Introducing the UniFyre Wallet DeFi Staking Platform, Powered by Ferrum Network

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FerrumNetwork

4 min readJul 21, 2020

Dear Ferrum Community,

Many of you have been asking about the next FRM staking round. We promise it is coming soon, but we’re thinking bigger than that…

We are proud to announce the details surrounding another huge UniFyre Wallet feature — a DeFi Staking Platform for any ERC-20 token!

In addition to running the next round of FRM staking through this Staking Platform, we will be announcing our first Staking Partner in the next few hours!

In this article, we provide an overview of the Staking Platform, the problems it solves, its benefits for Ferrum Network stakeholders, and what’s coming up next.

The Problem: Early Stage Projects Have Limited Staking Options

Historically, staking has been limited to projects with a main net. Occasionally, big exchanges will offer a centralized staking option, but those are usually reserved for big projects. To date, there has been no viable decentralized staking option that is available to any early stage Ethereum-based project.

So we decided to build one ourselves — a platform to enable the staking of any ERC-20 token, where participants can lock tokens and earn rewards based on the amount of time staked. A platform that gives project and community the opportunity to enjoy the benefits of staking.

The Solution: A DeFi Staking Platform for Any ERC-20 Token

The DeFi Staking Platform is a UniFyre Wallet dApp that will enable the staking of any ERC-20 token using our flexible staking smart contract. Participants will be able lock their tokens using a smart contract and earn rewards based on the amount of time staked. It’s like a decentralized high-yield savings account, but for any Ethereum-based token!

Moreover, our Staking Platform is flexible and customizable, meaning projects can decide for themselves the number of staking pools to offer, the APR of each pool, the early withdraw rewards/penalties, minimum number of tokens to stake, and much more. And once the platform is up and running, we can integrate new staking partners into the platform in just a few days.

Ultimately, our goal is to offer staking for hundreds of early stage projects and their communities by offering a flexible and customizeable staking system that is designed to each project’s specifications. Not only can we provide a valuable staking service for these projects, we will also introduce new communities to Ferrum Network and further expand our presence within the crypto space. We can’t wait to announce our first Staking Partner in the coming hours!

FRM Staking on the Platform

We will also soon be making a series of announcements concerning FRM Staking on the platform. In addition to building the actual platform, we are in the process of developing a new FRM staking structure that balances short term benefits with long term sustainability. We can’t wait to reveal the new structure and benefits to you all!

Staking Platform and FRM Buy Backs

In our view, the Staking Platform and underlying technology are quite valuable. It took us months to build, months to test, and has been battled tested in the field based on FRM staking rounds 1.0 and 2.0. In light of the work that has gone into this platform, projects will pay a reasonable fee to integrate their token into the platform and enable staking for their communities.

How does this relate to FRM utility? We are developing different ways to integrate the FRM token into the staking system, but for now, we are committing to using 100% of the proceeds from those integration fees to buyback FRM on the secondary market. This means that every new Staking Partner will result in a FRM buyback.

What’s Next

Next we will introduce the first Staking Partner on the platform. We will also be promoting this platform through AMAs, influencer marketing, and YouTube videos.

In addition, we will also be launching another major feature in UniFyre Wallet in the coming weeks. We are calling it “Swap Drops” and it will completely revolutionize the OTC market…

Also, if you’re a team or community member of an Ethereum-based project that is looking for a low cost and simple staking option, please feel free to contact a Ferrum Network team member to see if our solution is right for you!

Thank You

Finally, we want to thank all our loyal community members and supporters. It’s been a fun 2020, and we are excited to keep it going strong with more UniFyre Wallet listings, staking partnerships, and more groundbreaking DeFi features designed to solve the biggest problems in the crypto space.

Very truly yours,

The Ferrum Network Team