ForTube Community AMA Recap
On April 29th, Xu Chao (Louis), co-founder of ForTube, joined the ForTube community on Telegram for an AMA. Here is a recap of the questions answered by Louis.
Host: Hello Louis, it’s a pleasure to have you here with us.
Louis: I’m glad to be here with my friends.
Host: We will start with the First segment. Can you please give us a brief introduction about yourself and ForTube?
Louis: Sure. I am the Co-founder of ForTube, always paying attention to and investing in crypto. I started investing and studying before 2017 as an individual investor, and devoted myself to the cryptocurrency industry in 2018, so that I started ForTube.
Host: Oh! That’s interesting, someone with knowledge and experience in digital currency.
Louis: Actually the whole team has rich experience in crypto.
Host: Truly, last AMA with the CEO proves the team is packed with crypto rich and experienced leaders.
Louis: As one of the earliest teams working in DeFi, ForTube was established in 2018, focusing on DeFi application and scene. The former brand was The Force Protocol.
The lending scene was the first target we set, when established ForTube to explore financial scene applications leveraging smart contract technology. We haven’t changed this target till today, as we think DeFi is just beginning now.
Louis: This is the general description and I believe our friends already have certain news about ForTube.
Host: Ok, time for our questions and answers.
Host: Today our topic is “Builds the Digital Assets Bank for the Metaverse ”. What is metaverse? What’s the relationship between metaverse and crypto currency?
Louis: The metaverse concept has been popular recently. Sounds very high level, seems can be related to anything. Actually, “Metaverse” is derived from a science fiction novel “Snow Crash”, used to describe the online world corresponding to the real world.
Well, metaverse is not a brand new thing, it’s just a collective term for the future virtual world that everyone hopes will occur. If I define what’s the metaverse, that is, a large-scale online virtual economy is coming.
If I define what’s the “metaverse”, I will say, a large-scale online virtual economy.
Cryptocurrency will play a payment role in the large-scale online virtual economy, and various DeFi applications are the financial infrastructure of the virtual economy. We can play games, network, trade, and invest, etc.
Many crypto enthusiasts are basically not engaged in economic output activities in the real world. They mainly invest in the cryptocurrency industry — using DeFi to mine, collecting NFTs, playing interesting Dapp games, and can also earn income.
So I may be bold to say, just seize the time and chance to improve.
Host: I too feel a period where the physical and virtual world will coexist simultaneously is almost here and virtual currency will indeed play a vital role.
Host: Let’s move over to question 2 and this has to do with what most members have been curious to know since ForTube is not the only player in the industry. What’s the main business of ForTube and what’s the difference between ForTube, Compound, AAVE, Venus and the others?
Louis: There are 4 main parts in ForTube business: wealth management, lending, aggregate mining and FOR Pool. This is the biggest difference to other DeFi lending platforms.
ForTube’s position is a decentralized crypto bank. There are two key functions: saving and lending, not just borrowing. As the proposer of the fund pool lending model, Compound solves the problem of low matching efficiency of the peer-to-peer lending model. However, the fund pool lending model is not able to provide saving users with the highest rate of revenue and provide lending users with the lowest rate of interest cost. This is a fundamental contradiction.
On the other hand, I am not sure are there any users in this group who ever used Compound. Is there someone who figured out how to use it instantly, like how to stake, how to borrow at the first time?
When I use Compound for the first time , I spent a lot of time studying each word. After studying for a long time, I finally succeeded in borrowing stablecoins. However, when I used the borrow function on Binance at the first time, I just followed the instructions and the process was successful without asking customer service.
The reason is the product design of Compound is based on engineering thinking, not product thinking. Therefore many users think it’s difficult to use DeFi lending products at the beginning.
ForTube 3.5 will disassemble the fund pool lending model. Based on users’ needs and product ease of use, the savings and lending will be divided into two core functional modules. The process will be closer to the users’ logical thinking.
Saving, that is wealth management section, will be single currency wealth management, the bottom-layer revenue is coming from ForTube and several DeFi protocols. Based on the resource of bottom-layer revenue, there will be different levels of risk for users to choose.
The Lending section will be designed according to users’ experience. Only stablecoins and mainstream assets can be lended, more pledged asset types will be added, and risk-control isolation is carried out, in order to avoid the situation of high risks that pledged assets are borrowable assets and all assets are in the same fund pool under the fund pool lending model.
This is the most essential difference between ForTube and other current DeFi lending platforms, because ForTube is positioned as a decentralized cryptocurrency bank.
In addition, the Farming section can improve platform borrowing business; FOR Pool can increase additional revenue for $FOR holders; The high-quality assets listed on ForTube will provide tokens for lockup mining for $FOR holders; There will be more innovation modules in the future.
These are all to improve the business of the ForTube platform and make more value for $FOR.
Host: Oh, that was a long speech and I’m sure community members have all their questions answered.
Louis: I just want to explain more because we really did a lot during the last few months.
Host: I see ForTube 3.5 is coming that should take us to the moon then ForTube 4.0 should take us to another planet. Also adding more value to $FOR is also what Price group members wanted to see.
Louis: I take your words as our goal.
Host: Ok, next question and this has to do with the farming section which has been blowing hot with ARPA, LINA and the others. For the recently launched Farming section, what’s the significance to ForTube, and are there any differences from other aggregating mining platforms?
Louis: Key words are “Aggregate Mining” plus “Reinvestment”.
