Results: Impressive Yield Farming Campaign Nets Over $28M in USDT on ForTube Platform
After a successful two-week yield farming campaign, ForTube is pleased to announce that its platform has accumulated deposits of up to 20 million USDT with borrowings of up to 8.5 million USDT!
- ForTube will reward users who participated in the last two rounds of yield farming campaign with an airdrop of 500 FOR tokens
- Major updates and UX improvements to the platform expected in September
- Upcoming third round of the campaign set to commence on August 18th will offer another chance for users to take part
As the first Asian lending platform to launch yield farming campaign, ForTube attracted more than 800 users to participate in the event. The two-round event was broken into two parts, with the first round designed to encourage depositing, while the second round pushed users to borrow funds on the platform. The goal was to cultivate an active user base and allow users to learn the in’s and out’s of ForTube. The results were impressive too, as the average profit of users in the first and second rounds fell between 60% and 300%. Since the price of FOR tokens has risen by nearly 100% compared to the first round of the campaign, the profit of the first two rounds has doubled provided the users participating in the campaign did not sell their tokens.
Key advantages of yield farming on ForTube
For starters, the ForTube development team has been deeply involved in the DeFi field for two years. This isn’t some rash attempt to cash in on the recent exploding popularity of DeFi. The recently launched ForTube lending product includes some key revisions on earlier versions. The source code has been thoroughly audited by the world’s top blockchain security company Certik, which makes it much less risky than other new products rushing to market. For example, a security incident occurred in the YAM yield farming campaign only 36 hours after it launched, and the token price plummeted by 99%, leaving investors with major losses.
Secondly, rewards of yield farming campaigns are directly related to the price of the mined tokens. Many new projects seem to have high returns at the beginning, but the continued decline in the price of tokens will cause an inevitable decrease in rewards. FOR tokens have already been circulating in the market for 1 year. The market has a strong consensus and expectation for the price of FOR tokens. Therefore, since the launch of the yield farming campaign, the price of FOR tokens have risen significantly, which is partially due to the market’s recognition of product launch and user growth.
Put simply, ForTube yield farming campaign will have higher rewards and higher security than other projects.
Taking on community feedback
Many enthusiastic fans and community members gave us valuable product optimization suggestions and we have responded by integrating many of their requests in ForTube 2.0. This included:
- Historical records of deposit and borrowing
- Operation record query
- Chain status query
- Gas fee optimization
- Gas fee displaying higher than actual consumption
- Separate setting of the initial pledge rate and liquidation pledge rate of different tokens
We appreciate great product feedback from our active community. ForTube 2.0 has undergone a major upgrade, introducing a flexible and scalable contract structure with more supported tokens. It is expected to be launched in early September, with the staking function will be launched simultaneously.
As a decentralized lending platform, ForTube is benchmarked against Compound, Aave, and other lending projects. According to the existing market, there is still a lot of room for development in terms of total deposits and borrowing. Unlike Compound and Aave, ForTube will screen high-quality assets from around the world, carry out hierarchical management to join the lending pool, and strive to meet the lending needs of more users.
The third round of the ForTube Yield Farming Campaign
The third round, named “Huo”, will start at around 5 PM on August 18th (UTC+8) and end at 5 PM on August 25th (UTC+8). The starting block is 10683368 and the ending block is 10728868. After the first two rounds, many users are already familiar with our ForTube platform. The third round will encourage users to deposit with even more tokens supported by the campaign.
Supported tokens in this round will be HBTC, ETH, USDT, USDC, BUSD. The reward for each block is 50 FOR, and the total rewards are expected to be 2.275 million FOR. Among them, 25 FOR is allocated to the HBTC mining pool, 5 FOR to the ETH mining pool, 10 FOR to the USDT mining pool, 5 FOR to the USDC mining pool, and the last 5 FOR to the BUSD mining pool.
The upcoming fourth round will be “Deposit to farm”, and details about the specific amount of rewards will be released prior to the beginning. Please stay tuned for more info on that.
In order to express our appreciation to users who participated in the first two rounds of yield farming campaigns, The Force Protocol will give each user an airdrop of 500 FOR as a reward. We hope that ForTube fans will continue to support and experience ForTube products and we look forward to your feedback and suggestions. The reward will be distributed to each user’s address within 3 days.
Know More About The Force Protocol：
▲Official website: https://www.theforceprotocol.com/
▲ForTube website: https://www.for.tube/home
▲knowledge library of ForTube platform: https://docs.for.tube/