This proposal is expected to appear on Snapshot for voting on 2021-09-12T12:00:00Z. Make sure to stake your vBNT for voting before this date and time to participate in the DAO decision.
TL;DR
- Proposal to whitelist FRM.
- Proposed co-investment is 100,000 BNT.
- There are no apparent security concerns that would prohibit whitelist status.
- There is no reason to doubt the legitimacy of the Ferrum Network project.
- The benefit to Bancor is clear.
FRM token address: 0xe5caef4af8780e59df925470b050fb23c43ca68c
Project Website: https://ferrum.network/
Token Security
FRM does not have an elastic supply, or rebase mechanism. The Ferrum contracts do not have permissions that grant administrators unrestricted mint/burn capabilities. The FRM token supply is fixed at 331,718,750, of which 152,644,714.33 are in current circulation. The contracts and addresses with the highest concentration of FRM tokens are predominantly the token treasury, CEX and DEX liquidity, and early Ferrum community holders. A list of MetaMask wallets can be found here.
Project
Ferrum Network was launched by a team of crypto industry experts in June 2018 with the goal to break down barriers to entry and encourage the mainstream adoption of cryptocurrencies on a global scale. Ferrum Network is a deflationary cross-chain Blockchain as a Service DeFi company that specializes in adding token utility and advisory services to projects across the crypto space. Ferrum builds white-label blockchain solutions that empower startups and established organizations, enabling them to continue to get their core products to market faster.
Tokenomics
Ferrum’s native token, FRM, is required to access Monthly Holder Reward and presales. We also offer our holders a multitude of staking options that produce high APYs with rewards paid out in our rewards token FRMx. There is a considerable amount of consistent buy pressure on the token as the company conducts bi-weekly buybacks of FRM and also buys back a FRM with every sale of one of our white label products. The company averages about 10k USD worth of FRM in buybacks every week.
Community and Communication
Ferrum is active on Twitter, Telegram, YouTube, Medium, and TikTok. The team and advisors are presented on the About Us tab on Ferrum’s website. Ian Friend, the co-founder and COO of Ferrum, is the project’s main spokesperson. Ian attends AMAs frequently and keeps the community informed by recording interviews and regular “Community Update Videos.” Ferrum also sends out a Monthly Newsletter containing all of the latest developments for the prior month. Ferrum boasts an extremely active community with over 20k in the Telegram channel and nearly 40k on Twitter.
Available Audits
Zokyo Audit: https://bit.ly/Ferrum_LinkedIn_Audit
Market and Trading Data
- FRMs price at the time of writing is $0.336
- All-time high: $0.987 (1st April 2021)
- Price 90 days ago: $0.253
- 152,644,714.33 tokens in circulation
- 331,718,750 maximum supply.
- The current market capitalization is $51,006,910.
- The FRM token is available on major exchanges, including BitMax, KuCoin, Uniswap, and Dfyn.
Benefits for Bancor:
Loyal Community
Ferrum prides itself on having one of the strongest and most loyal communities in crypto. Our token holders are the epitome of HODLERs. There are a multitude of ways that folks make passive income through holding FRM. Just by holding FRM you are eligible for monthly airdrops in our FRMx reward token. Holding FRM gets our community access into presales of the projects that we incubate through Ferrum Advisory Services. The more FRM you hold the greater these benefits are so the community is constantly accumulating.
Dealflow
Currently, we have well over 100 clients between our Staking as a Service solutions, Cross Chain Token Bridge, and projects that we incubate through Ferrum Advisory Services. When you take into consideration the extensive list of additional products that we are currently developing, it becomes clear that our ecosystem is destined for continued astronomical growth.
Our ecosystem of partner projects is called the Iron Alliance. This is a group of over 50 founders of tier 1 projects who are always looking for opportunities such as the one Bancor provides. By partnering with Ferrum you join the Iron Alliance and immediately have access to a deep pool of potential partners and clients.
Technology Products
At Ferrum, we build white label products that empower other projects. Between our Cross-Chain Token Bridge and our white label Staking as a Service solutions, we have helped to add utility to over 100 projects across multiple chains.
Cross-Chain Token Bridge
With our Cross-Chain Token Bridge we could help bridge liquidity for not only Bancor but also tokens who are currently whitelisted. We can tap into the Bancor DEX LPs to supply the bridge liquidity for projects who decide to list on the bridge and are also listed on Bancor.
Staking as a Service
Out of our six different Staking as a Service products, one in particular stands out in regard to Bancor. We have a specific contract that can be deployed right on Bancors website that enables the staking and locking of LP tokens. For example; a set of BNT holders pair BNT/ETH and stake the LP tokens in a dashboard that we build out for Bancor in a white label fashion. You can choose to pay rewards in BNT with customizable APYs, maturity dates, early withdrawal options, etc. You can even whitelist certain addresses.
Token Buybacks
There is a considerable amount of consistent buy pressure on the token as the company conducts bi-weekly buybacks of FRM and also buys back a FRM with every sale of one of our white label products. The company averages about 10k USD worth of FRM in buybacks every week. With the whitelisting of FRM, we can commit to conducting a portion of these buybacks exclusively through Bancor and mentioning them with each announcement that a buyback is conducted through Bancor. These buybacks and announcements are currently taking place about 3-5 times a week.
Marketing Content
As mentioned earlier, Ferrum boasts a rabidly loyal community. We often hold AMAs both via Telegram and interview style AMAs on YouTube. We would be thrilled to conduct AMAs with Bancor. We are connected to many KOLs and influencers who we’re sure would love to get involved with Bancor. We would put out announcements in the form of Twitter, Telegram, and Medium articles for every development in the partnership.
