Lending Platform ForTube Officially Launched DeFi Service on Binance Smart Chain, Liquidity Mining Campaign Launched
ForTube is a decentralized lending protocol that has been live on the Ethereum mainnet for several months with tens of millions of dollars in TVL.
Binance Smart Chain (BSC), an Ethereum Virtual Machine-compatible blockchain that is ready to be tested and piloted by some of the top projects in the crypto industry, is expected to greatly increase the utility of both Binance Chain and BNB. With the introduction of the Proof of Staked Authority (PoSA) consensus mechanism, BSC creates an ecosystem where validators, token holders, developers, and users all benefit from a rewarding blockchain that offers high performance and ample space for further innovations.
The Binance Chain community launched BSC in time for the DeFi revolution, as the public shows increased interest in alternative financial solutions powered by blockchain. With BSC’s launch, DeFi projects and the bigger blockchain community can leverage the best that Binance Chain has to offer, fortified by smart contract support, cross-chain interoperability, and more.
ForTube has deployed its lending protocol on the Binance Smart Chain (BSC), meaning that users can utilize decentralized lending services on BSC without worrying about high gas fees.
Main advantages of the ForTube platform:
1. Flexible support of globally popular cryptocurrencies, providing higher yield combinations.
ForTube 2.0 will support mainstream and popular cryptocurrencies including FOR, YFII, YFI, LINK, LRC, NEST, LEND, SNX, BNT, KNC, COMP, MKR, ENJ, MANA, SAND, etc. Community users can initiate votes to determine the types of cryptocurrencies to be supported, giving the community the power to identify high-yield assets in an efficient manner.
2. Upgraded algorithm and ledger structure, significantly reducing gas cost.
ForTube 2.0 streamlines the four-step operation of “deposit, redeem, borrow, and repay” into a two-step operation of only “deposit and redeem”. Compared to other platforms such as AAVE and Compound, ForTube’s actual gas consumption will be reduced by half. ForTube also added an account health index to display the liquidation risk and assist users in making decisions on deposits and borrowing.
3. Robust technical framework with more secure contracts.
ForTube 2.0 adopts an original off-chain audit system, which can perform 7x24 uninterrupted audits of contract assets to protect the security of users’ assets in all aspects. At the same time, ForTube utilizes industry-leading safe and upgradeable system architecture to allow security upgrades for various system modules under the decentralized governance management system, which will ensure the user experience and security is maintained and optimized as future iterations are released. Furthermore, the core development team always emphasizes great importance on security and uses respected international auditing companies SlowMist, Certik, and Peckshield for professional code auditing services.
ForTube is launching a liquidity incentive campaign on Binance Smart Chain:
We have prepared 100 million FOR tokens to reward users who provide liquidity to the ForTube platform deployed on the Binance Smart Chain. Users only need to deposit tokens to participate in the campaign, without any complicated operations. Users can get double rewards — interest from deposits and mining rewards by mining on ForTube.
The daily reward amount is fixed. The more tokens you deposit, the more rewards you will get. Based on the cross-chain function of Binance Smart Chain, ForTube will support a large number of cryptocurrencies in the mining campaigns, including BTC, BCH, ETH, LTC, etc. Users only need to deposit assets to the Binance exchange and then withdraw them in BEP20 type to participate in ForTube’s liquidity mining campaign.
How to use ForTube on Binance Smart Chain:
- Open https://for.tube/home
- Click on BANK Binance
- Connect your MetaMask wallet to BSC
Please refer to the following blog for details about connecting MetaMask to BSC:
Connecting MetaMask to BSC Mainnet
Setup MetaMask wallet & configure it to connect to BSC — Includes Ledger hardware wallet support
Benefits of using Binance Smart Chain for DeFi users:
- A rich and growing digital asset ecosystem powered by Binance DEX, the leading decentralized exchange.
- Cheap transaction fees that reach as low as 1 cent.
- High performance with a network capable of producing a block every 3 seconds.
- Cross-chain DeFi mechanisms that increase DeFi interoperability.
- A supportive Binance ecosystem that funds and bootstraps many DeFi projects.
- A growing ecosystem of millions of users across Binance.com and Binance DEX.
- A network of major crypto projects already collaborating with BSC.
More info on BSC:
Binance | Binance Smart Chain | DEX Trading | Decentralized Exchange | Binance.org
Binance Smart Chain(BSC) This dual-chain architecture will empower its users to build their decentralized apps and…
Know More About ForTube:
▲ForTube website: https://www.for.tube/home
▲knowledge library of ForTube platform: https://docs.for.tube/