Introducing the FRMx Governance Committee

Published in

FerrumNetwork

4 min readOct 17, 2020

Dear Ferrum Community,

Following the successful launch of FRMx, we are pleased to reveal the details around the FRMx governance committee.

In this article we highlight the committees roles and responsibilities, its limits, and the process for getting involved. Enjoy!

FRMx Governance Committee Roles and Responsibilities

The FRMx governance committee is powerful. They will propose and vote on all upcoming staking rounds, including the tokens involved, the APYs, the staking periods, early withdrawal options, and more. But why is this so important?

Please recall that with our advanced Liquidity Staking technology (a.k.a. Multi-Token Staking), stakers will be able to stake one token, but earn rewards in another token. Here are just some of the possibilities presented by this technology:

Stake FRM to earn FRMx
Stake FRM to earn our partner projects tokens
Stake FRM to earn USDT/DAI/or other stable coins
Stake the Uniswap LP tokens to earn FRMx
Stake FRMx to earn different tokens (FRM/USDT/other project’s tokens)
and many more possibilities

In addition, the governance committee will have the ability to shape the FRMx Pool Drops to the 100,000+ FRM holders. The first Pool Drop will occur in the next few days.

Therefore, the governance committee has great power and responsibility over the entire Ferrum ecosystem. It is an honor and a privilege to be a part of the governance committee, and therefore we only want the most dedicated community members to join. The fact that they must hold a threshold amount of FRM and FRMx ensures they will have the interests of the entire Ferrum ecosystem in mind.

Additional Committee Benefits

Aside from the right to make decisions concerning our staking, committee members will have additional benefits such as:

50% greater referral fees for referring staking projects (from the standard $500 to $750)
5% referral fees for new members joining the Ferrum community
Some additional FRMx for each monthly drop based on each member’s value-add as determined by the team
FRMx NFTs: we will also look to mint a small number of unique FRMx NFTs for our governance committee members.
And additional benefits that may be added later

The Governance Committees Limitations

While the committee is powerful, they are not the only stakeholders that matter, and we will not allow personal interests to govern the entire ecosystem. Therefore, we are placing the following limitations on the committee:

The committee must consider the long term success of the project and the other stakeholders when making decisions;
The project will have the right to veto any decision that is not within the best interests of the community;
Certain governance committee decisions will be put to a community wide vote;
The project has the option to remove any committee members who are flagrantly and repeatedly violating the rules or the spirit of the committee;
The project, and the committee itself, may impose other rules and limitations on an as needed basis.

Ultimately, we are not worried about bad behavior within the committee. Those that have expressed interest have already demonstrated long term commitment to Ferrum and have shown they have the best interests of the entire project in mind. We are looking forward to forming the committee and starting our important work together.

FRMx Governance Committee Requirements

To join the committee, members must hold a minimum of 20 FRMx tokens, PLUS 100,000 FRM in their UniFyre Wallet. As more FRMx enters the market, the governance committee will decide whether they wish to increase the holding requirement.

Because the committee is being formed before the first snapshot, those who satisfy the requirements can private message (PM) Ian or Dominik with the following information:

A screenshot of your UniFyre Wallet showing your FRM and FRMx holdings;
Your FRM address associated with your UniFyre Wallet

This will allow us to see that you qualify for the committee and we will invite you to the private committee group. All later determinations will be made by way of the snapshot.

Updated Snapshot Rules

We will now be making twice per month snapshots. On the 1st and 15th of each month. This will allow us to more regularly monitor who satisfies the holding requirements and will create consistency for the community.

What’s Next

We will form the committee channel and invite the first members. We will then make a decision on the first FRMx Pool Drop for 100,000+ FRM holders. Then we will take the snapshot and send out the FRMx.

Next, we will reveal more details on the launch of the new Liquidity Staking platform and begin to formulate the structure around the first round of FRM/FRMx staking.

We also have another big surprise in store for the community…

Thank You

Thank you all for your support through the FRMx launch and beyond! You are all amazing.

Very truly yours,

-The Ferrum Network Team

About Ferrum Network

Ferrum Network is building a DeFi ecosystem that interoperates across chains and removes barriers to mass adoption with user-friendly products for swapping, staking, and transferring cryptocurrencies. Ferrum’s non-custodial UniFyre Wallet has already revolutionized the way people send crypto with its “Link Drop” technology, and is transforming the OTC market with risk-free OTC swaps embedded in a shareable link. Ferrum’s Staking-as-a-Service is now used by dozens of projects, and our multi-token Liquidity Staking along with the FRMx token will revolutionize the staking industry. Look for Ferrum to launch more transformative DeFi technology throughout 2020 and beyond.