Hello Ferrum Community,
We are pleased to announced that we have cemented our commitment to both the Ethereum Network and Binance Chain, and have burned half of all FRM tokens on the ERC-20 and BEP-2 chains.
This means 164,609,374.5 FRM will exist on both chains for a total supply of 329,218,749 FRM. Please note that this burn does not impact the circulating or total supply of FRM.
Of course, BEP-2 and ERC-20 FRM will continue to be swappable between the two chain using our Token Bridge.
Burn Transaction Info
There were two burn transactions, one on ERC-20 and the other on Binance Chain.
Ethereum network burn transaction: https://etherscan.io/tx/0x0f2cfaa02a42e9bd70cfee435084da7ec9e59920f5f6c7b5fffa3a467e128cbe
Binance Chain burn transaction: https://explorer.binance.org/tx/98E2BC57F85416BF6E2B841DFB6411D77393606C76C573ECA754F58C925E0D3A
Why We Did This
We initially minted an equal amount of tokens on each chain based on the rationale that we might entirely commit to one or the other. Since additional tokens could not be minted after the TGE, we needed to mint an equal amount of both at the time to keep both options open. The plan was to assess after a few months whether we wanted to commit fully to one or the other, or continue having both.
Although ERC-20 FRM is more popular among the community, BEP-2 still provides distinct advantages in terms of Binance DEX, and our ultimate goal of getting onto Binance.com and deepening our relationship with Binance. At the end of the day, we wanted to stick with both, and this meant burning half of each and committing to both.
No Impact on CoinMarketCap and CoinGecko
In terms of our token trackers like CMC and Coingecko, you won’t see any change. However we are pleased to report that we have submitted our API to CMC (as per their request) and the data should be fully populated shortly. Once CMC includes all the data, we will be sure to make an announcement.
No Impact on Main Net Tokens
It should also be noted that when we launch the main net in 2020, we will convert a certain amount token to native main net FRM tokens. This plan remains unchanged. The exact amount of FRM that will become main net tokens is yet to be determined.
What’s Next for Token Burns
We have a lot planned in terms of token burns, including one upcoming that will involve Kudi Exchange…
As always, please follow all Ferrum Network social media channels to stay up to date on all things Ferrum.
Very truly yours,
The Ferrum Network Team
Ferrum Network Links:
Bitcoin Talk: http://bitcointalk.ferrum.network
Announcing our Commitment to ERC-20 and Binance Chain was originally published in FerrumNetwork on Medium, where people are continuing the conversation by highlighting and responding to this story.