FRM & FRMx to Launch on BSC — FRM BEP2 to BEP20 Migration
Ferrum will be launching both FRM and FRMx on BSC. To do so, BEP2 FRM will be migrated to BEP20. The launch of BEP20 FRMx will result in a more efficient distribution of rewards.
*Migration has official closed as of Sunday, November 14, 2021 at 14:00 UTC
Dear Ferrum Community,
As we continue our cross-chain journey at Ferrum, we are constantly looking for opportunities to leverage other popular chains in the space. Some of the reasons for doing so include opening ourselves up to a broader audience of potential FRM/FRMx holders and mitigating gas fees while increasing the efficiency in which our token ecosystem operates.
We believe that the BSC ecosystem gives us a great opportunity to take advantage of those aforementioned reasons and are proud to say that we will be launching BEP20 versions of both FRM and FRMx.
Migrating FRM from Binance Chain (BEP2) to Binance Smart Chain (BEP20)
As many of you know, there is an ample amount of BEP2 FRM currently sitting on Binance Chain (BC). Since the inception of Binance Smart Chain (BSC), BC has all but died in terms of usage and volume. Therefore, the most logical approach here is to migrate the supply from BC to BSC.
Migrate BEP2 FRM to BEP20 FRM
The migration process has official closed as of Sunday, November 14, 2021 at 14:00 UTC.
FRMx Becomes Cross-Chain
While FRM is already a cross-chain asset, having been deployed on Polygon and now BSC, FRMx has yet to begin its cross-chain journey… until now!
What Does This Mean?
FRMx is a vital component of the Ferrum ecosystem. We believe that FRMx launching on BSC will add value for multiple reasons. Let’s explore a few!
Monthly Holder Reward Distributions
Let’s start with potentially the most exciting use case of FRMx on BSC. It’s no secret that the current system for distributing Monthly Holder Rewards, while effective, may not be the most efficient. This is largely due to the inefficiencies of Ethereum from two standpoints — cost and speed.
Therefore, migrating FRMx to BSC is the first step toward eliminating nearly all of the financial resources and time that is expended via our current distribution system. The financial burden that this will lift off the company will likely result in 1 or 2 more devs being hired with what the company will be saving! Stay tuned for more information on when this new distribution system will be implemented.
FRMx Will List on the Ferrum Cross-Chain Token Bridge
With the advent of our cross-chain governance token, FRMx will now be one of the featured assets on the Ferrum Cross-Chain Token Bridge. While bridge fees in FRM are burned, with the already extremely low supply of FRMx it doesn’t make sense to burn any of the total supply of FRMx. Stay tuned for more news on how to bridge fees collected in FRMx will be treated!
Increased FRMx Utility
We anticipate a substantial expansion in regard to the layers of utility behind FRMx. For example, FRMx being available for trading on partner DEXs presents farming opportunities that will incentivize liquidity. FRMx staking pools using Ferrum’s staking technology is another option. Various staking pools, reflection staking, the Crucible 2.0??
Stay tuned!
Very truly yours,
The Ferrum Network Team
