BlockTalks x ForTube AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with ForTube, on December 7th at 11.00 AM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Jeffrey, CEO at ForTube, so here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Jeffrey — Hi everyone, I’m 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 that I have great experience on investment and operation in the Blockchain and fintech industry.
Introduction Questions Asked By Team BlockTalks
Q1. Could you please introduce ForTube to our community in layman’s term?
Ans — Sure! ForTube is committed to providing decentralized lending services for crypto asset enthusiasts around the world. ForTube supports a majority of popular assets in the world, including Stablecoins like USDT, USDC, DAI, as well as WBTC, ETH, LINK and others.
ForTube is built on Smart Contracts and automated algorithm technology. Users can deposit to earn interests, mortgage and borrow the digital assets.
The interest rates on ForTube are determined by market supply and demand, and the assets are all controlled by users. ForTube supports deposits and withdrawal, borrow and repayment at any time. Currently, ForTube has released 2 versions of Ethereum and Binance Smart Chain, and market scale has exceeded $100 million dollars. The goal for ForTube is becoming one of the leading DeFi lending platforms.
Q2. What are the advantages of ForTube to other alternatives in the Blockchain field?
Ans — There are a few key factors that separate ForTube from the competitiors. Firstly, on ForTube users can earn interest by depositing their assets, but also you can earn interest by borrowing assets. This is a temporary program to help support the lending feature on ForTube.
Secondly, by integrating both ETH and Binance Smart Chain, users have the opton to use their favourite Ethereum based wallet, but at the same time they can use the fast, cheap Binance Smart Chain.
Q3. What are the major milestones ForTube achieved so far & what are in the future pipeline?
Ans — Currently our roadmap looks like this:
Tyler@ForTube in ForTube Community
ForTube Project Roadmap We've had a number of users asking about our Roadmap recently. Here it is!
We were very excited recently to be listed on Binance, and we also have a FOR trading competition that is ongoing.
As for the future of ForTube, we have more big things happening that should launch before the end of the year, including User Interface and product updates, exchange listings, and more. We are also guided by FOR holders through the governance feature of ForTube. Token holders can vote to decide the direction of ForTube.
Questions Asked on Twitter For ForTube Team!
Q1. What is the main governance idea for FOR token holders? What aspects of ForTube can users choose? How can I earn FOR by borrowing assets? What is the minimum and maximum deposit amount on the ForTube platform?
Ans — FOR is the ForTube’s ecosystem governance token, and it’s core function is governance. To participate in governance voting, you need to lock the FOR, and at the same time you will get GFOR. The ForTube team believes that the governors who lock FOR to participate in the community are the real supporters of ForTube. We respect and thank all the governors. Therefore, the team will give additional incentives to users who hold GFOR. The current average APY of locked positions exceeds 50%.
The future important R&D development and core parameter adjustments of ForTube platform will be decided by FOR holders. In addition, users who hold FOR can also participate in ranking of “ForTube Bond” to obtain the rating service fees.
In order to empower FOR community in the long term, we use the ForTube’s transaction fee income to redeem and burn FOR. We have already redeemed once in October. Now, we are also planning to distribute dividends to GFOR holders. Therefore, if you hold FOR, you will truly enjoy the growth value of ForTube.
To earn FOR, you can deposit assets and borrow asstes on the ForTube platform.
There is no minimum and maximum deposit on ForTube!
Q2. Fortube officially launched its DeFi services in Binance Smart Chain. Why choose BSC to do this? How will this network facilitate the generation of liquidity mining?
Ans — 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.
Q3. What are the features of the digital bank of Fortube? What algorithms facilitate the deposit and withdrawal of my assets are available? May I charge a percentage from this digital bank for each transaction?
Ans — Through the Bank feature, you can deposit and borrow assets with fluctuating interest rates. These interest rates are determined by supply and demand.
You can deposit and withdraw at any time through ETH or Binance Smart Chain.
Q4. ForTube is a lending protocol for digital assets. How can you compete with existing projects that have the advantage of networked maturity like AAVE and Compound?
Ans — Well, I think the DeFi market is still very immature. There is a lot of opportunity for growth. Through the support provided by Binance, by utilising Binance Smart Chain, and the upcoming development of the DOT ecosystem, I think that ForTube is positioned well for fast growth.
