KuCoin AMA With Ferrum Network — A DeFi Ecosystem That Removes Barriers to Mass Adoption

2021/08/12 15:53:02

Dear KuCoin Users,

Time: August 11, 2021, 11:00-12:15 (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with Ian Friend, co-founder and COO of Ferrum Network, in the KuCoin Exchange Group.

Project Introduction

Ferrum Network is building a DeFi ecosystem that interacts across chains and removes barriers to mass adoption with user-friendly products and services, including swaps, staking, anti-bot technology, and cryptocurrency transfers, along with industry gold-standard Incubator Services.

The project’s cross-chain DAG enables the transfer of any digital asset in milliseconds at a near-zero fee, providing immense value to the entire industry. Ferrum’s Dapps, such as the non-custodial UniFyre wallet, revolutionized the way people send cryptocurrency with “Link Drop” technology and is transforming the OTC market with risk-free OTC swaps embedded in a possible link share. Ferrum’s Staking-as-a-Service is currently used by countless projects to enhance their token utilities and their community offerings. Cross-Chain Token Bridge Developed by Ferrum Network fully customizable product is a fast and safe means of moving assets between Ethereum, Polygon, and Binance Chains, among others. Anti-Bot Services, also known as Fair Launch Protection System, are stopping over 600 ETH and counting worth of Bot dumps for projects, helping them get off to a great start. Ferrum Network’s incubated projects form the strategic development of the Ferrum Ecosystem as well as for the blockchain community as a whole.

Official Website: https://ferrum.network

Follow Ferrum Network on Twitter and Telegram.


Ian Friend — Co-Founder & COO of Ferrum Network

Q&A from KuCoin

Q: How has Ferrum evolved since its inception to where it is today?

Ian: Ferrum has evolved tremendously since we founded it in mid-2018. What started as two founders with a vision to make crypto more user friendly for mass adoption has evolved into a team of nearly 30 people, 4 successful products (UniFyre Wallet, Staking-as-a-Service, Anti-Bot Technology, a Cross-Chain Token Bridge), tens of thousands of active users across our product line, 50+ million TVL thru our staking products, a very successful incubator, and an amazing and supportive community! I'm very proud of our 3+ year journey, but the truth is, we are still only just getting started and have so many exciting and groundbreaking products that will be launched in the coming weeks, months, and years ahead.

Q: What is the secret to Ferrum’s success? It seems most, if not all, of the projects you touch turn to gold in terms of ROI. Can you share your secret with us?

Ian: We have had a lot of success in the crypto industry, especially considering we were total outsiders and newbies when we first founded the project 3+ years ago. FRM has performed very well (100x from ICO price at one point), our governance token FRMx has done extremely well (200x), and we have launched many projects through our incubator like Poolz, Netvrk, Bondly, UREEQA, and others that have done incredibly well in their own right. The reality is there is no secret other than hard work and doing right by our investors and community. When times get tough, we just keep pushing and innovating and doing our best to add value to the Ferrum ecosystem, whether it's through our new cross-chain token bridge that burns FRM with each swap, or our incubator which has continued even during the bearish conditions of the last months. It's just hard work and doing right by people. That's the only "secret".

In fact, we just announced the next incubated project last night, a really innovative DeFi project called Teneo which allows you to earn passive income from the alpha generated by DEX traders. All FRM holders will be able to get an allocation in the private sale. Here's the first marketing video we made for it: https://bit.ly/fas-teneo. I'm very bullish.

Q: What B2B service that Ferrum provides would you say is your most popular and sought-after service?

Ian: Ferrum provides 3 distinct B2B services to other projects - Staking, Anti-Bot Technology, and our Cross-Chain Token Bridge. We have over 100 clients across our product line, which is one reason many people consider Ferrum to be the premier "Blockchain-as-a-Service'' project in the industry. The most popular is definitely our Staking-as-a-Service which can turn any token into a stakeable token and provide instant utility for any ERC20/BSC/Polygon-based project. But the one I'm most excited about is our new Cross-Chain Token Bridge, the first that allows seamless cross-chain swaps across ETH <> BSC <> MATIC <> with more chains being added soon. Each TX burns FRM, meaning our system is now truly deflationary. And any project can also obtain this product as a white-label product, which increases our profits and reach across the crypto space. We are signing up many top-quality projects for the bridge and are in talks with the biggest chains. The Token Bridge may become our most successful product to date.


