ForTube

ForTube is a financial services platform based on The Force protocol, including bonds, lending and stablecoin services. At present, the loan agreement is mainly in the form of capital pool, in which users overpledge and repay as they borrow, and the interest rate is determined by supply and demand. ForTube also used this model in its lending agreements, capturing about $60 million in liquidity on the Ethereum and Binance smart chains, a market share.

The current market is dominated by pooled lending, and ForTube's bond products can complement this, but there is less demand for bond lending based on existing business data. The team hopes to bring the physical assets into the blockchain through its bond agreement, and users pledge the physical assets for bond financing. However, the current infrastructure development is not perfect, and the realization of the chain of physical assets is relatively difficult.

There are mature loan protocol products such as Aave and Compound on Ethereum, which are deeply integrated with other DeFi projects and have an unshakable foundation. ForTube operates in a highly competitive environment within the Ethereum ecosystem, but its own competition is small, so its path to failure is unclear. At present, there are few lending projects on binance smart chain. ForTube is one of the earliest lending products deployed on BSC. It avoids the competition on Ethereum to a certain extent and opens up a new market to capture the token value on BSC, which has certain development potential. Binance smart chain is the parallel chain of binance chain that Binance is currently focusing on. DeFiDapp is mainly deployed. In the later stage, new gameplay may be formed with ForTube. In addition, Binance created the Hub in Cosmos, which was able to reduce ForTube's later development costs on the Cosmos platform. However, Aave also has a cooperative relationship with binance smart Chain and will deploy lending agreements on binance smart chain in the future. If the ecosystem of Binance smart chain is still not perfect and ForTube fails to build its own moat in time, ForTube will also face fierce competition.

ForTube's interest rate model resulted in an excessively high interest rate, which limited business development. At the same interest rate, other lending products were better able to absorb more borrowing business. ForTube is adapting its interest rate model to market demand to address illiquidity and low fund utilisation in some of its tokens. ForTube started operating the lending agreement on binance's smart chain in September and currently has a liquidity pool of about $35 million. The initial operational and development performance is good, but it needs to strengthen its marketing and operations capabilities when the market starts to weaken. The current liquidity mining yield is low and the effect of attracting liquidity is limited, so the team needs to innovate gameplay and new schemes to attract liquidity.