To support blockchain ecosystem building and better synergize DeFi (decentralized finance) and CeFi (centralized finance), Binance sets up a $100 million Accelerator Fund to support projects on Binance Smart Chain (BSC). The BSC community will participate in the governance at the early stage of the project. High- quality projects will receive up to $100,000 in funding.
With its outstanding security concept, technical level and community foundation, ForTube successfully selected to be one of the first five projects launching on Binance Smart Chain.
In order to encourage users to try out the new protocol, ForTube is launching a Liquidity Incentivizer Plan on Binance Smart Chain with $100M FOR token rewards.
ForTube BSC Liquidity Incentivizer plan includes 3 different pools. Please check out the following blog for details.
Introducing ForTube’s Liquidity Mining Incentivizer Plan
The ForTube BSC Liquidity Incentivizer Plan will be launched on September 14th. Head over to…
ForTube BSC Liquidity Incentivizer Plan:
- Starting time: 10 PM, September 14th (UTC+8)
- Total rewards: 100,000,000 FOR
- Release speed: initial daily release amount is 800,000 FOR
- Mining period: long-term incentives
- Mining rules: weighted net assets mining
The APYs are directly related to the amount and type of deposited assets and borrowed assets. Different tokens have different incentives indexes (weights). Depositing assets with higher weights can get higher APY.
The reward indexes of each supported token are as follows:
- The indexes of all the remaining assets that are not listed in the above chart are temporary 0. (FOR token will be supported in the ForTube BSC liquidity mining campaign after the release of the Binance token swap tool.)
- Users can initiate proposals for adding new assets and vote on the incentive indexes of different assets every week on the ForTube governance platform: https://gov.for.tube/
- The calculation formula for the【Weighted Net Asset A】:
Vi is the deposit value of the asset i, Vj is the borrowing value of the asset j, and Fi and Fj are the mining reward indexes of assets i and j.
The calculation formula of the user’s daily mining reward is:
If a user deposited $10,000 equivalent worth of BNB (reward index is 0.75) and withdrew $3000 equivalent worth of BUSD (reward index is 1), then the weighted net asset value of the user is 10000*0.75-3000*1=$4500. The user can get 【mining rewards】+【deposit interests】 dynamically according to the proportion of 【$4500】in the【weighted net assets】of the entire platform.
4. Account asset snapshot: The system will take a random snapshot of all users’ assets three times a day, and then take the average of the three times into the mining reward calculation.
5. Reward distribution and withdrawal: The system will distribute the rewards for the preceding day from 0 AM to 3 AM every day. The received rewards can be withdrawn at any time after the release of the Binance token swap tool.
6. ForTube reserves the right of the final explanation of this campaign and can change the mining rules. The changes in mining rules will be notified immediately on official social media such as the official website, Twitter, Weblog, etc.
Step by step tutorial:
1. Download the Google Chrome browser and install MetaMask wallet (please visit https://www.jianshu.com/p/e7137f8daddd for detailed installation tutorial)
Note: Be sure to ensure a secure network environment and keep the MetaMask mnemonic and password. Losing the mnemonic will cause the loss of your assets.
2. Open the Google Chrome browser, visit https://for.tube, and select the Bank Binance section.
3. Connect your MetaMask wallet to BSC Mainnet
- Click the network selection button near the top of the app
- Click on “Custom RPC” if you have not previously added the BSC Mainnet information
- Select “Custom RPC”
- Enter in the BSC Mainnet details as follows:
Network Name: BSC Mainnet
New RPC URL: https://bsc-dataseed1.binance.org/
Block Explorer URL: https://bscscan.com/
- Then press “Save”
4. Select the asset to be deposited in the [Supported tokens] section, click to enter the [Deposit/Withdraw] interface. Users need to authorize if this is the first time for them to deposit.
5. Click [Deposit] and fill in the amount of the token.
6. Click [Confirm] and you are all set. The system will automatically calculate the deposit interest and mining rewards for you.
7. Click [My BANK] to check [My mining reward] which includes [My weighted net assets], [Total reward], [Mined yesterday], [Redeemable], etc.