Announcing our Commitment to ERC-20 and Binance Chain

Published in

FerrumNetwork

3 min readOct 26, 2019

Hello Ferrum Community,

We are pleased to announced that we have cemented our commitment to both the Ethereum Network and Binance Chain by conducting an administrative burn that results in the same amount of ERC-20 FRM and BEP-2 FRM on both chains, which together equal our total supply of 329,218,749 FRM.

Please note that this event does not impact the total or circulating supply, rather it was meant to commit ourselves to both chains, and should be viewed as an administrative burn more than anything else.

Why We Did This

We initially minted an equal amount of tokens on each chain based on the rationale that we might entirely commit to one or the other. Since additional tokens could not be minted after the TGE, we needed to mint an equal amount of both at the time to keep both options open. The plan was to assess after a few months whether we wanted to commit fully to one or the other, or continue having both.

Although ERC-20 FRM is more popular, BEP-2 still provides distinct advantages in terms of Binance DEX, deepening our relationship with Binance, and our ultimate goal of getting onto Binance.com. At the end of the day, we wanted to keep both, and this meant burning half of each and committing to both chains.

Of course, BEP-2 and ERC-20 FRM will continue to be swappable between the two chain using our Token Bridge.

Burn Transaction Info

There were three administrative burn transactions, one on ERC-20 and two Binance Chain.

Ethereum network burn transaction: https://etherscan.io/tx/0x0f2cfaa02a42e9bd70cfee435084da7ec9e59920f5f6c7b5fffa3a467e128cbe

Binance Chain burn transaction 1: https://explorer.binance.org/tx/98E2BC57F85416BF6E2B841DFB6411D77393606C76C573ECA754F58C925E0D3A

Binance Chain burn transaction 2: https://explorer.binance.org/tx/669E240703B34C6A9EB005DD40E5C1DD4F737B0CCCDFA0EAAFC2CB5DA609DE08

In addition, you can check our Etherscan and Binance Chain Explorer to see the total supply of each (164,609,374.5), which together equals 329,218,749 (our previous total supply following the 2.5 million burn in September).

No Impact on CoinMarketCap and CoinGecko

In terms of our token trackers like CMC and Coingecko, you won’t see any change. However we are pleased to report that we have submitted our API to CMC (as per their request) and the data should be fully populated shortly. Once CMC includes all the data, we will be sure to make an announcement.

No Impact on Main Net Tokens

It should also be noted that when we launch the main net in 2020, we will convert a all or some to native main net FRM tokens. This plan remains unchanged. However, the exact amount of FRM that will be converted to main net tokens is still under consideration.

What’s Next for Token Burns

W have a lot planned in terms of token burns, including one upcoming that will involve Kudi Exchange…

As always, please follow all Ferrum Network social media channels to stay up to date on all things Ferrum.

Very truly yours,

The Ferrum Network Team

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