Hello, Satoshi clubbers Another AMA took place at Satoshi Club and we would like to introduce to you the AMA session with our friends from Ferrum Network crypto project. The AMA took place on 12 November.
The AMA session was divided into 3 parts with a total crypto reward pool is 500$.
Leading the AMA our clever and fun admins:
@madamlobster and @Cool_as_Ice
The Representative of the project:
Ian Friend – Co Founder and COO of Ferrum Network.
PART 1. INTRODUCTION of Ferrum network PROJECT AND COMMUNITY QUESTIONS.
Mary | Satoshi Club:
Hello again, Satoshi Club! We are happy to announce our AMA session with Ferrum Network! Welcome to Satoshi Club😀
D| Satoshi Club: Hello again Satoshi club! 👋
Ian Friend | Co-Founder @ Ferrum Network:
Hello everyone!
D| Satoshi Club:
@ifriend05 hello! Welcome! How are you?
Mary | Satoshi Club:
Happy to see you here 😊
Ian Friend | Co-Founder @ Ferrum Network:
Sorry for the mix-up. With daylight savings time I am actually 5 hours behind UTC. Not 4 hours like I thought.
Ian Friend | Co-Founder @ Ferrum Network:
I am doing well! Excited to tell the Satoshi Club community more about Ferrum Network and everything we are doing
Mary | Satoshi Club:
Great😂 and np – we are all humans)
Mary | Satoshi Club:
Please, introduce yourself and Ferrum Network 😊
D| Satoshi Club:
Great! we have plenty of questions about Ferrum Network! 😊
Ian Friend | Co-Founder @ Ferrum Network:
My name is Ian and I am the co-founder of Ferrum. Ferrum has built a cross-chain DeFi ecosystem with 5 products, tens of thousands of active users, 30+ staking clients, over $7 million locked in our staking protocol across the 30+ projects, and as of earlier this year, a profitable business based on our staking as a service, which brings in a lot of revenue each month, which we use to buy back FRM.
Ian Friend | Co-Founder @ Ferrum Network:
The FRM token itself has at least 7 utilities: ferrum.network/utilities including holder benefits were simply holding FRM and FRMx in your UniFyre Wallet (our non custodial wallet) can earn you 30% APY each month. Ferrum.network/rewards for more info on the holder benefits
Mary | Satoshi Club:
Was this giant built in a short term or you have been developing Ferrum for a long time?)
Ian Friend | Co-Founder @ Ferrum Network:
We are in the midst of an awesome community is driven marketing campaign where you can win up to $300 just for participating and the more retweets we get, the more FRM we buy back to up to $25,000!
$25,000 FRM Buy Back and Stake Contest!
To celebrate the launch of Staking 3.0 with APYs up to 80%, we will buy back and stake $25,000 $FRM!
— Ferrum Network (ferrum-network.eth) (@FerrumNetwork) November 11, 2020
Retweet and comment about why you love FRM and tag 3 people.
Top 3 retweets will win 1 $FRMx (approx. $320) each, and the next top 20 will win .25 FRMx each.
1/3 pic.twitter.com/QHmL3tk8Ak
We started Ferrum in early 2018. I was working as a blockchain lawyer in New York City and my co-founder was a senior engineer at Bloomberg. We won a competition to pitch the project at the main stage of Consensus NYC 2018 and Ferrum took off from there. We have been building and growing non-stop ever since.
Mary | Satoshi Club:
I like this contest👍 you should get a lot of new users recently)
Ian Friend | Co-Founder @ Ferrum Network:
It easy to participate and there will be a lot of winners! Not to mention the more retweets we get the more FRM we buyback. We already bought back $15,000 worth yesterday
D| Satoshi Club:
Nice! actually our first question from the community about ‘buyback campaign’, so we will talk about this very soon 😉
Mary | Satoshi Club:
So, now I understand why you look like you look) because a lot of new projects without any MVP on the market now😂 And i can see that you are not a ‘one day’ project 👍
Ian Friend | Co-Founder @ Ferrum Network:
Yes, our staking as a service actually provides a lot of those projects with token utility and a product. We launched staking tech for over 30 projects by now and more signing up each week. Here are just some examples.
https://defipie.com/staking/
https://staking.yland.finance/
https://www.uptrennd.com/portal
https://gather.network/staking.html
Mary | Satoshi Club:
Cool👍
D| Satoshi Club:
Awesome intro @ifriend05 thank you! so let’s start the first part of our AMA?
