ForTube, a decentralized cryptocurrency bank, launched its 60 days yield farming campaign with mining rewards totaling $100,000 in $FOR and $MATIC tokens.
ForTube Launches on Polygon
Fortube’s new campaign on the growing blockchain, Polygon, will support up to 8 different crypto assets: $MATIC, $DAI, $USDC, $USDT, $WETH, $WBTC, $QUICK, and $LINK. The event will come with mining rewards totaling $100,000 during the 60 days yield farming campaign. The team will be distributing those rewards in its native token and $MATIC.
The special event went live on June 19 at 6 AM UT, so users should head over now to start reaping the benefits. ForTube is an open-source blockchain platform that offers solutions for cross-platform asset transaction, cross-chain communication, crypto asset-backed stablecoin issuance, token bonds, insurance, and on-chain payments. ForTube, founded in 2018, is a project developed by Force Protocol Foundation Limited in Singapore.
Carving a Niche
ForTube specializes in the crypto bond market, where crypto tokens are used to pay for bonds. This specialization provides the financial market with two needs. First, it creates liquidity in the crypto space, and second, it provides investors with a fixed income.
The system works similarly to the bond markets of traditional investing and governments. With ForTube, users can facilitate bonds by pledging crypto and incur a passive income through the corresponding fixed-term bonds.
The system introduces three main characters: the issuer, investor, and the rater. The issuer issues the bond and affirms the credibility of the bond by ensuring that it is collateralized to ensure repayment. Investors, on the other hand, participate in the bond using stable coins. The rater will provide a bond credit rating as a risk reference to investors. Bonds issued can also be traded in the secondary market. The system all along relies on blockchain technology to carry out the finance services.
Scalable Solutions for DeFi Products
Two main features that are highly sought after in the DeFi space today are speed and costs. The growth of DeFi correspondingly demands scalable solutions such as Polygon. Polygon takes advantage of a sidechain layer 2 protocol to avoid the congestion and high gas fees seen on Ethereum. ForTube will also increase its reach among the connected communities in the DeFi space by launching its protocol onto the various chains.
With ForTube’s V3, the platform now resolves issues related to security, community, governance, and economic models. It has a unique value to offer by deploying the Asset Protected Elastic Contracts (APEC) and Blockchain Enquiring, Auditing, and Messaging System (BEAMS) protocols. APEC is the core of the protocol that handles decentralization, contract development, and asset ownership. BEAMS, on the other hand, acts as a communication conduit for outside inquiries and audits.
The Road Ahead
ForTube is a project that caters for its community by binding effective incentive mechanisms to reward its platform user, token holders, and developer. Strategic partnerships to grow a comprehensive service portfolio is essential. Yield farming being one of the core elements in DeFi, will not see any decrease in activities. Innovative incentives will be the focus of its participants as more opportunities surface.
ForTube has a credible platform and recently managed to secure a Solana Grant for its platform. The grant will serve for projects within the non-fungible tokens (NFT), Decentralized Finance (DeFi), and Web3 space. It has been identified as a project that will bring value specifically to areas such as lending platforms, DEX aggregators, synthetic assets, and oracles.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.