Recap: Ferrum Network AMA with Gate.io
Make sure to checkout the recap of the AMA hosted by Gate.io. Ian Friend dives deep into all things Ferrum!
In case you missed it, we wanted provide you with the transcript of the AMA between Gate.io and Ian Friend, Co-Founder of Ferrum Network. Ian drops some incredible insights into the direction of Ferrum!
Ferrum Network AMA Gate.io Recap
Tom Rodriguez —
Hello everyone! the AMA with Ferrum will be starting now
I would like to welcome Ian Friend who is the Co-Founder of Ferrum. Welcome Ian!
Ian Friend —
Hello everyone! On behalf of the Ferrum team and community, I am so happy to be here! Thank you Gate for listing $FRM and inviting us here for an AMA.
Tom Rodriguez —
Ian, why don’t we start with telling us a bit about Ferrum Network, what your project is about, and notable accomplishments so far?
Ian Friend —
Absolutely. So Ferrum Network is a cross-chain DeFI ecosystem with industry leading incubator/pre sale system, next generation staking technology, the fastest cross chain token bridge on the market, and so much more. Our staking technology has over 150 clients and $200 million lifetime TVL. Our incubator has had numerous 100x launches (in which the Ferrum community always gets allocations!) and our bridge is the fastest and most secure way to transfer value across ETH <> BSC <> Polygon <> Avalanche with many more chains being added soon. But im most excited about 2022 — the year of the Ferrum interoperability main net — a revolutionary way to connect networks together and move not just value across chains, but deploy information (i.e. smart contracts) across chains with a single deployment. Its going to be a massive year for Ferrum and we are thrilled to have Gate along for the ride!
Tom Rodriguez —
Thanks Ian!
Tom Rodriguez —
Can you tell us more about your cross-chain token bridge and the different networks it currently supports?
Ian Friend —
Yes of course. Our cross chain token bridge v1 was launched about 3 months ago and currently supports swapping a select number of assets (including FRM and FRMx) across and between the following chains: Ethereum, Binance Smart Chain, Avalanche and Polygon. We have received large grants from the biggest layer 1 projects in the space including Casper, Algorand, Moonriver and many more to connect their chains to our bridge. The incredible thing about the bridge is that is uses FRM as a fee every time there is a swap. That FRM is burned. We have burned over 200,000 FRM to date, and it is just one method in which we have created a deflationary ecosystem where the circulating supply is continuously going down. Our v2 version of the bridge is nearly ready for launch (code is done, its just finishing up an audit) and it is far more revolutionary. It taps into Uniswap and other DEX liquidity so we can list any asset on the bridge and it will greatly accelerate the usage and burning of FRM as a result. Very excited to launch the Bridge v2 in the near future.
Tom Rodriguez —
Sounds good Ian, seems like you guys will be very busy
Tom Rodriguez —
Speaking of busy, do you intend to add any additional networks to your network, and if so, which ones in the foreseeable future?
Ian Friend —
Yes we intend to connect dozens of networks to our bridge, and ultimately, to our interoperability main net later this year. We have received grants from around 10 layer 1s, and this capital has allowed us to greatly scale our dev team and increase the speed of chain deployments. I found out yesterday that we have 16 more such grants in the pipeline! So it’s safe to say we will be connecting networks to our bridge and our main net for many years to come.
Tom Rodriguez —
Great, good to hear that you have secured some grants. Looking forward to seeing how you progress with that
Tom Rodriguez —
Do you intend to provide any products or services on these various networks or will the cross-chain token bridge be your primary focus?
Ian Friend —
So the wonderful thing about the Ferrum ecosystem is there are many valuable products, and all of them are designed to interoperate across all chains! For example, our staking product (which has around 7 different sub products) is already operating on BSC, ETH, Polygon and Avalanche. And it will work across many other chains as well. Same thing with our cross chain Leaderboard product. And the main net itself is built from the ground up to connect to nearly any chain. Basically every product we launch is designed to work across nearly all networks.
Tom Rodriguez —
Does your project offer pre-sales to investors? If so, will it offer guaranteed allocations, and what is the easiest way for new members to gain access to guaranteed allocations into Ferrum pre-sales?