Ian Friend | Co-Founder @ Ferrum Network:
We are a mature and established project but we are constantly building and innovating. For instance, we just launched a new version of our staking tech we call Multi Token Staking or Liquidity Staking. We are also working on a new smart contract-based protocol that will be launched pretty soon….we are constantly building and responding to what our users and our community wants.
Mary | Satoshi Club:
As I see they want much and you’re giving this ‘much’ to them👍
Ian Friend | Co-Founder @ Ferrum Network:
A few weeks ago we sent approximately $200,000 worth of our governance token – FRMx – to everyone holding 50,000+ FRM in their UniFyre. Just one of the many ways we give back to our community regularly. In fact, each month people earn rewards just for holding FRM/FRMx
Mary | Satoshi Club:
Great, as I know UniFyre is also Ferrum’s project?)
D| Satoshi Club:
This reward was a part of the stacking program?
Ian Friend | Co-Founder @ Ferrum Network:
Unifyre.io is our noncustodial wallet with advanced DeFi technology such as Link Drops – which is the only tech on the market that allows you to send crypto anywhere using a link. No wallet addresses needed. I can now send crypto over telegram. here Ill demo it right now
https://u.linkdrop.us/FaWBHavsWq1HU9ANviWzEGr6WIrL
Anyone can click that link and will be taken to download the wallet. Then they accept the money and I counter accept. This is called double confirmation and means you never have to worry about sending crypto to the wrong address ever again!
Mary | Satoshi Club:
Yes, that’s great👍 I should try it)
D| Satoshi Club:
Very innovative approach!
Ian Friend | Co-Founder @ Ferrum Network:
we will send out rewards for the AMA using Link Drops! That way we don’t need to collect wallet addresses in advance. Just send directly to the winner’s telegram
Mary | Satoshi Club:
Wow, you see Satoshiclubbers 😉
Ian Friend | Co-Founder @ Ferrum Network:
There’s also a feature called Pool Drops where you can send crypto up to 100 people at once using a single link. Like a multi sender tool over telegram
Mary | Satoshi Club:
Unbelievable) it’s so easy) I see Ferrum Network has a lot of different features and functions 👍 and on our side, we have questions from our community for you😉 Ready to answer them?
Ian Friend | Co-Founder @ Ferrum Network:
Yes, I am!
D| Satoshi Club:
Let’s goooo!
Q1 from Telegram user @jitka1
You will do a buyback campaign worth of 25000$ to support your token. Why did you decide to do it now? Will it is a one-time campaign or there will be more in the future?
Ian Friend | Co-Founder @ Ferrum Network:
Yes, we are presently doing a buyback campaign of up to $25,000 based on how many retweets we get on this tweet: https://twitter.com/FerrumNetwork/status/1326507208478232582 .
However, we regularly do buybacks based on the revenue we bring in from our staking business. We have bought back around 1.5 million FRM in the past 4 or 5 months since we started this.
We will stake this $25,000 worth of FRM and take the staking rewards we earn and use those for a later staking round.
