Hello Ferrum Network Community,
We are pleased to announce the overview of Ferrum Network’s staking 2.0: FRM Stake and Earn.
We want to thank our community members for participating in the polls and providing critical feedback to help us build a community driven staking initiative. There would be no FRM Stake and Earn without you!
Before we dive into the new rewards, let us review the basic structure of our latest staking program and explore some of the improvements.
We previously published a detailed staking overview here, but below are the basics.
It is smart contract based: like Staking 1.0, FRM Stake and Earn will be smart contract staking for FRM ERC-20 tokens.
It is pool based: multiple contributors can contribute to the same (or multiple) staking pools.
It built for simplicity: send tokens to a designated staking address from any dApp wallet, stake until the early withdraw period opens, and then unstake any amount, at any time, to receive your earned staked rewards and principal.
It rewards long-term stakers: although there is an early withdraw option, staking until full maturity offers participants the maximum rewards, PLUS a share of tokens forfeited by those who withdrew early. In addition, rewards increase daily starting from the early withdraw date — so the longer you stake the more you earn.
It is inclusive: our staking has a low minimum amount to ensure that everyone can participate.
It is limited in time: pools will be open for three days only. There will be enough time in advance for participants to plan and prepare. In addition, a countdown timer will be available.
Improvements from Last Staking
Ferrum Network community members have voted for FRM Stake and Earn to mirror the original process of Staking 1.0. We have decided to provide some essential upgrades to improve the overall web staking experience.
- dApp wallet compatibility: FRM Stake and Earn will work with most dApp wallets. It will still be optimized for MetaMask. Although the staking website will prompt to connect to a MetaMask wallet, prospective users can opt to contribute from other dApp wallets (instructions guides will be provided for My Ether Wallet (MEW), Trust Wallet, and My Crypto).
- New lower minimum: we have reduced the staking minimum to 2500 FRM from 5000 FRM to give more people the opportunity to stake.
- No more gas issues: during staking 1.0, MetaMask defaulted to a very high gas fee, and those who missed the written or video guide were not aware of the procedure to lower the fee. We have fixed this problem and the gas fee will be automatically set to a lower level (although note you should edit it if you want to pay more gas so the transaction processes faster).
New Staking Rewards and Pools
We learned from Staking 1.0 and community feedback that stakers overwhelmingly prefer higher rewards, even if it meant a longer staking period. We have taken this feedback and devised the following structure for FRM Stake and Earn.
o Rhodium: 2 years staking. 85% rewards. 1.5M pool
– Early withdrawal (1 year: 365 days) 35% rewards.
o Promethium: 1 year 9 months. 65% rewards. 3M pool
– Early withdrawal (10.5 months: 315 days) 27% rewards.
o Palladium: 1 year 3 months. 45% rewards. 3.5M pool.
– Early withdrawal (7.5 months: 225 days) 15%
o Titanium: 9 months. 25% 2M pool
- Early withdrawal (4.5 months: 135 days) 6%
In approximately 3-4 weeks from now we will open the staking pools. Between now and then, we will publish guides to help new stakers, open the referrals and announce new developments.
We want to thank everyone involved with FRM Stake and Earn. We loved this community initiative and look forward to doing more of them in the future.
Very truly yours,
The Ferrum Network Team
Ferrum Network Links:
Bitcoin Talk: http://bitcointalk.ferrum.network