Q: How does your token bridge differ from other token bridges out there?

Ian: Our bridge is extremely unique in a number of ways. First, the speed. Most bridges take up to 1 hour or more to do a swap. Ours, you can swap in about 2 minutes, meaning you can finally take advantage of arbitrage opportunities across different DEXes. Second, the security. Most bridges use a mint and burn function, which increases attack vectors for hackers (as we saw yesterday with the $600 million hack of Poly bridge). Third, ease of use. Anyone can use our bridge with no previous knowledge of how to use it. Just follow the steps on the bridge interface, and you can swap across the chain in minutes. Fourth, the white-label version - any team can obtain this bridge and make their own token cross-chain compatible. Fifth, it uses the project's own tokens as fees, meaning it provides utility for FRM and any project that uses it. For these reasons, I think it will become one of the most popular bridges in crypto, and it's being launched at the perfect time since most projects want to be multi-chain these days. You'll be hearing a lot more about the bridge in the coming weeks and months ahead.

To add to point #2 (security) - our bridge uses a liquidity solution, meaning there is no interaction with a project's token smart contract and no minting of new tokens. This structure significantly reduces attack vectors. We think it will become the primary method of cross-chain swaps, especially after we launch the v2 bridge, which will incentivize users to add their own liquidity to the bridge pools (similar to Uniswap).

Our community loves the cross-chain token bridge! Especially because it burns FRM with each swap. We will be adding a burn counter on the Ferrum website, so everyone can see the circulating supply being reduced constantly in real-time. This is just 1 method of burning that Ferrum employs. We will soon announce another method which involves an incredible new staking technology that we are launching quite soon.

Q: Does Ferrum give back to their community? If so, in what way(s)?

Ian: Absolutely. We constantly give back to our community. The first way is through giving them access to exclusive pre-sales in hot new projects that we incubate/advise. Our incubator is unique in that we offer GUARANTEED allocations in these projects simply for holding a small amount of FRM/FRMx. Many of our incubated projects have done incredibly well, and therefore the Ferrum investors have also done very well. For more info on our incubator and how to participate in our pre-sales, please check out this website: https://ferrum.network/presales. We have many projects coming up that we are about to raise funds for, like Teneo, Revolve Games, Yay Games, and many more projects that are still in stealth mode but will be announced soon.

The second way we give back is through our Monthly Holder Rewards Program. Simply hold a threshold amount of FRM/FRMx in your UniFyre and be a member of the Ferrum community, and you are sent "Link Drops" (our own unique technology that allows users to send crypto anywhere using a link) right to their UniFyre Wallet each month. You can earn APYs as high as 50%! For more info on how to earn passive income with Ferrum, please check out this page: https://ferrum.network/rewards to calculate how much you will earn based on your FRM/FRMx holdings and the price of FRM (the higher it goes, the more you earn each month!).

Q: Earlier, you mentioned that Ferrum Network would soon launch a new staking technology, where can people learn more about Ferrum and what Ferrum is working on?

Ian: Yes, we are launching a new version of our staking technology called Reflection Staking, which can essentially turn any token into a reflection token (or one that imposes a tax on transactions). It will drastically accelerate the number of FRM being burned and will provide constant passive income opportunities for Ferrum holders across all chains (ETH, BSC, MATIC). More information will be released on that soon. The best way to follow Ferrum is our announcement channel: https://t.me/ferrum_network_announcements), our Medium page: https://medium.com/ferrumnetwork, and our YouTube channel where I give regular community updates like this one: https://www.youtube.com/watch?v=TU0ZCuHcgUk

We also have an amazing new staking initiative coming called Crucible Staking. Top 100 FRM holders based on our upcoming Leaderboard will get exclusive access to an incredible staking pool, while the rest of the community will also get access to other awesome staking opportunities. It's our way of giving back to our long-term holders who have been with us for so long over the years.

Q: What kind of working environment does Ferrum have? What is the company vibe and culture like?