Ian Friend —
Yes we have an industry leading incubator where we find top quality early stage projects, nurture them and help them successfully go to market. We offer our community allocations into the private sale rounds of all these projects. Meaning the early rounds, that normally only VCs and other connected people have access to. Our incubator has done incredibly well for Ferrum and our community members, with at least 3 100x projects, and many other successful projects. For more information on how to get a guaranteed, stress free allocation into all our upcoming projects, please check out this page on our site: https://ferrum.network/presales/
Tom Rodriguez —
Sounds good, if anyone is interested in these private sale rounds make sure you stay tuned to Ferrum’s updates
Tom Rodriguez —
Now, can you tell us more about the $FRM and FRMx tokens and the utility they provide to holders in addition to the pre-sale access that you mentioned?
Ian Friend —
Yes so FRM is our core utility token, with about 6 different utilities (and adding more all the time!). FRMx is our governance token that grants you access to our governance committee and also enables you to earn extra allocations into our pre sales. The primary utility of FRM will be as gas of the interoperability main net. Each time a transaction is run on the main net, FRM is used as gas and a part of that FRM is burned and another part distributed to those running nodes. However the main net is still in development, so for now the primary utility of FRM is holding it to access pre sales, as gas for our cross chain token bridge (which burns the FRM) and as means of obtaining monthly rewards in FRMx. We also have many successful businesses like our staking as a service business. Each time we sell a staking product, we do a FRM buyback. We have bought back over 1 million FRM in the past 6 months or so.
📣 Token Burns & Token Buybacks at Ferrum Network
Our team at Ferrum have been conducting both token burns & token buybacks over the past year in order to provide even more value to FRM holders and our Ferrum Community 🔥
By helping to reduce the total supply of tokens and from circulation, token burns help to positively impact the laws of supply & demand.💰⚖️📈
Here is a quick report on the total # of token burns and token buybacks at Ferrum to date:👇
⭐️Over 200,000 FRM token burned
⭐️Over 3.1675 FRMx token burned
⭐️Over 1,118,685 FRM token buybacks
⭐️Over 5.26 FRMx token buybacks
👉 Learn more about our token burns (https://medium.com/ferrumnetwork/iron-melt-cornerstone-1-burning-of-frm-dd47cbaaad3e)
👉 Learn more about our token buybacks
(https://medium.com/ferrumnetwork/iron-melt-cornerstone-2-buyback-of-frmx-to-reward-ferrum-holders-6689e34903f7)💪We have even more exciting token utility & deflationary token mechanics which will be included in our launch of the Ferrum Network Mainnet 🤩
Join the Ferrum Network Official Announcements Channel (https://t.me/ferrum_network_announcements) and stay tuned for future updates 🤝👀
👉 Like & Retweet (https://twitter.com/FerrumNetwork/status/1486081972027940871?s=20) 👈
Tom Rodriguez —
Ok, got it, thanks for the explanation
Tom Rodriguez —
Now we will open the group up to the community to hear what questions they have
Tor name —
Marketing is a central element for every project. so that everyone knows the potential that a project, can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor, to your project and keep them long term?
Ian Friend —
I completely agree. Our marketing has a lot of room for improvement. Despite us being in this space for over 3 years, Ferrum is still mostly unknown outside of a few circles. This will change with the Ferrum main net coming and the marketing campaigns we have planned for the launch of our upcoming DeFi product called The Crucible. Without getting too technical the Crucible will allow you to stake FRM, access pre sales, earn sustainable APY which is generated from transaction fees, and will actually burn FRM in the process. We are planning the marketing campaign around this product launch as we speak. We are also hiring for the marketing team and talking to industry leading marketing agencies to help us improve in this area. By the end of 2022, we will be in a much stronger position in terms of market awareness, token holders, volumes and much much more. This will be driven by improving our product offerings and our marketing. Ferrum still has a long way to go!
Zeliha Gün —
Almost 3/4 of investors are focused purely on the price of token in short term instead of understanding the real value and health of the project. Could you tell us on motivations and benefits for investors to hold your token in long term?
Ian Friend —
I would tell those investors that in the long run, price is actually dependent on utility. The more usage of your token, the more it should be worth. FRM and FRMx have a ton of current utility between the pre sales, rewards, governance, bridge fees, burns and buybacks. But the most exciting utility will come with our main net launch where every transaction will use FRM as gas, resulting in a token burn. This sort of long term utility is hard to find outside of the most successful main net projects in crypto.
exdeval —
Can anyone build on top or on Ferrum Network’s mainnet? Is it open source? Secondly, how do the FRM token and FRMx token relate or differ in terms of holding?
