Iron Melt: Cornerstone #1 — Burning of FRM
Ferrum’s Iron Melt initiative consists of three cornerstones — the first one of them is FRM burning. While additional FRM burning elements may be added going forward, initially the burning of FRM will happen via a new innovative Presale Bid & Burn System and our new Ferrum Token Bridge.
Introducing New Presale Bid and Burn System
Ferrum Presales have a fantastic track-record and getting higher allocations has proven in the past to significantly increase potential profits. For our next presale, Babylons, 10% of the overall allocation will be used to pilot a new innovative bidding system. Ferrum community members who qualify for guaranteed allocations (which means they hold at least 25,000 FRM and 0.2 FRMx) can bid FRM in order to obtain an additional allocation. 100% of the FRM from the winning bids will be burned.
This way Ferrum community members have the possibility to significantly increase their allocation for presale projects that they are specifically bullish about. At the same time the Bid and Burn system increases FRM utility and buy-pressure while decreasing the token supply — thus benefiting all FRM holders.
***Important: Bidding is optional — you will still qualify for your guaranteed allocation regardless of if you decide to bid or not!***
Stay tuned for the details of this new bidding system. We are confident it will improve the Ferrum presale model, while changing none of the existing cornerstones (such as guaranteed minimum allocation, tier allocation model, etc.).
Launching the Ferrum Token Bridge with a Deflationary Twist
There has been quite a lot of chatter about when the highly anticipated Ferrum Token Bridge will be released. The wait is over. The Token Bridge is ready to be deployed and we are already in talks with a multitude of prospective clients looking to utilize this valuable piece of cross chain tech. Much like our staking technology we expect this product to soon become the “gold standard” for projects that are looking for a white label solution that allows their community to bridge their tokens from Ethereum to BSC and, soon after that, additional blockchains…
Of course we will also be using the bridge for Ferrum itself so that very soon our community of FRM holders will be able to bridge FRM from Ethereum to BSC — e.g. to take advantage of the very low transaction costs on PancakeSwap or even arbitrage opportunities. Every time that FRM is bridged from Ethereum to BSC ,or the other way round, a transaction fee will have to be paid. This fee will be moderate for the individual, but of course with many people using the bridge these fees will add up for Ferrum… For the time being, 90% of the FRM revenue generated from these fees will be burned. The remaining 10% will be used for FRMx buybacks that will be used to reward Ferrum holders…
What’s Next?
How will these FRMx buybacks be used to reward Ferrum holders? Find out when we let you know about a number of additional FRMx buyback components in tomorrow’s Iron Melt announcement that will increase FRMx buy-pressure and be used to reward FRM/FRMx holders…
Stay tuned!
Very truly yours,
The Ferrum Network Team
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