is a difficult technical problem that our developers have been studying.

BSC: I guess you need additional developments to integrate polka or heco. I mean bsc and eth are evm compatible and so it’s easier to migrate and operate.

Jeffrey: Yes, but it looks like there are some interesting things happening on Polkadot with EVM compatibility.

BSC: Oh good to know :) I have a last question for you before opening the chat to the community! The field of NFT is developing very rapidly recently. Will ForTube V3 introduce NFT into the protocol?

Jeffrey: NFT tokens have become valuable due to the non-replicable information they carry, and there are many application scenarios that we have been paying attention to. In the future, we will select high-quality and stable NFT assets to be launched on the ForTube platform to add a liquidity option for holders of NFT assets.

In addition, ForTube community NFT tokens have been issued. In the future, NFT will be integrated with the platform’s membership system. ForTube members can support the development of the platform by participating in voluntary activities, and they will also receive NFT tokens of different levels. Keep your exclusive NFT tokens, there may be unexpected surprises in the future.

BSC: Oh cool. Membership is a great use case for NFT!

BSC: Thank you for your time. I will now open the chat for the community. 3 winners will share $300 :)

Question from Jose: While you build your project, do you take into account community feedback and demands?

Jeffrey: Yes, definitely! To give an example, recently we had some feedback that users that borrowed $CAKE were not repaying their loans, which meant that users that deposited $CAKE into ForTube were not able to withdraw their CAKE. To remedy this situation, we adjusted the maximum APY/APR rates on CAKE to incentivize borrowers to repay their debts.

Situations like these are great learning experiences for us, and we appreciate the community feedback in these kinds of cases.

Question from Galdirik: Does allocating 100 million #FOR for security leaks indicate that you are not trusting in your own project and/or components?

Jeffrey: Not at all. People buy car insurance all of the time, but nobody plans to get in a car accident. Crypto is still such a new market, and it’s impossible to always get everything 100% correct. We have great programmers, and we hire great auditors, but it’s still an important thing to have a back up plan in case something does go wrong.

Question from i love BLACKPINK: What mortgage assets are currently supported by the ForTube ecosystem, and what is your relationship with CertiK Foundation?

Jeffrey: Currently there are around 30 assets for deposit and lending! Each asset will have their own APY rates for depositing and borrowing. There may be different assets available in both ETH and BSC versions of the app.

Question from Charmaine Eulalia: Are you a global project or local project? Can anybody anywhere use Your project without any restrictions??

Jeffrey: We are a global project. Anyone with and internet connection and a wallet can start depositing and borrowing on ForTube

Question from Tien Nguyeb: Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?

Jeffrey: We have been audited by 3 of the top security firms in the crypto space, and for ForTube V3 will again undergo audits.

BSC: can’t wait to see the new version! Thank you a lot for your time Jeffrey.

Jeffrey: Thanks for having me Kori. Everyone should join our Telegram: https://t.me/theforceprotocol666. We will have a lot of news coming out over the next few weeks.

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ForTube

ForTube is the world’s top DeFi lending platform launched by The Force Protocol.