Mary | Satoshi Club:
You already have some retweets, sure, our members will help you too)
Ian Friend | Co-Founder @ Ferrum Network:
So it ultimately benefits the community
D| Satoshi Club:
You got my like and retweet😉
Mary | Satoshi Club:
And mine😊
Ian Friend | Co-Founder @ Ferrum Network:
Nice! We are close to buying back another $5k. When that happens, we announce it on our announcement channel
Ian Friend | Co-Founder @ Ferrum Network:
Ferrum Network completed the third stage of the $25,000 buyback
The tweet surpassed 200 retweets meaning $5000 of FRM was purchased, see the buyback address here: https://etherscan.io/address/0xaE917D933cD77c8C9A68f5AB0D2eD98532CaC787
Next stop 500 retweets: https://twitter.com/FerrumNetwork/status/1326507208478232582?s=20
Mary | Satoshi Club:
It’s really creative campaign 👍😉 and very useful for FRM holders and your community 👍
Ian Friend | Co-Founder @ Ferrum Network:
Thank you! I think we will definitely run it again each time we do a big product launch.
D| Satoshi Club:
After buy back what do you do with tokens?
Mary | Satoshi Club:
You definitely should👍
Ian Friend | Co-Founder @ Ferrum Network:
We stake them in one of the upcoming staking pools. In Staking 3.0, people stake FRM to earn FRMx. So we will take the FRMx we earn from staking and use that FRMx for another staking round later on.
Ian Friend | Co-Founder @ Ferrum Network:
Introducing the Staking 3.0 landing page. Staking pools will open next week!
In this staking round, you will stake FRM to earn FRMx, our sustainable governance token. Simple, secure, and dynamic. The Ferrum Network way.
↓↓↓
https://ferrum.network/staking-3-0
Ian Friend | Co-Founder @ Ferrum Network:
Here you can see the staking options with APYs and time lengths etc.
Anyone can join staking! The minimum to stake is only 5000 FRM
Mary | Satoshi Club:
It’s a circle where everyone wins) Just 160$, right?)
Ian Friend | Co-Founder @ Ferrum Network:
Yes, we are all about giving back to the community. We are a successful business now and we believe those benefits should also go to the FRM holders. Like for instance with our monthly holder benefits: ferrum.network/rewards
Yeah 5000 FRM is not a lot of $ right now. We wanted staking to be accessible to everyone.
Mary | Satoshi Club:
And it is) thank you for your answers! Ready for the next question?)
Ian Friend | Co-Founder @ Ferrum Network:
Yes!
D| Satoshi Club:
Q2 from Telegram user @PaoloMonte87
You strategically decided not to build your own standalone blockchain infrastructure and network, but instead to leverage what’s already been built with other blockchains, connecting them to your high-speed transactional layer and making possible the P2P exchange of digital assets on any network (BTC, Ethereum, EOS, etc…). Can you please tell us more about how the “lock address” mechanism works when sending/receiving tokens? How does the distribution of the private keys on the Ferrum Network nodes still manage to eliminate security and privacy concerns?
Ian Friend | Co-Founder @ Ferrum Network:
So this is a question pertaining to the Ferrum Network main net, which will launch next year. The main net is an interoperability network that can connect to nearly any blockchain, allowing users to create a wrapped version of those assets and bring them into the Ferrum Network, which is itself a high-speed low-cost DAG network. This means you can bring wrapped BTC or ETH into the network and transact/exchange it in milliseconds for near 0 network fees. Those network fees are paid in FRM rather than BTC/ETH. And each time an FRM is spent this way, a small amount is burned. We already have a private testnet of this technology, we just decided to begin our journey by launching user-facing apps like First Kudi (our African exchange app) and UniFyre Wallet (our noncustodial wallet) so that when we launch the main net, there are thousands of transactions on day 1 of launch. Here is a demo of the network running a BTC transaction in milliseconds.
Ian Friend | Co-Founder @ Ferrum Network:
Hard to believe we made this demo two years ago!
Mary | Satoshi Club:
Wow) do you have any campaigns for testers?
Ian Friend | Co-Founder @ Ferrum Network:
We will initiate campaigns closer to the time of the main net launch. Right now we are working on another smart contract protocol that will add a lot of value to the Ferrum ecosystem and is something the market really needs and wants right now. We hope to launch that by the end of the year, subject to how long the audit takes. Then in 2021, we will return our focus to the main net.
