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.
Dear Ferrum Fam,
Last week, the Ferrum team announced that the tokens from the Team category of their newly designed tokenomics, which makes up 10% of the Max Supply, will vest for an additional 2 years than originally planned. This week, the Ferrum team has done it again. Ferrum is happy to introduce the Ferrum Employee Buyback Pledge!
It started when Co-Founder, Ian Friend, was looking around the market for assets to invest in now that the market is recovering a bit. He then noticed that his FRM investment was outperforming most of the market. Naturally, he decided to invest in more FRM! Then he wondered — does the rest of the team understand the investment potential of FRM? And what if we all collectively pledged to invest some of our extra income into FRM or FRMx? Hence the idea was born: the Ferrum Employee Buyback Pledge!
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.
The best part is that unlike every other project where you don’t control the outcome of your investment (and are therefore subject to risks like rugpulls and bad teams) — with FRM, we, the Ferrum team, are actually in control of the outcome of our investment… and I’d personally rather bet on this team than any other team out in the space right now!
— Ian Friend, COO and Co-Founder at Ferrum Network
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!
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!
Very truly yours,
The Ferrum Network Team
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.
Utilize Ferrum Network to build and deploy solutions on one network and instantly enable multichain functionality without the burden or technical debt that comes with managing a multichain infrastructure.