Ian: I think Ferrum has a very fun and exciting work environment. It is very fast-paced. We have tons of activities going on all the time, from the fundraises/incubations, to the marketing activities (like AMAs and Gleam campaigns), to our B2B products like staking and token bridge, our community engagement activities, and our fast-paced product development, it's a busy place to work. But we love what we do, and it doesn't really feel like work. We all wake up excited to bring value to Ferrum and our token holders. If anyone is curious, we are HIRING! There's more info on our site about the open dev and marketing roles we have available. We would love to hear from you!

It's important to understand that Ferrum is a profitable business through our products, so we don't rely on the token for revenue. In fact, we burn the token.

To learn more and apply today: careers.ferrum.network

Free-Ask from KuCoin Community

Q: To be in a place like the crypto/DeFi industry, partnerships from the right projects are necessary. Which partnerships have helped the Ferrum Network the most and how?

Ian: I agree partnerships are a huge part of our success. Because we incubate so many projects, have 100+ staking clients, and have connections across the industry, we are in a unique position to not only attract partners but connect other projects together to add value to everyone. In fact, we are about to announce something we are unofficially calling the Ferrum Partnerships Alliance, where all the partner projects in our ecosystem - including the big ones like MATIC and Chainlink - can connect and add value to each other. I'm very excited about this new initiative, and you heard about it here first!

Q: 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: The Ferrum main net is still in the early stages of development. But it is a cross-chain protocol that will allow users to swap assets across the chain in milliseconds for near-zero fees, with each transaction using FRM as gas, causing that FRM to be burned. The Cross-Chain Token Bridge is similar in many respects, which is why many are considering it a v0.1 of the main net. But when the main net comes out, yes, much of it will be open-source, allowing others to build on top of it. In terms of FRM/FRMx, FRM is our utility token with 6 or 7 unique utilities, while FRMx is our governance and rewards token, meaning that you hold it to get greater allocations in private sales, join our gov committee, and greater monthly holder rewards. FRM and FRMx work together, so it's helpful to hold both in your UniFyre Wallet for maximum benefits.

Q: How does the staking system work and what items can we stake other than FRM? Do you guys have NFT staking?

Ian: We have 5 different kinds of staking technologies, from single asset staking, to liquidity staking, multi-token staking, to VIP staking, to NFT staking. We were early pioneers in NFT staking with our incubated project Bondly. You could stake Bondly for a chance to earn a rare NFT. That was one of the most popular staking pools we have ever done, despite the fact there was no APY. So yes, we pioneered NFT staking.

Q: Can you elaborate on Anti-Bot Technology? What is that? Is it a system that prevents bots from operating? If so, why would you prevent bots?

Ian: Anti-Bot technology is designed to stop bot owners from sniping a project's DEX listing, which is a huge problem for newly launched projects. Bots will buy up tokens before any real people can and then dump them on the community. With our Anti-Bot Technology, we are able to detect which buyers are bots, and then freeze the tokens in their wallets, meaning they can no longer dump on the community. It's a win-win for projects and community members.

Q: How strong is your team? Many projects start with a good impression and later abandon the project. What makes your project different than others?

Ian: Ferrum is not like other projects. We were born in the crypto winter of 2018 and survived through it, and are now a thriving project with nearly 30 team members, 5 successful products, a passionate community, and a profitable business. Many projects have come and gone since we founded Ferrum in 2018. We are not going anywhere.

Q: A big problem for many DeFi projects seems to be that when farming starts, the price goes down because people unload to put liquidity into the farm. Will there be an incentive to hold and not just farm and dump?

Ian: Yes, we are aware of that problem which is why our staking is designed differently from the beginning. Our staking locks FRM for a long time (usually 6 months or more), and then rewards are given out in FRMx at a later date. Therefore, our system does not cause inflation on the FRM token. It's not like a farming project where rewards are being given out daily. That is not sustainable.

Q: Is there anything else you would like to share or you want us to know, Ian?

Ian: Please join our socials and grab some FRM from KuCoin to start taking advantage of staking benefits, monthly holder rewards, and access to exclusive pre-sale opportunities!




Thank you, everyone!

Giveaway Section

KuCoin and Ferrum Network have prepared a total of 2,000 USDT to give away to AMA participants.

1. Free-ask section: 75 USDT

2. AMA activity: 1,925 USDT

Activity 1 — Quiz: 1,500 USDT

Activity 2 — Price Guess: 300 USDT

Participation Rewards: 125 USDT

. . .

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