Adding New Steps Between the Pre-Sale Benefit Tiers

Published in

FerrumNetwork

4 min readJan 10, 2021

Dear Ferrum Community,

First of all, we could not be happier with the community’s response to Operation Iron Mountain — thank you all for your amazing support! Note that in the coming days, we will release details regarding the exchange listing, VIP raise and VIP staking round.

To help you prepare to climb the Iron Mountain, we are excited to announced improvements to our FRM holder benefit tier system. This new structure will be used to determine allocations for both the VIP raise, and future Foundry incubator projects (which we are already preparing…).

Why Did We Want to Make an Adjustment to the Benefit Tiers?

The reason is simple — due to the recent price increase of both our FRM and FRMx tokens — the “distances” between the current tiers have become too vast. With the old system, it is very challenging to reach even the lowest tier if you are a new Ferrum supporter. And its equally as difficult to “level up” to the next tier if you are an existing holder.

We want to make sure ALL Ferrum holders have a realistic chance to participate and reach the next level, and thus increase their allocation!
Therefore, going forward, the following FRM thresholds will be used for distributing allocations (new steps are written in italic):

25,000 FRM (Lottery Tier): 0.25 allocations (there will be 5 lottery spots for the VIP raise)
50,000 (Bronze): 0.5 allocations (increased from 0.45 allocations)
75,000: 0.75 allocations
100,000 (Silver): 1.0 allocations
130,000: 1.2 allocations
160,000: 1.4 allocations
190,000: 1.6 allocations
220,000: 1.8 allocations
250,000 (Gold): 2.0 allocations
300,000: 2.2 allocations
350,000: 2.4 allocations
400,000: 2.6 allocations
450,000: 2.8 allocations
500,000 (Platinum): 3.0 allocations
550,000: 3.2 allocations
600,000: 3.4 allocations
650,000: 3.6 allocations
700,000: 3.8 allocations
750,000 (Diamond): 4.0 allocations

FRMx Benefits

We have also introduced additional FRMx bonus levels that will apply to all those holding 50,000+ FRM (previously 100,000 FRM were required to get the FRMx bonus).

The new steps will be in increments of 2 FRMx, starting from 2 FRMx through 30 FRMx. Each step will provide a bonus of 0.2 allocations, meaning every 2 FRMx you hold, you will receive a bonus of 0.2 allocations:

2 FRMx: Bonus of 0.2 allocations
4 FRMx: Bonus of 0.4 allocations
6 FRMx: Bonus of 0.6 allocations
8 FRMx: bonus of .8 allocations
10 FRMx: bonus of 1 allocation
(steps will continue at this pace of 2 FRMx = .2 allocations)
28 FRMx: Bonus of 2.8 allocations
30 FRMx: Bonus of 3.0 allocations

If we compare this to the old system, it is now far easier to obtain the bonuses. This will increase utility for the FRMx token while not prejudicing those who were involved in the old system.

Impact on Pre-Sales and Iron Mountain

These new steps in between the existing tiers will be used for future Foundry pre-sales, AND for the private Iron Mountain VIP raise/VIP staking. We will use them to determine the individual allocation amounts as follows:

Everyone who holds at least 50,000 FRM and wants to participate is guaranteed an Iron Mountain allocation of 1,000 USDT/USDC (half of which will be staked in the VIP staking pool with 150% APY, paid out in FRMx).
The remaining allocation will be distributed among those who have pledged higher amounts than the required minimum investment. To define the allocation levels, and who will get an additional allocation, we will use the above explained tiers plus the FRMx bonus levels.

This this means the more you hold, the more you will get — both for The Foundry private sales and our Iron Mountain VIP raise. Ultimately, the smaller steps make it more realistic to reach the next level, while at the same time do not prejudice our larger holders.

Wallet Splitting is Strictly Forbidden

For this new fairer system to work, everyone must play by the rules. If we do what is right for the wider community, then we as individuals will also benefit, without needing to cut corners.

Therefore, for all Foundry pre-sales and Operation Iron Mountain, the splitting of wallets is strictly forbidden. We have designed the model in a way that smaller holders get sizeable allocations, and we expect every community member to play by the rules and to not exploit the system.

For this reason, we have implemented a wallet tracking system whereby everyone who is found out to use more than one wallet, will not be granted access to the VIP raise/staking. Please consider this your only warning.

What’s Next

More details concerning the raise procedure and the timeline will be announced in the coming days, well in advance of the snapshot on 16th of January.

For now, we will continue our marketing campaign, so that the entire crypto space will want wants to join Ferrum and ascend the Iron Mountain!

Very truly yours,

-The Ferrum Network Team

About Ferrum Network

Ferrum Network is building a DeFi ecosystem that interoperates across chains and removes barriers to mass adoption with user-friendly products for swapping, staking, and transferring cryptocurrencies. Its cross-chain DAG will enable the transfer of any digital asset in milliseconds for near-zero network fees, unlocking tremendous value for the entire industry. Ferrum’s non-custodial UniFyre Wallet has already revolutionized the way people send crypto with its “Link Drop” technology, and is transforming the OTC market with risk-free OTC swaps embedded in a shareable link. Ferrum’s Staking-as-a-Service is now used by dozens of projects, and our Token Bridge is the fastest, and most secure means of moving assets between Ethereum and Binance Chain. Look for Ferrum to launch more transformative DeFi technology throughout 2020 and beyond.