2020 in Review
In 2020, the Crypto market cap broke $1 trillion, ushering in its highest peak in history. What’s exciting is that the DeFi market also ushered in explosive growth. Total Value Locked (TVL) on the chain has increased by 40 times per year, and the number of users (addresses) has increased by 12 times. The combination of the protocol has an ecological effect.
As one of the first projects to develop DeFi applications in Asia, ForTube launched on-chain lending protocol ForTube Bond and ForTube Bank respectively. ForTube is also the first batch of DeFi projects in China that use liquidity mining for a cold start, with TVL up to $130 million and lending up to $50 million. As a leading DeFi lending project in Asia, ForTube has introduced many new users to use DeFi lending products. In addition, ForTube platform’s governance token FOR has been successfully launched on the global leading exchanges, including Binance, Huobi, Upbit and Bittrex.
In 2021, business volume and users in the DeFi field will continue to maintain large-scale growth. It should be noted that with the overall increase in the market value of digital assets, the DeFi protocol needs to consider the liquidation risk caused by the overall decline in the price of digital assets, and put forward higher requirements for safety and risk control.
ForTube, as a pioneer of the DeFi lending projects in Asia, will focus on innovation and breakthroughs in 2021 and provide a better and safer DeFi lending product to digital currency users.
1. Product and Business Innovation
1) Implement asset pool management
ForTube will be divided into a stable zone and an innovation zone according to the risk level and type of assets to more accurately meet the needs of different customer groups and achieve risk isolation.
2) Financial Model Optimization and Risk Control System Upgrade
ForTube will conduct more refined design of mortgage assets, Loan-to-Value ratio (LTV), liquidation, interest rate formulas, and more. ForTube will design a set of DeFi lending risk control rule sets, and automatically deal with risk items at different levels.
3) Guarantor Mechanism
Introduce a guarantor mechanism into the system to increase the flexibility and scalability of DeFi lending business.
4) Fixed Interest Rate / Term Loan
Support Fixed Interest Rate / Term Loan to solve the risk of borrowers’ interest rate fluctuations.
5) Flash Loans
Support Flash Loans to make more service fees for the platform.
6) Business Expansion
Explore supporting physical assets and apply for SFC License in Hong Kong.
7) Brand Upgrade and User Experience Optimization
ForTube will launch a new UI and mascot, optimize the interactive experience, support more wallets, etc.
2. Technology Development and Innovation
1) Support multi-chains and cross-chain
As ForTube is well established with Ethereum and BSC, we will pay close attention to the development of other public chains and cross-chain technologies such as Polkadot, and connect them as appropriate.
2) Layer 2 Migration
ForTube has conducted in-depth research and prototype verification of Layer 2 solutions such as ZK Rollup, Optimistic and Aribitrum, and has carried out relevant deployments on the testnets of each solution, keeping the technical implementation and user experience in sync with the mainnet at all times. ForTube will select the appropriate Layer2 solution for ForTube deployment based on the ecological development of Layer2.
3) Oracle Optimization
ForTube plans to create a leading comprehensive oracle program in the industry. We will adopt a combination of mainstream decentralized oracles (Chainlink) and self-quoted oracles to not only ensure the security of quotations of mainstream assets, but also allow for the normal quotation and use of other assets. The self-quote oracle machine will use a newly designed and optimized price deviation filtering algorithm and a time-weighted verification algorithm, and use a completely isolated distributed quotation node cluster to achieve almost the same decentralization characteristics as the mainstream decentralized oracle and security.
4) Contract Structure Upgrade and Gas Optimization
Based on the ForTube 2.0 upgradeable contract structure, the asset pool, interest rate algorithm, price algorithm, and inter-contract calls are fully optimized and improved, and achieve an accurate Gas fee estimation and customization for various user scenarios and each specific transaction, greatly optimizing Gas consumption and saving user transaction costs.
5) Improve Asset Utilization
ForTube will improve asset utilization through a multi-protocol combination to increase the utilization rate of funds and ensure the liquidity of ForTube itself, so as to increase the income of depositors and reduce the interest cost of borrowers.
3. Drive Operational Growth
1) Membership System Establishment
ForTube will build membership levels, membership tasks, and a membership benefits systems.
2) Business Promotion
Support channel promotion and invitation fission to increase the volume of deposit and lending business.
3) New User Education
ForTube will design DeFi’s newest introduction tutorial to help new users learn to use DeFi products more quickly.
4) Token Planning
Promote the listing of tokens on global compliant exchanges, promote the opening of FOR/KRW trading pairs on Upbit, and the opening of FOR/USDT trading pairs on Binance. Explore more usage scenarios of tokens, making the token and ForTube platform business growth more closely related.
5) Governance Decentralization and Entity Structure Establishment
Further promote the decentralization of ForTube governance, mainly including ForTube platform support asset decision-making, platform income distribution decision-making, contract management private key multi-signature, and more. Establish a physical company in Hong Kong, develop physical assets for the ForTube system.
In terms of time, the development plan for 2021 is as follows:
Q1: Brand and UI Upgrade, Asset Pool Management, Oracle Optimization, Add Newbie Area, and Launch ForTube Membership System.
Q2: Financial Model Optimization and Risk Control System Upgrade, Contract Structure Upgrade and Gas Optimization, Support for Fixed-Rate Loans, Flash Loans, and Layer 2.
Q3: Multi-chain and Cross-chain Support, Guarantor Mechanism, Governance Structure Upgrade
Q4: Explore Supporting Physical Assets and Apply for SFC License in Hong Kong
In 2021, the global digital asset market ushered in a year of historic change. With global mainstream investment institutions’ investment in crypto assets, combined with the joint efforts of the global community, ForTube aims to reach a new historical height.
(Note: The global capital market is volatile and there are many variables. ForTube will adjust the specific development roadmap plan in a timely manner according to changes in market conditions)
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/