D| Satoshi Club: Can I able to send private/confidential transactions using Ferrum Network?
Mary | Satoshi Club:
Yes, what about privacy and confidentiality?)
Ian Friend | Co-Founder @ Ferrum Network:
Ferrum Network is not a privacy network per se. Like transactions will be viewable on the blockchain similar to how Etherscan works for Ethereum. That said, all blockchains are mostly private because all you see is an address
Mary | Satoshi Club:
I see) thank you 👍 Are you ready to go forward to the next question?)
Ian Friend | Co-Founder @ Ferrum Network:
Yes I am
D| Satoshi Club:
Ok, let’s continue!
Q3 from Telegram user @Jonahapagu
In Using your Token bridge to swap assets between BEP2 and ERC-20 you warn users that a potential penalty applies to the process what are the potential penalties here and what are the actions of the users that will trigger those penalties.. the bridge currently supports only the BEP2 and ERC-20 Chains what are your plans for expansion of supported chains
Ian Friend | Co-Founder @ Ferrum Network:
Yes, our tokenbridge.ferrum.network allows users to swap FRM between Binance Chain and Ethereum Network. The penalty just refers to the fee you pay in FRM in order to execute the swap. I think its 65 FRM. In terms of supporting other chains, yes that is in the long-term plans. For instance, we would like to extend the bridge to Binance Smart Chain and we are talking with the BSC team about that.
Mary | Satoshi Club:
Near 2$ for one swap, right?)
Ian Friend | Co-Founder @ Ferrum Network:
Yeah, that basically covers the ETH gas fees we pay on behalf of the user for the swap.
Mary | Satoshi Club:
So, it’s tied to ETH gas fees?
D| Satoshi Club:
Do you plan to build a bridge to Tron blockchain?
Ian Friend | Co-Founder @ Ferrum Network:
I had not considered it to be honest. We typically do what will add value to the community and FRM holders. I haven’t heard much demand for a bridge to Tron blockchain yet.
D| Satoshi Club: Got it. thanks for your answer
Mary | Satoshi Club:
Ok, for which blockchains, except BSC you have demand from the community?)
Ian Friend | Co-Founder @ Ferrum Network:
The community hasn’t really asked for much in terms of the bridge recently. I think it’s pretty clear that most of the action in crypto these days is on Ethereum, with Uniswap becoming the most popular DEX. That is why we are focusing on different protocols on Ethereum like the new smart contract we are building…
Mary | Satoshi Club:
Got it👍 should we shoot with the next question?)
Ian Friend | Co-Founder @ Ferrum Network:
Yes let’s do it
D| Satoshi Club:
Q4 from Telegram user @konditer_rolex
Ferrum Staking 3.0 what is it? Usually, these numbers in the name 2.0 or 3.0 indicate an improved version of some product. Tell us about what happened and what will happen with the advent of Ferrum Staking 3.0
Ian Friend | Co-Founder @ Ferrum Network:
So Staking 3.0 is our third round of FRM staking. It is based on an advanced version of our staking technology we call Liquidity Staking or Multi Token Staking. This technology allows you to stake one token, but earn rewards in a different token. Opening up massive possibilities for staking. In this round, people will stake FRM and earn FRMx. In later rounds, you will be able to stake the UniV2 token to earn FRM or FRMx. And we can even do staking rounds where you can stake FRM to earn another project’s tokens.
https://medium.com/ferrumnetwork/introducing-liquidity-staking-flexible-multi-token-staking-technology-c05fb5c50588
Mary | Satoshi Club:
Which other projects?
Ian Friend | Co-Founder @ Ferrum Network:
We regularly are paid in other project’s tokens for UniFyre Wallet listing and/or for our staking tech. Instead of spending those tokens on ourselves, we can run staking rounds where people stake FRM to earn those tokens.
