What is Forward? What’s special about these DeFi platform products? What is the decisive factor leading to Forward’s success in the future? Let’s find out through the following article.
What is Forward?
Forward is an integrated DeFi platform built on EVM chains that provides 2 main services including: decentralized derivatives exchange (DDEX) and lending/borrowing pool (LBPs). Currently, Forward is available on BNB chain and Ethereum. In the future, the project plans to develop more products surrounding NFT and GameFi trading.
Forward Products
Derivative Trading
Forward DDEX provides futures contract trading products with popular Crypto products such as BTC, ETH, BNB, USDT,…
Unlike the Perpetuals Dex being developed recently, Forward will use a traditional AMM DeFi-like model instead of an orderbook. This model will help traders open positions quickly, with cheap fees and reduce price differences in full liquidity conditions.
Lending & Borrowing
Forward provides lending & borrowing products with a similar model to Aave and Compound using a supply curve to determine APR based on supply and demand for loan assets.
NFT for Trading & Membership
Forward plans to implement a Membership card (NFT) containing information about users’ accounts including current trading positions and lend & borrow pools. When transferring this NFT, the user simultaneously transfers all information and assets on Forward to the receiving wallet address.
In addition, Forward will also release its own NFT collections in different batches in many forms. Users with these NFTs can directly trade on the Forward platform.
Development Roadmap
According to the initial plan, Forward will carry out Phase 3 with features such as GameFi trading in the second half of 2022, however, at the current time of January 2023, users can currently only experience Beta version
Core Team
Chanon Charatsuttikul | Co-Founder: Chanon has a lot of experience with Computer programming, he used to work at Thomson Reuters & Microsoft Thailand, and he was also one of the first people to support the building of Satang Exchange, the oldest legal exchange in Thailand.
Udomsak Rakwongwan | Co-Founder: Udomsak graduated with a PhD from King’s College London with the highest GPA in his class. He is an expert in portfolio management, hedging and derivatives trading.
Investor
Forward already Successfully raised capital of $5M in September 2022 at Seed Round led by RPVAF-1 with the participation of many other funds including Beacon Venture Capital, Kasikornbank, Krungsri Finnovate,…
Most of the fund names are relatively unfamiliar to Crypto investors because these are all new investment funds backed by traditional companies in Thailand.
Recently, in December 2022, the project was also announced to have been invested by Kyber Network, however, the specific amount was not announced.
Tokenomics
Overview information about Forward token
- Token Name: Forward
- Ticker: Updating…
- Blockchain: Updating…
- Token Standard: Updating…
- Contract: Updating…
- Token Type: Updating…
- Total Supply: 100,000,000,000
- Circulating Supply: Updating…
Token Allocation
Information about Forward token Sales:
Use Cases
Token Forward will have the following specific functions:
- Lending/Borrowing: Increase/Decrease Lending/Borrowing interest rates, increase Loan-to-Value ratio.
- Forward Trading: Reduce trading fees, unlock Pro functions.
- Profit Auction: Participate in auctions for up to 60% of the platform’s monthly profit.
In addition, this token can also be used to participate in voting to manage loan pools as well as exchange transactions at other exchanges.
Exchanges
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Forward’s Information Channel
- Website: https://forward.market/
- Twitter: https://twitter.com/DefiForward
- Discord: https://discord.com/invite/6t3HvPBFUE
Summary
Hope this article has partly helped you understand What is Forward? It can be seen that the products Forward develops are not new, the project actually only refines and optimizes internal functions. Besides, the project roadmap is also relatively slow, possibly due to the devs’ capacity or the market situation not being good enough. However, one of the very strong points of the project is the support of the Thai community (just like Coin98). Therefore, this may be one of the projects worth monitoring in the near future.
