ForTube IoTeX Version Liquidity Incentive Tutorial
ForTube has reached a strategic partnership with IoTeX and the deployment process of ForTube on IoTeX’s mainnet has been completed. In order to contribute to the development of the IoTeX ecosystem and meet users’ demand for liquidity, a yield farming campaign will be launched on December 14, 7 AM (UTC)
The campaign will last for 60 days and users can obtain double rewards of FOR token and IOTX token by depositing or borrowing assets.
Please check out the article for the IoTeX bridge tutorial:
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How to connect to IoTeX Mainnet via ForTube
- Users are recommended to use the Google Chrome browser and MetaMask wallet.
Note: Please ensure a safe network environment and keep the MetaMask mnemonic and password. Losing the mnemonic phrase may cause assets loss.
2． Visit the ForTube homepage https://for.tube, and click【Connect】on the top right to connect to the wallet. Then click the【IoTeX】and the network will be switched to IoTeX Mainnet automatically.
As a decentralized DeFi crypto bank based on The Force Protocol, ForTube is committed to providing decentralized lending services for crypto asset enthusiasts around the world. Users can deposit to earn interests or borrow 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.
Please refer to the link for the detailed instructions of deposit, borrowing, withdrawal, and repayment in ForTube:
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How to participate in the campaign
Launch Time: Starting from 7 AM, December 14, 2021(UTC) and lasting for 60 days.
Total Rewards: $100K equivalent of $IOTX and $100K equivalent of $FOR.
Rules: The rewards shall be distributed daily based on the proportion of the weighted capital value of users to the total weighted capital value of the ForTube IoTeX Version. During the campaign, users can obtain double rewards of FOR token and IOTX token by depositing or borrowing assets with the calculation formula as follows:
FOR daily reward × A/B + IOTX daily rewards × A/B.
(A stands for the weighted capital value of the user, and B is the total weighted capital value of the platform.)
Note: Assets have different Reward Coefficient, and the calculation formula of weighted capital value is ∑(Vi×Fi) +∑(Vj×Fj), where Vi stands for the deposit value of i assets, Vj is the borrowing value of j assets, Fi and Fj are the reward coefficient of assets i and j.
Eg. If Alice deposited $500 USDT and borrowed $100 IOTX, and the total weighted capital value of the platform was $11,000. The daily rewards were $100 FOR and $200 IOTX, then:
The weighted capital value of Alice：（$500×2）＋（$100×1）=$1100
Daily $FOR Reward for Alice ：$100×（1,100/11,000）=$10
Daily $ IOTX Reward for Alice：$200×（1,100/11,000）=$20
Weighted capital value snapshot: ForTube will randomly snapshot all accounts' weighted capital value three times a day, and take the average value into reward calculation.
Reward distribution and withdrawal: Users can view and claim the rewards via the Dashboard tab. The system will distribute the rewards between 00:00 AM to 03:00 AM(UTC +8).
Rules Change: ForTube has the final right to interpret this campaign and can change the campaign rules. Rule changes will be notified as soon as possible on official websites, Twitter, Weibo, and other social media.
IoTeX Version FOR Contract Address：0x0bDF82F276309E2efd4947Ee8E0A248b2726E8Df
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