Ian Friend —
The main net will be open sourced once its launched. We definitely want projects to build on top of it and we will have builders programs and other incentives to facilitate this. Because it is designed to connect with nearly any chain, a developer can deploy a smart contract on Ferrum and it will work on those connected chains. This my sound simple, but it is truly groundbreaking and never been done before. In terms of FRMx, it is our governance token. If you hold 20 FRMx you can join our governance committee, vote on the direction of Ferrum, access exclusive pre sales and much more. The Governance Committee plays a huge role in our long term success and I encourage anyone interested to join our community and learn more about it: https://t.me/ferrum_network
Catalina Bentley —
Revenue is an important aspect for all projects to survive and maintain the project/company. How have you been able to build a complete project and what is the way to generate profit/revenue of the token? What is the income model?
Ian Friend —
We agree completely! This is why we actually started Ferrum by building real products that solve real problems, like our Staking-as-a-Service product that has over 150 clients and generated close to $1 million in revenue. Our business-first approach has allowed us to survive the crypto winter and many up and down markets. It has also allowed us to bring in enough revenue to scale our team to around 30 people and still be profitable. For more information on the Ferrum story I suggest you check out this presentation I gave at one of the biggest conferences of the year in Miami: https://www.youtube.com/watch?v=kjLKa4-SXJ4&t=56s
Jamila Henning —
Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Ian Friend —
Yes nearly all of our products involve either token burns and/or token buybacks. Our success therefore becomes the success of the Ferrum community and token holders. Heres more information our buyback and burn systems
📣 Token Burns & Token Buybacks at Ferrum Network
Our team at Ferrum have been conducting both token burns & token buybacks over the past year in order to provide even more value to FRM holders and our Ferrum Community 🔥
By helping to reduce the total supply of tokens and from circulation, token burns help to positively impact the laws of supply & demand.💰⚖️📈
Here is a quick report on the total # of token burns and token buybacks at Ferrum to date:👇
⭐️Over 200,000 FRM token burned
⭐️Over 3.1675 FRMx token burned
⭐️Over 1,118,685 FRM token buybacks
⭐️Over 5.26 FRMx token buybacks
👉 Learn more about our token burns (https://medium.com/ferrumnetwork/iron-melt-cornerstone-1-burning-of-frm-dd47cbaaad3e)
👉 Learn more about our token buybacks
(https://medium.com/ferrumnetwork/iron-melt-cornerstone-2-buyback-of-frmx-to-reward-ferrum-holders-6689e34903f7)💪We have even more exciting token utility & deflationary token mechanics which will be included in our launch of the Ferrum Network Mainnet 🤩
Join the Ferrum Network Official Announcements Channel (https://t.me/ferrum_network_announcements) and stay tuned for future updates 🤝👀
👉 Like & Retweet (https://twitter.com/FerrumNetwork/status/1486081972027940871?s=20) 👈
Edda Kay —
According to the roadmap, what is your most important next priority?
Ian Friend —
The next immediate product launch is the Crucible product which will add more FRM/FRMx utility, allow users to access pre sales, earn sustainable APY and burn FRM/FRMx in the process. From there, we will launch the Bridge 2.0 which is a far superior version of our current bridge and will add even more FRM utility. After that, its all about the test net and main net, planned to come out in mid-late 2022.
Tom Rodriguez —
Alright Ian, thank you very much for all of your answers
How can the community keep in touch with news and updates regarding ferrum?
Ian Friend —
Please follow all our channels which I will share here!
https://t.me/ferrum_network_announcements
https://t.me/ferrum_network
https://twitter.com/FerrumNetwork
Tom Rodriguez —
Great, thanks for sharing that and thank you very much for being here with us today
With that said, that wraps up our AMA with Ferrum. Thank you everyone for tunning in today. Until next time!
Ian Friend —
Appreciate it everyone! Also please follow me on Twitter as well! I talk a lot about Ferrum but also comments on market trends and entertaining things happening in crypto! https://twitter.com/ifriend05
