Tutorial: ForTube OKExChain (OEC) Lending and Mining (PC Version)
ForTube has launched OKExChain (OEC) at 5PM on May 14th, 2021 (UTC+8), providing users in the ecosystem with lending, borrowing and other liquidity solutions.
ForTube will support the lending business of on-chain assets of OKExChain, such as OKT, OKB, USDT, USDC, USDK, and will launch the lending and mining activities of USDT, USDC, USDK.
OKExChain demonstrates the user-oriented development concept, and principles of decentralization and open resources. ForTube will use the OKExChain platform to provide users with higher revenue and more flexible value capture opportunities.
As a world leading Decentralized Cryptocurrency Bank, ForTube is committed to providing decentralized financial services and private banking services for crypto asset enthusiasts around the world. Everyone can provide digital assets to earn interest or pledge assets for lending.
Note: App users can use MathWallet and TokenPocket to access the ForTube OEC version and start lending and mining.
A: How to connect the OKExChain Network on ForTube PC version
1. It is recommended to download the Google Chrome, and install the MetaMask extension from the Chrome store.
Note: Please make sure the installation is under the secure network environment and store your MetaMask secret backup phrase and password. If the backup phase is lost, it will cause the loss of all funds.
Visit https://for.tube/ in Google Chrome, after successfully connecting to the wallet, click “OEC”, ForTube will automatically switch to “OKExChain Mainnet” for the user.
Or, users can manually add “OKExChain Mainnet”. Please see following steps:
1. Click the MetaMask wallet plug-in in the upper right corner of the browser, click the “Networks” to choose “Custom RPC”.
2. Fill in the following parameters to set, and click “Save”.
Network Name：OKExChain Mainnet
B：Basic operation on ForTube PC Version
1. Deposit: Users can transfer digital assets (supported by the platform) to “smart contracts” to earn interest income through the “Deposit” function on ForTube. When the user deposits, the deposited assets will first repay the loan (if there are any) of this kind of assets, and the net assets can earn deposit interest;
2. Withdraw (also called Borrow): The user’s “available amount” for a certain token includes the “deposited amount” of this token and the “borrowable amount” pledged by other deposit assets. If liabilities happen after withdrawal, there will be interest of borrowing.
Note: Users’ available amount is not only related to their accounts, but also related to the balance of the system, that is, users cannot withdraw the amount that is more than the available amount or the amount of the system balance.
3. LTV (Loan to Value): The ratio of the maximum borrowing amount to the specific pledged assets, which measures the maximum borrowing capacity based on the pledged asset.
For example: If a user deposits USDT with a value of $10,000, and the LTV of USDT is 85%, and the LTV of DAI is 85%, then the user can use USDT as the pledged asset and borrow up to DAI with a value of $7,225 (10000X0.85X0.85).
For more details about ForTube V3 lending model, please refer to Health Index
C: How to participate in lending and mining
Activity time: From 17:00 on May 14, 2021, lasts 30 days.
Total mining amount: daily reward is 16.67K FOR, and the total output is expected to be 500K FOR;
Borrow tokens for mining. Users borrow USDC, USDT, and USDK from the ForTube OEC version, and can earn FOR token rewards based on the ratio of the loaned asset value A to the total loan value B of the three currencies.
The calculation formula for the user’s daily mining reward is: Daily reward × A /B FOR.
Account Asset Snapshot: The system will take a random snapshot of all user account assets three times a day, and take the average of the three times into the mining reward calculation.
Reward Distribution and Withdrawal: The system will distribute rewards of the previous day from 0:00 to 3:00 every day, and users who have received the rewards can withdraw at any time.
Mining Rules Update: ForTube reserves the right to the final interpretation of these rules and to change them if necessary. Please pay attention to the subsequent announcements for the mining rules from official channels.
D: Check Farming Rewards
Users can check the farming data at the dashboard, including “Farming Reward”, “Accumulated Revenue” and “Reward Yesterday”, “Reward Claimed” and “Reward Claimable”.
(Note: ① Account Asset Snapshot: The system will take a random snapshot of all user account assets three times a day, and take the average of the three times into the mining reward calculation.
② Reward Distribution and Withdrawal: The system will distribute rewards of the previous day from 0:00 to 3:00 every day, and users who have received the rewards can withdraw at any time.)
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/