Ian Friend | Co-Founder @ Ferrum Network:
We also have an incubator called The Foundry where we incubate early-stage projects and get tokens from that. For instance Bondly.Finance is our first incubated project. So we can run a staking round where you stake FRM to earn BONDLY.
The Foundry – Incubator meets DeFi website
Mary | Satoshi Club:
Haha, it’s a genius mechanism😀 I am lost with the number of opportunities you can give😂😂😂
Ian Friend | Co-Founder @ Ferrum Network:
Basically, our vision for FRM is that holding it should make you money in many different ways. BTW if you hold 100,000 FRM you get access to pre-sale deals in the projects we incubate.
D| Satoshi Club:
So thus developers of new projects can get your support in the early stages?
Ian Friend | Co-Founder @ Ferrum Network:
Holding 100,000 FRM was one of the only ways to get into the Bondly pre-sale. And now Bondly is extremely hyped up. Their NFTs are already trading at like 6x.
Yes! Good projects can contact me if they are interested in incubation, staking technology, or just some friendly advice on how to succeed in this crazy crypto market.
D| Satoshi Club:
This is awesome! 👍
Mary | Satoshi Club:
Very cool💪 and ready for the next question?)
Ian Friend | Co-Founder @ Ferrum Network:
Yes sounds good
D| Satoshi Club:
Q5 from Telegram user @yzmoney
Ferum has a foundry incubator that has incubated into a lot of projects, how does ferum curate and evaluate all this project? Which sector is currently the focus of the incubator in the next year?
Ian Friend | Co-Founder @ Ferrum Network:
Yes, we have an incubator called The Foundry. We have incubated only one project thus far: bondly.finance
The criteria for getting into the incubator is very strict. The team must be excellent. There must be a clear token use case and the ability to generate revenue so the project survives long term. The token metrics also must be favorable so that it does well in the short, medium, and long term. And we must like the team on a personal level since we work very closely with them throughout the incubation
Mary | Satoshi Club:
Why just one? So, just one project meets all your requirements?😀 Did a lot of projects try to get there?
Ian Friend | Co-Founder @ Ferrum Network:
We have others in the pipeline and hope to announce the 2nd one quite soon. There are many good projects. It’s also about timing because right now people are mostly focused on bitcoin. Once alt season returns we will be ready to launch more projects.
Mary | Satoshi Club:
Oh, that’s true) I know how to choose the right time😂 And the last question from this part?)
Ian Friend | Co-Founder @ Ferrum Network:
Ok
D| Satoshi Club:
Q6 from Telegram user @jobel4
As stated in your website that holding FRM and FRMx in UniFyre Wallet amplifies monthly rewards. When holding both tokens together you will be able to receive up to an Annual Percentage Yield (APY) of 30% without having to lock up tokens. So with this scenario how can we earn APY if it is not locked up? How does APY being calculated by just holding? What is more profitable in Ferrum Network, holding or staking? What is the difference between staking and holding in terms of applying it in your network?
Ian Friend | Co-Founder @ Ferrum Network:
So if you go to the calculator, just input your FRM/FRMx holdings and the current price of FRM you will see how much you will get after each snapshot. Snapshot happens each month. In fact, there is one tonight. We will distribute rewards a day or two later. The more you hold the more you earn all the way to up 30% APY.
What’s more profitable holding or staking? It just depends on which staking pool you are in. Remember staking locks your tokens, whereas holding you are free to move them.
https://medium.com/ferrumnetwork/introducing-ferrum-network-staking-3-0-7381e1c62ec3
Mary | Satoshi Club:
Everything is clear for me👍 @Cool_as_Ice do you have any questions?)
Ian Friend | Co-Founder @ Ferrum Network:
BTW staking pools open early next week! They will be open for 7 days or until full. Last time the highest APY pool filled in about 30 minutes!
Mary | Satoshi Club:
30 minutes 😂 You should start with this😂
Ian Friend | Co-Founder @ Ferrum Network:
Yes, the highest APY pool (80%) will fill quickly. But there are three others to choose from if you can’t get into that one.
