FerrumNetwork
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FerrumNetwork

Introducing the Ferrum Employee Buyback Pledge

Ferrum introduces an initiative that will add over $100,000 in annual buy pressure to FRM and FRMx and further align the interests of the team.

What is the Ferrum Employee Buyback Pledge?

The Ferrum Employee Buyback Pledge is a mechanism that allows the Ferrum team to pledge a portion of their salaries to buying FRM and FRMx. Each month, before the finance team distributes salaries, Ferrum will buyback the corresponding amounts of FRM and FRMx proportional to the amount that each individual employee pledges and send it to the employee along with the rest of their monthly pay.

Reason for the Ferrum Employee Buyback Pledge?

The Ferrum Employee Buyback Pledge is an initiative designed to encourage investment in FRM and FRMx and align the team's interests. At Ferrum we believe that skin in the game is crucial to performance. However, not everyone who works in Web3 is privy to the investment side of things.

Expectations for the Ferrum Employee Buyback Pledge?

We will not be requiring any Ferrum employee to pledge publicly. However, on average, we see about 5% of an employee’s monthly salary being pledged. This results in approximately $100,000 in additional yearly buy pressure for FRM and FRMx!

In Conclusion

As if extending the vesting on Team tokens by two years to a grand total of 8 YEARS of total vesting wasn’t enough! Not only did the team delay the receipt of the tokens promised them, they decided to pledge to buying tokens back off the market. That shows an immense amount of dedication to the project and confidence in what we’re building. Ferrum is here to stay!

About Ferrum Network

Ferrum is ushering in the era of blockchain interoperability 2.0. Powered by a multichain messaging engine known as Quantum Portal, Ferrum Network’s mainnet will bring value, data, and functional interoperability to every chain in the industry.

Ferrum Network Important Links

Website | Telegram | Twitter | YouTube | Discord

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Nick Odio

Seeks Truth. Hacks Biology. Shreds Powder. Watches Markets. Reads Books.