The Force Protocol’s new yield farming project was launched today.
These types of platforms allow obtaining tokens by interacting with DeFi protocols.
The project should therefore be understood as a decentralized finance suite; a platform that provides SDKs and APIs for the development of various dApps (Decentralized Applications), offering solutions for cross-platform asset transactions, cross-chain communications, stablecoin issuance, on-chain payments and so on.
This new form of incentive, or rather token distribution, is generating momentum in recent years thanks to Compound and its COMP token.
The yield farming will begin from block 10591168 and end at block 10637168.
The distribution will be timed and there will be 4 rounds, Wind, Wood, Fire and Mountain; each round will last 7 days for a total of 28 days.
The first round Wind will distribute 100 FOR tokens. These will be divided into 40 deposits via HBTC, which is Huobi’s token pegged to Bitcoin (BTC), 40 for USDT deposits and the remaining 20 for BUSD deposits, Binance’s stablecoin.
How to obtain tokens with The Force Protocol’s yield farming
To begin the process simply go to the website, connect a MetaMask wallet, and deposit or borrow assets to receive FOR tokens.
At the current exchange rate, FOR are worth about $0.04, but clearly its value may increase or decrease.
What’s certain is that 2020 can be said to be the year of decentralized finance and yield farming, with many tokens that are also used for governance purposes such as those of Compound, Aave, Fulcrum but also the most recent PNT that has just launched its DAO.
In any case, DeFi also hides negative aspects, such as the many bugs that have jeopardized the funds of different protocols. Moreover, new techniques and scams are emerging, such as listing fake tokens via Uniswap or copycat protocols that turn out to be scams.