Mary | Satoshi Club:
When next week? Do you have the exact date and time?
Ian Friend | Co-Founder @ Ferrum Network:
It will be on Monday morning (my time). Afternoon in Europe. Evening in Asia. Exact time not announced yet. Please join the Ferrum Announcement Channel for more info that will be announced very soon
https://t.me/ferrum_network_announcements
D| Satoshi Club:
Understood! 👍thanks!
Mary | Satoshi Club:
We will follow your updates😊 And are you ready for the live part?
Ian Friend | Co-Founder @ Ferrum Network:
I think so!
Mary | Satoshi Club:
Prepare, you will see real storm👍
D| Satoshi Club:
We will open chat for 120 seconds, after closing you will need to select 10 questions from Satoshi club members @ifriend05
Ian Friend | Co-Founder @ Ferrum Network:
ok great!
Mary | Satoshi Club:
Let’s go 🚀
PART 2.QUESTIONS about Ferrum Network PROJECT from the live chat of TELEGRAM COMMUNITY
In this part, we open a chat for the crypto community for 100 seconds. Then the guests from the crypto project choose the top 10 questions. These 10 crypto enthusiasts have earned cryptocurrency in the sum 100$.
Q – 1 from a telegram user @warny
How many projects are staking on Unifyre with the help of Ferrum network presently?
Ian Friend | Co-Founder @ Ferrum Network:
There are over 30 projects using our staking technology. Some are on UniFyre, others chose to do staking on their own website. There is approximately $7 million worth of tokens locked up in our staking protocol across those 30+ projects. The fees we earn from this line of business go to buy back FRM. We have bought back around 1.5 million FRM so far.
Q – 2 from a telegram user @satoshingmxcom
If I have 100,000 FRM. I can get access to the pre-sale in our incubated projects. Is that all the benefits I get? And those 100,000 FRMs are stored were to find out I am holding FRMs.
Ian Friend | Co-Founder @ Ferrum Network:
Holding 100,000 FRM in UniFyre Wallet gets you many benefits. One is access to pre-sales. The other is the monthly payouts of FRMx. You can use the calculator to see how much money you will make each month just for holding FRM/FRMx (the more you hold the more you earn, and the higher the price of FRM, the more you earn).
To see how much FRMx you will earn this month and how to reach 30% APY, please use the Rewards Calculator:
https://ferrum.network/rewards/
There’s a snapshot tonight to see how much FRM/FRMx you hold and therefore how much you will make this month. There are still about 12 hours until the snapshot!
Q – 3 from a telegram user @BJosefina61
Currently, the governance of FRM is active with FRMx? What range of action does the governance have on the fate of Ferrum?
Ian Friend | Co-Founder @ Ferrum Network:
Yes so FRMx is our governance token. To gain access to the governance committee you need to hold at least 20 FRMx in your UniFyre Wallet. The governance committee makes all sorts of important decisions, including the APYs for staking, the new holding benefits system, and even comes up with marketing initiatives like the current one we have running on Twitter: https://twitter.com/FerrumNetwork/status/1326507208478232582?s=20
Q – 4 from a telegram user @Chinthaka93
What is the relationship between #FRM and kudi exchange? Is it the native coin of kudi exchange? Or is there any specific relationship between the kudi exchange and FRM? Could you please explain this
Ian Friend | Co-Founder @ Ferrum Network:
First Kudi is our first product we launched. It is part of the Ferrum Network ecosystem and co-owned by Ferrum. It is like the Coinbase of Africa. It allows you to buy/sell major cryptos with fiat currencies like the Nigeria Naira. It brings in pretty good revenue each month. So it’s an important part of our long term business.
Q – 5 from a telegram user @Splendicity
I have never seen an honest and caring founder like you. Your detail and prompt response to our enquiries are always appreciated. As SATOSHI COMMUNITY MEMBERS, how can we contribute our quarter to the success of $FERRUM?