Q5. “Stake 1 FOR for a year to get 5 GFOR. APY is 1 FOR”. My question is, Can we unstacked it before one year? Or we need to wait until one year to unstacked it?
Ans — If you chose this option, your FOR is staked for one year. It cannot by unstaked until that year is over. We have a few different locked options for users if one year is too long.
Questions Asked by our BlockTalks Community Members during live Session to ForTube Team!!
Q1. if you guys were me … where will you would buy ForTube tokens and how much ???
Ans — Of course I can’t offer investment advice. However, the best platform for purchasing FOR tokens would be Binance: https://www.binance.com/en/trade/FOR_BUSD?layout=basic You can buy with BUSD and BTC.
Q2. Do you think your system is secure enough? How safe is your system in securing funds and user data?
Ans — We have been audited by Slowmist and Certik. Also, we have prepared 100 million FOR as a risk reserve to deal with the possible loss of user assets under extreme conditions.
Q3. Does the price of the token matter to you from an operational perspective, if the token price is $1 or $100?
Ans — Of course we would like the token price to go up, however we will continue to work hard regardless. I think there is a clear correlation between how interested people are in the project and the token price. This was seen in the Compound and DeFi boom earlier this year. We will do our best, but we can’t guarantee anything.
Q4. How do you plan to spread your understanding of the project in different countries where spoken English is not good like me?
Ans — We are exploring opportunities to launch local communities in different regions around the world, especially in Asia. As we launch different communities, I think more and more users will be able to join ForTube and we will see more success.
Q5. Will FOR token holders has the right to participate in the governance? What kinds of decesion can token holders make?
Ans — Yes, FOR is a governance token. We recently completed the first buyback and burn on October 30, with 1,962,432 FOR burned. The total value of this burning is approximately US$56,322, and the burn amount accounts for 0.196% of the total supply. In September, ForTube announced that it would use 20% of the received handling fees for the redeem and burn of FOR. The burning mechanism is once a month.
As for what governance means, it means that FOR holders can stake their FOR and receive GFOR, which is used for voting on community proposals. Also, GFOR holders can also submit their own proposals.
Q6. Do you have NFT?
Ans — We are looking at ways that NFTs can be added to the ForTube project. Currently we don’t have any official NFTs or NFT products though.
Q7. What collateral assets are currently supported on Fortube Ecosystem and do you have any guidelines for newbies interested in participating in ForTube Liquidity Mining and ForTube Governance Mining?
Ans — We have many different assets available on ForTube, which you could check out at our website: https://for.tube/
There are different assets available depending on if you select BSC or V2 (ETH).
There are guides on the website that explain how to deposit, withdraw, borrow and earn on ForTube. If you had any questions, we have some great community managers in our Telegram chat that could help you.
Q8. How are the deposit interest rate and lending rate automatically driven by algorithms? Why does the ForTube BSC Liquidity Incentivizer plan include 3 different pools? What is the difference between pool features?
Ans — Interest rates will range between 2% and 50%. The calculation is a little complex, but basically, the higher the deposits compared to borrowings, the lower the interest rate, and vice versa. If more people want to borrow and asset, the interest rate will increase. This interest rate is always changing as users deposit and borrow assets on ForTube.
Q9. Really only ForTube will be dedicated to developing a LOAN platform? Or are you planning to develop an ecosystem with multiple financial tools and instruments in the near future?
In our Latin countries, when they tell us “pay at any time” that means it is “given away” or it can be paid in hundreds of installments, is that what Fortube means? or will they really have some restraints and penalties for tardiness?
Ans — We are looking at developing a range of products. I think users prefer to have all of their products in one platform, which is what we will pursue.
Q10. Do you have any Coin Burn / BuyBack systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?
Ans — Yes! We recently completed another Buyback and burn of $FOR. You can see some details here:
Q11. Is there an asset lock? Can I deposit and withdraw money anytime?
Ans — Yes, you can deposit, withdraw, borrow and repay at any time on ForTube. That is the great thing about DeFi. You can do it 24/7, with low fees. All you need is Metamask 😁