When users participate in aggregate mining in the ForTube Farming section, the original revenue remains the same, they can also obtain an additional aggregate mining certificate token named vToken in ForTube. vTokens can be collateral assets in ForTube, so vToken holders can borrow stablecoins and other mainstreaming crypto assets. It means that only half of the equivalent funds can be used to obtain the same revenue.
Host: Awesome. vToken is coming and we might be seeing vToken staking on other Dapp soon.
Louis: Now we support LP from Pancake, and later may be Belt,Venus, Mdex.
Host: Next question: A dual-purpose LP greatly improves the efficiency of fund use. It seems that many projects are aiming at this. It’s great that ForTube has already achieved this. So how will DeFi develop and how does ForTube deal with the challenges in the future?
Answer: Now it might be just the beginning of DeFi applications, if you see in 10 years. There are two trends which will accelerate the development and grow the scale of DeFi. First, the market value of cryptocurrency will increase, and the volume of virtual economies will increase; Second, the tokenization of physical assets, the transformation of traditional financial services based on smart contract technology.
The development of these two dimensions will expand the DeFi industry hundreds of times and increase business volume tens of thousands of times.
Why do I say this will finally come? Let’s go back to the essence of DeFi — no permission is required, users can control their own assets, transactions are transparent and checkable, strong scalability, marginal costs are low enough, and never shut down. DeFi itself reduces social production costs and improves efficiency. It will have major benefits for the development of human society in the long-term.
In the future virtual world, there will be smarter robots. It may be an NPC or any machine that uses DeFi services. Fiat currency is difficult to use in the virtual world, just as difficult as using crypto in the real world.
ForTube always firmly believes that long life is the most important factor of a DeFi project, so we take sustainable development as the first goal, we believe in decentralized community power, and we will gradually improve product innovation and build the fDAO organizational structure, making the ForTube ecosystem enter a sustainable development stage.
The future is unpredictable, but you can work hard to create it. ForTube is committed to becoming the best decentralized cryptocurrency bank, providing users with wealth management and lending services.
Host: It’s really amazing how ForTube is already planning for the Future. Next question which traders and holders always want to see in any AMA. How does $FOR token capture value and what is the long-term plan?
Louis: $FOR, as the governance token of the ForTube platform, is deeply tied to the ForTube platform, based on the principles of risk sharing and benefit sharing. The forthcoming fDAO will carry ForTube’s sustainable development goal, adopting the joint curve auction model. Users can obtain more rewards by depositing $FOR to fDAO, as 60% of revenue of the ForTube platform will purchase $FOR and deposit to fDAO.
All FOR staked in fDAO can share this part of the profits. Meanwhile, as the highest decision-making sector for ForTube platform governance, fDAO has decision-making power on the key innovative design and the core operation of the platform.
ForTube’s business development and innovation are the foundation of FOR value capture. The current team members have been deeply involved in the field of cryptocurrency for many years. This will definitely take ForTube to a new level, serve more users around the world and create more value for FOR.
Host: This is really great. fDAO is sure to add more value to FOR token while incentivising users who stake their token on FDAO.
Last question and we will proceed to the next segment of Live questions from the community.
As mentioned on the roadmap, ForTube will provide support for physical assets in DeFi, any development plan for ForTube in the future?
Louis: A few weeks ago, ForTube and UPRETS reached a strategic cooperation for introducing the digital securities asset ($OST) issued from UPRETS into the ForTube funding pool, and regard it as an innovative practice of connecting real assets and digital assets.
We continue to work with UPRETS to bring more physical assets to DeFi. When ForTube 3.5 is launched, a section will be opened to support physical asset mortgage lending.
Host: I can’t wait for ForTube 3.5, 3.0 was awesome guess we should see more innovation there.
Thank you for your time Louis, we will now proceed to the last segment. 5 questions picked will earn the user $60 worth of FOR token.
Louis: Can’t wait to chat with everyone.
Question from @Und3rcov3r: Hello, Louis. Do you have any plans to attract non-crypto investors to your project? Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your non-crypto space? Or do you let this to others?
Louis: Certainly. We have a lot of exchanges with traditional enterprises and investment institutions. They are very interested in ForTube’s business. We are fighting for their investment.
Question from @tranhao029: What major partnerships does ForTube intend to use or how does ForTube bring its products to the average consumer — especially non-crypto users?
Louis: We will cooperate with Internet payment companies to allow ordinary users to easily use legal currency to enter the defi world.
Question from K Kkkk: How is binance usdt listing going?
Louis: I just asked binance today, waiting for their reply.
Question from @Abukaruba: Now that technology is changing every second, are you afraid that in the future the project will lag behind new projects with newer technologies? Do you have a plan for this?
Louis: Innovation is happening every day. Only by keeping learning will we not be surpassed by other projects. In recent product and marketing activities, everyone should have seen the innovative ability of ForTube.
Let me tell you in advance that FOR will list on a well-known dex of BSC, and there will be high liquidity rewards.
Question from @rocketan: Do you think users are important elements of your platform? Does ForTube have any plans to attract more users in the future?
Louis: Of course, users are the most important to ForTube. We will soon launch the membership module to expand more users. Everyone is welcome to recommend new users to use ForTube, you will get rewards.
Thank you and everyone for your precious time. I hope I can chat with you every week. I want to know your suggestions about ForTube, this is very important to our team.
Host: We hope to see more of you too.