Ian Friend | Co-Founder @ Ferrum Network:
Thank you! We love our community and try to give back to them in many ways. The easiest way to get involved with Ferrum is simply to download UniFyre Wallet, get at least 50,000 FRM/1 FRMx and hold it in there for monthly rewards. Of course, you can also stake your Ferrum or just participate in our marketing campaigns. But holding FRM is the key to getting the most benefits from our ecosystem, with the pre-sales, monthly rewards, staking, and our buybacks.
Q – 6 from a telegram user @cryptovgh
What is the difference between FRM and FRMX? Why have issued two tokens because you could have gone for a one token with FRM , Which factors forced you to issue another token as FRMX?
Ian Friend | Co-Founder @ Ferrum Network:
We wanted to issue a derivative governance token for a few reasons. For one, we built this innovative Multi Token Staking technology and we wanted to showcase it. So now you can stake FRM to earn FRMx. Since FRMx had no pre sale and we listed it at a $16.5k market cap, it did a 20x or so in gains. So staking FRM to earn FRMx is a valuable thing. Also we wanted a governance committee to help us make important decisions pertaining to the future staking rounds. It has proven to be an incredible initiative and the governance committee has added tremendous value. And FRMx has been great for the FRM holders as well – we dropped about $200k worth of FRMx to everyone holding 50,000+ FRM in UniFyre Wallet.
Q – 7 from a telegram user @JoxesXIII
FerrumNetwork is well known for its staking program with large and emerging projects. How does Ferrum determine which staking program to launch or approve?
Ian Friend | Co-Founder @ Ferrum Network:
Yes we have over 30 staking clients and more come to us each day. We usually sign up at least 1-2 per week. We are happy to license this technology to most projects, but we have more strict rules around anonymous teams because we need to be careful about scams. But of course, simply because a project uses our technology does not mean we endorse them as an investment. Never invest just because a project has Ferrum staking technology. In all cases, they bought this from us and we don’t analyze them from an investment standpoint. Be careful and DYOR before investing.
Q – 8 from a telegram user @tuvalunia
You will release Staking 3.0 soon. What is the inspiration for selecting planet names (Saturn, Jupiter, Mars) for the pools? ROI will be too big?
Ian Friend | Co-Founder @ Ferrum Network:
The governance committee came up with those names and we thought they were clever. The farther planets away from the sun have the higher APY. The APY goes from 20-40-60-80%. You can choose which pool or pools is best for you. Some people prefer shorter term staking, others are OK with long term. There is also an early withdrawal option available for most of these pools in case you need your tokens out before the full maturity date. But if you withdrawal early, you will forfeit some of your rewards which will then be split between everyone who stakes until the end.
Q – 9 from a telegram user @Maksyrn
How does Ferrum Network help QuiverX to implement the Staking function to earn QRX tokens?
Ian Friend | Co-Founder @ Ferrum Network:
QuiverX is a staking client. They use our staking technology for their own token. If anyone here refers a project to us and they get the staking, you will earn $500!!
Q – 10 from a telegram user @Jonahapagu
Somewhere in-between one of your articles I saw that You have an upcoming product a “P2P fiat/altcoin exchange platform” this will be a big step towards mass adoption can you explain how this Exchange platform will work, what types of coins are you planning to list and for the fiats you will be onboarding what countries or regions are you looking at.. will this exchange platform differ from the decentralized or centralized Exchange platforms already available.
Ian Friend | Co-Founder @ Ferrum Network:
Yes, one of the future products on the roadmap is a P2P altcoin/fiat exchange similar to local bitcoins but for ERC-20 tokens. So you will be able to buy and sell alt coins directly for fiat in your local currency.
Part 3 – Quiz about DeFi project Ferrum Network
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ was distributed between the winners.
Our contacts for more details:
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Our Crypto Partner by this AMA: Ferrum.Network