What’s Next for FRĀMD?

General Updates and Tokenomics Adaptations

It’s great to be writing the first medium announcement in 2024. The past 2 months were mostly about spending some time with family and friends for the holidays which also coincided with summer time in Australia.

Now that things are back to normal, we are more determined than ever to take FRĀMD to new heights. 2024 brings with it many changes from the get-go. This announcement will provide an update on farms and yeti staking and the effect that ICON’s new economic policy will have on validator voting, rewards, and $FRMD Tokenomics.

Farms and Yeti Staking

Farms and Yeti staking will launch on March 8, 2024.

Thank you to the community members who helped test out the farming interface. They provided a lot of valuable feedback which we have now implemented. Some changes affect the reward ratios, synergy, and farm upgrade cost. The following points and table summarize all the changes:

• Staking a water yeti still boosts the output by 25%
• The synergy mechanics have been overhauled according to the table below:

• The mint price is unchanged; however, the costs to upgrade the farms have been reduced

Tokenomics Updates

Given the recent changes to ICON’s Economic policy, we were forced to rethink our tokenomics approach and introduce adaptations while prioritizing the sustainability of our ecosystem and maximizing returns to our community. We remain committed to share most of the revenue with the community. Before going into the details this table provides a good comparative reference to what FRĀMD’s ecosystem will look like going forward. The below is based on the current ICX price on (26/02/2024) and the current amount of staked FRMD:

FRĀMD’s commission rate is set at 10% which currently yields around 17990 ICX/month. To adapt to this new system, we have tweaked the distribution percentages of our node rewards as showcased in the table above:

FRMD stakers’ reward share is increased to 20%

This rate equals what most other validators have chosen as their standard commission rate. To enhance FRMD’s primary utility as a yield-generating staking token we have increased the stakers’ share of the node rewards to 20%. Considering that the icon network will now pay eligible validators a minimum wage, stakers will be earning more yield under the new system. FRMD staking APY based only on the node rewards will increase to around 17.89 %. Any ICX coming from secondary sales will only increase the APY. As our nodes rises up the up the rankings, the staking APY will also increase.

Liquidity share is decreased to 45%

Combined with FRMD 2.0, the buy-back effect on the FRMD token as part of the buy-back and lock model will still greatly exceed the old system.

Bonding share is unchanged at 35%

Our node needs to maintain a minimum bond requirement of 5% to earn the full share of its rewards. FRĀMD does not agree with this requirement as it makes it very difficult to maintain the bond as the node grows. We are extremely grateful to the community members who are currently helping us maintain our bonding requirement. To put things in perspective, the current bonding requirement exceeds all the Yeti NFT sales we had to date. Any community members who would like to help us with the bonding requirement are kindly asked to reach out to us on Discord.

When FRĀMD can fully satisfy its bonding requirement itself, the bonding share of the node rewards will be redistributed over the stakers’ share, buy-back share, and the FRĀMD treasury.

All the above changes are designed to lead to a higher FRMD staking yield (paid in ICX) while greatly increasing the buyback pressure on the FRMD token via the buy and lock system. This combination should increase the demand for FRMD and further increase its value going forward.

Yeti Mint-Out Event

The community has been asked for a yeti mint-out event. We have agreed internally to reduce the mint price of the remaining yeti to 50 ICX as of March 8, 2024. The last 500 Yeti NFTs will be used to reward yeti holders as announced previously.

Boosted OMM Rewards

As announced previously, we are currently receiving one of the top bOMM delegations out of all of the validators; we are both humbled and grateful. The sICX rewards we will be receiving from the bOMM delegations will be used as follows:

• 60% will be redistributed to bOMM delegators.
• 40% will be redistributed to the community bonders. Please note that FRĀMD and FRĀMD team member addresses will not be included in the reward distribution.

The smart contract changes required for this distribution are yet to be completed. Until then, the rewards will be accumulated.

FRMD 2.0

In addition to the changes outlined in FRMD 2.0, we will be introducing two additional changes:

• We will cancel the buy tax. It is currently set to 2%.
• We will drop the secondary sales royalty fees to 9 % percent down from 15% (Already applied).
• We expect the above and FRMD 2.0 updates to go live as we approach March 8, 2024. We will be updating as soon as the different elements go live.