ForTube Strategic Partnership With IoTeX
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.
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 IOTX and borrowed $100 USDT, 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).
About IoTeX
IoTeX launched as an open-source platform in 2017 as a Silicon Valley project. Nicknamed the Internet of Trusted Things by the developers, the platform’s primary goal is to build a virtual protocol that links the real world with the net.
About ForTube
ForTube is constructed on smart contract and automated algorithm technology, supporting multi-chains including ETH, BSC, Polygon and OEC , and will support more cross-chain assets in the future. The unique DeFi technology components and security concepts ensure the user experience and asset security, and the code have passed the joint audit by well-known security companies.
Source:
https://fortube.medium.com/fortube-iotex-version-liquidity-incentive-tutorial-b426da7561a6
