Enhanced Requirements for UniFyre Wallet Listing and Staking

Published in

FerrumNetwork

5 min readAug 22, 2020

Dear Ferrum Community,

This has been a difficult past few hours for us. As many know, one of the projects we were going to work together with on the DeFi Staking and UniFyre Listing has betrayed our trust. Our existing security measures, such as Zoom calls with teams, requiring locked liquidity, obtaining referrals from trusted community members, and performing due diligence on the projects, was not enough to weed out this bad actor. And while we can never guarantee the fitness of any project (aside from our own), we understand that we must do better. We will do better.

At Ferrum, we do not shrink in the face of difficult moments. We assess what went wrong, and we make necessary changes in order to improve. Remember, every challenge is also an opportunity. So we would like to take this opportunity to announce our increased security measures for projects that want to list on UniFyre Wallet and/or use our staking technology.

New Requirements for Listing on UniFyre Wallet and/or Using our Staking Technology

One major issue in this current market is the proliferation of anonymous teams. While we respect everyone’s right to privacy, there must be an acknowledgment that anonymous teams pose a greater risk. With that in mind, we are pleased to announce the new official requirements for working with Ferrum Network:

We will not work with anonymous teams, with the exception of those that have working product(s) and/or demonstrated track record (e.g. MVP).
We will not work with anonymous teams unless they have a credible reason for being anonymous.
For anonymous teams that satisfy these first two requirements, liquidity on Uniswap must be locked.
Video Zoom calls (although already being conducted with all teams), are now an official requirement — no exceptions.
We will be performing enhanced due diligence with assistance from an expert who has performed due diligence on hundreds of blockchain projects. If red flags arise, we will deny the project.
We reserve the right to seek the community for input in questionable cases. For example, if we speak with a newer project that seems promising but does not have an MVP, we will seek community their input on whether a project should be listed or use our staking technology. If the feedback is negative, we will deny the project.
For projects that simply purchases our staking technology or lists on the wallet, they will be referred to as “projects”, not “partners”. The word “partners” will be reserved for those projects where the relationship goes deeper than this simple transaction, for instance where they are also providing their technology to Ferrum.
This list is not exhaustive. We reserve the right to add to this list of requirements at any time, and/or deny a project for any other reason, even for reasons not stated in this list.

The vast majority of projects we deal with on a day to day basis are led by decent people trying to improve this space. And the fact is our staking technology is well suited for early stage projects, most of which are decent and good, and we want to keep adding value to newer projects. Unfortunately there are bad actors in this space who would harm people for their own personal gain. We must root out these bad actors at every opportunity and we must do everything can to protect the Ferrum community and the blockchain space as a whole. That is the purpose behind these enhanced requirements.

However, just as we have responsibilities as a project, investors and traders also have responsibilities to themselves. The following is a disclaimer we put on all our announcements. Please read it carefully and understand it. At the end of the day, it is up to you to perform your own due diligence on projects, and even with these enhanced requirements, we cannot make any guarantees.

Enhanced Disclaimer — Read Carefully

This is the disclaimer we already put on all our announcements concerning listing and or/staking projects, with some enhancements. Please read it carefully and understand it.

A project’s use of our staking technology and/or wallet listing does not constitute an endorsement of that project or its token from an investment standpoint. All projects that use our staking and/or listing are clients, unless otherwise stated in this disclaimer. Cryptocurrencies, tokens, and other digital assets are high risk and highly speculative. They may lose their value. All staking participants are advised to do their own research before staking any tokens.

In other words, no matter what we do as a project, individuals must also take responsibility and do their own research.

A FRM Burn Event

As many know, projects either pay for the staking directly using FRM they purchased off the secondary market, or if they pay in USDT/ETH, and we take those funds and buyback FRM and hold it in the Buy Back Wallet.

In this case, the project paid us directly in FRM — 61,862 FRM (they actually owed us $2k more). And even though it’s just being held in the Buy Back Wallet, we believe the right thing to do is to burn this FRM. We will be announcing details of the burn event later this week.

Let’s Keep Moving Forward

Whenever a challenge arises, the key is to diagnose the problem, fix it, and move forward. We will not dwell on this situation, we will address the issue and look forward to the next opportunity.

In addition to onboarding more projects into our ecosystem, we have something to show you in terms of the forthcoming launch of the UniFyre Wallet DeFi Staking Platform that we think you are going to love…please stay tuned on our social media channels for more info!

-The Ferrum Network Team

About Ferrum Network

Ferrum Network is bringing DeFi to the masses with an ecosystem user-friendly DeFi products for swapping, staking, earning, buying and selling cryptocurrencies. Ferrum’s non-custodial UniFyre Wallet has revolutionized the way people send crypto with innovative Link Drop technology, and it will soon transform the OTC market with Swap Drop technology for risk-free OTC transactions embedded in a shareable link. Ferrum works with a wide range of projects to supercharge their success with technology such as the high-yield DeFi Staking Platform and a Token Bridge for swapping tokens between chains. Look for Ferrum to launch more transformative DeFi products throughout 2020 and beyond.