FerrumNetwork
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FerrumNetwork

Iron Melt: Cornerstone #3 — Highly attractive staking in “The Crucible”

Two days ago we announced a set of measures to burn FRM, while yesterday we revealed a large FRMx buyback-initiative that is used to significantly increase monthly holder rewards. Today’s announcement will be about a very special and highly attractive staking opportunity for our loyal community members.

The Crucible

For a limited time Ferrum will be opening up four 12 month staking pools called the Crucible. The main objective of the Crucible is to reward those who choose to commit to Ferrum’s vision over the course of the next year.

While we have already offered attractive staking opportunities in the past, the Crucible staking pools clearly stand out from previous staking rounds:

I: No need to give up presale allocations or monthly rewards!

Before we dive into the four different staking pools, we want to highlight something that sets the Crucible staking apart from all previous staking opportunities… So far, staked tokens did NOT count towards Ferrum’s highly attractive presale allocations — neither did they count towards the monthly rewards which holders get for simply keeping their FRM and FRMx tokens in their UniFyre wallet. The Crucible staking is a very special one and we are pleased to say that all tokens staked in the Crucible will also be counted towards both pre-sale tiers and Monthly Holder Rewards!

II: Highest ever offered APY in FRMx Rewards

Probably the most enticing aspect of the Crucible is the lucrative APY that will be granted to participants. Rewards for staked FRM in the form of FRMx will be distributed with APYs ranging from 50–100% depending on the pool. 100% APY is the highest ever reward offered in a Ferrum staking pool. If you take into account that those staked tokens at the same time provide access to highly attractive exclusive presales and earn monthly holder rewards the actual APY is substantially higher for all four pools…

III: Linear token release via new Ferrum product

Upon completion of the 12 months lockup period (please note that there will be no early withdrawal option), the staked tokens and rewards will be distributed linearly over 26 weeks via an upcoming ADDITIONAL white label product. This product will mitigate the risk of dumps that tend to occur when staking pools unlock 100% of tokens simultaneously. We also expect that there will be high demand from projects for this soon to be marketed white label Ferrum solution.

How to Qualify for the Crucible

In order to make this opportunity accessible to our smaller and bigger holders, Ferrum will be opening 4 different staking pools that will make up the Crucible. Those who stake the highest amounts and effectively lock the largest amount of FRM out of circulation will be rewarded with the highest returns. To determine who qualifies for which of the four pools a snapshot will be taken — the snapshot date will be announced in advance.

Important notice: Those who would like to participate in the Crucible MUST contribute from a Unifyre wallet.

Round Table

  • Reserved for the 20 wallets that hold the highest USD equivalent of FRM and FRMx at the time of the snapshot
  • Contribution amount — 200k FRM
  • 100% APY in FRMx rewards

Iron

  • Reserved for wallets 21–100 that hold the highest USD equivalent of FRM and FRMx at the time of the snapshot
  • Contribution amount — 100k FRM
  • 75% APY in FRMx rewards

Silver

  • Lottery based — 150 slots for those who hold at least 50k FRM and 0.2 FRMx
  • Contribution amount — 25k FRM
  • 50% APY in FRMx rewards

Bronze

  • Lottery based — 100 slots for those who hold at least 5k FRM
  • Contribution amount — 5k FRM
  • 50% APY in FRMx rewards

The details of the staking process, which will include a pledge form where you will be able to pledge your interest to participate as well as a “leaderboard” that will show you your wallet’s position before the snapshot is taken, will be described in a separate article. Please note that the amount of FRM tokens to be staked per pool is pre-defined — participants will have to stake exactly this defined amount of tokens; neither more nor less.

Please note that even those lottery participants who will not win a slot for the Silver or Bronze staking pool will profit from the Crucible staking. If all pools are filled, 15% of all circulating FRM supply will essentially be locked away for one year which will clearly contribute to a low sell pressure.

Earn A Seat on the Governance Committee

We understand that 12 months is a long time to put your faith in a project and we will be working very hard to justify this faith! Also, we see it imperative that the interests of our investors are aligned with the roadmap and the vision of the company. Therefore, anyone who participates in the Round Table tier of the Crucible will effectively earn a seat on the esteemed Ferrum Governance Committee.

In Conclusion

We believe that the Iron Melt will add value to the Ferrum ecosystem in a number of ways:

  • Add utility to both FRM and FRMx
  • Introduce a deflationary mechanism to the Ferrum ecosystem by burning of FRM
  • Let loyal FRM/FRMx holders share in Ferrum’s business success through increased monthly holder rewards
  • Increase the buy pressure of FRM and FRMx (through regular buybacks and a leaderboard)
  • Decrease the sell pressure of however much FRM is added to the Crucible indefinitely without reducing the circulating supply and the market cap
  • Further align the interests of Ferrum and its investors

What’s Next?

Regarding the Crucible staking we will soon be releasing an article with all required details as well as the timeline. However there will be more than Iron Melt announcements! Whoever thought, after the Iron Melt initiative, that Ferrum will take a break will be proven wrong very soon. The complete Ferrum team is literally ON FIRE and we will have a number of exciting updates to share with you in the very near future.

Stay tuned!

Very truly yours,

The Ferrum Network Team

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Nick Odio

Nick Odio

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