Ferrum Network is a decentralized finance (DeFi) platform designed for cross-chain interoperability and high-speed transactions in a user-friendly, intuitive service. The Ferrum product line includes several features, including a fiat gateway, a crypto exchange, crypto custody, an integrated wallet, risk-free over-the-counter (OTC) trading, and peer-to-peer payments. Furthermore, Ferrum Network features a mobile messaging app service that allows users to send crypto payments by text! The native Ferrum Network utility token (FRM) plays a crucial role in the Ferrum Network ecosystem. Also, the FRM token is the primary asset used in the Kudi app, which has become popular in West Africa. As the platform sees increased adoption, the FRM token and the integrated UniFyre Wallet are becoming an important part of everyday life for many people.

In this article, we’re going to explore the Ferrum Network and the many products the project has to offer. Also, we’re going to look at the Ferrum Network token (FRM) and the role it plays within the Ferrum Network ecosystem. Furthermore, we’re going to discuss how the platform is lowering the barrier for entry to DeFi and promoting financial inclusion.

Decentralized finance (DeFi) will play a key role in the future of financial development. To understand how DeFi works, and how to use some of the most popular DeFi protocols such as Aave, Compound, Synthetix, and Maker, head over to the DeFi 101 course at Ivan on Tech Academy. If you want to take your DeFi game to the next level, be sure to follow up with the DeFi 201 course. This course teaches you all about yield farming, crypto arbitrage, and much more!

What is Ferrum Network?

Ferrum Network is a decentralized network and directed acyclic graph (DAG)-based protocol that enables high transaction volumes. The DAG-based interoperability network connects multiple blockchains to facilitate super-fast cross-chain transfers of digital assets of any kind. The DAG-based protocol was designed to enable frictionless scalability and cost-effective non-custodial crypto trading and token exchanges. 

This is made possible by a “proxy asset” system that creates synthetic representations of other assets on the Ferrum Network. For example, when sending Bitcoin to the Ferrum Network, Ferrum generates a special “lock address” that holds an equivalent amount of synthetic Bitcoin. This synthetic Bitcoin is then burned and redeemed for its full BTC value. This works similarly to traveler’s cheques, which can be spent like cash and also redeemed for cash at a bank. However, there is no custody of assets. All of this happens in a completely decentralized manner, with just a few clicks!

Ferrum Network was named after the periodic element ‘Ferrum’, more commonly known as ‘Iron’. It is named so due to the unique properties it holds. Similar to the core stability, durability, and malleability of the natural element, Ferrum Network feels the name accurately reflects the core principles of the project. As stated on Ferrum’s website: “We are the middle ground, the connecting element, to all other blockchains.”

The Ferrum Network Token (FRM)

The Ferrum Network is powered by the native ERC-20 Ferrum Network Token (FRM). The FRM token is used to pay a small fee for every transaction on the Ferrum Network. These fees are then burned as a way to attach proof to each transaction and to provide anti-spamming protection.

Holders of 100,000 or more FRM tokens in their UniFyre Wallet can qualify for presale token launches for incubated projects. Furthermore, by holding the FRMx governance token, users can gain a further 50% allocation to these projects.

FRM launched in August 2019. At the time of writing, the market cap of the FRM token is $74,109,758, trading at around $0.64 after significant upward price movement throughout 2021.

FRMx Token

The FRMx token is a staking governance token used predominantly for Flexible Multi-Token Staking. Created with sustainability in mind, FRMx was distributed with a fair launch model to give holders governance rights over FRM staking regimes. Also, the FRMx token gives holders voting rights on changes to parameters within the protocol.

Ferrum buys back FRM tokens from the open market with revenue generated from Staking-as-a-Service. These token buybacks are used as staking rewards. As the product line of Ferrum Network expands, this could create a positive feedback loop. Furthermore, in the future, there is likely to be an option for FRMx token holders to auction-off any unwanted allocations.

FRM Token Utility

The FRM token is the lynchpin of the Ferrum ecosystem. Moreover, the Ferrum Network token is the base asset for the various products and services under the Ferrum Network umbrella. Below are some of the core products of Ferrum Network.

Staking

Ferrum Network offers flexible staking that acts as a type of decentralized savings account. Ferrum is becoming a key player in the Staking-as-a-Service (SaaS) industry, providing solutions for dozens of projects globally. Users can stake ERC-20 tokens and earn yield in the process. The returns for staking vary depending on the assets used and the lock-up period chosen.

Also, the forthcoming Operation Iron Mountain is a VIP community-focused fundraising initiative aimed at bringing large-scale adoption to the Ferrum ecosystem through diverse staking initiatives.

Token Bridge

Interoperability is one of the core principles of Ferrum Network. The Ferrum Network Token Bridge enables fast and straightforward token swaps between Ethereum and Binance Smart Chain. Furthermore, this is presented in a simple user interface and is a cost-effective method for transferring between ERC-20 and BEP-20 assets.

Infinity DEX

Infinity DEX is a cross-chain decentralized exchange. The DEX offers a range of professional trading features including AI-powered market insights and margin trading. Furthermore, Infinity DEX enables ultra-fast transactions at a low cost. This is particularly appealing to those who can’t afford the high gas fees on Ethereum.

Foundry Incubator

The Ferrum Network Foundry was created to tackle many of the problems experienced by crypto launchpad and incubator platforms. These include community engagement, long-term strategizing, and continued innovation. The Foundry utilizes a decentralized fundraising model that is supported by some of the biggest names in the industry to aid in the long-term success of a project from pre-launch through to scalability for mass adoption.

Built in conjunction with DuckDAO, The Foundry offers a comprehensive long-term advisory service and the support of two thriving communities combined. The community-driven venture capital (VC) initiative harnesses the expertise and success of one of the most highly regarded crypto incubator projects in the sector. Together, the two projects look to be providing a compelling service for crypto start-ups worldwide.

Sub Zero Wallet

The free Sub Zero Wallet provides military-grade mobile cold storage to protect your digital assets using an Android phone. Furthermore, this can be achieved even when the phone is offline. Although cold storage hardware wallets are reasonably priced to some, for many, they are simply unaffordable. Effectively, the Sub Zero Wallet allows anybody to turn an old mobile phone into a secure hardware wallet. This makes crypto payments as simple as a text or an email!

Also, Sub Zero Wallet allows users to move assets from cold storage to hot storage simply by using QR codes. As Sub Zero Wallet is seamlessly integrated with the Ferrum Network ecosystem, this gives users instant access to exchanges such as the Infinity DEX. 

UniFyre Wallet

UniFyre Wallet makes it easier than ever to make crypto payments using Link Drop Technology. Users don’t need to go through the usual process of remembering wallet addresses and worrying if they’ve inputted a digit incorrectly. UniFyre Wallet Link Drops enable anyone to safely send digital assets, anywhere, with the use of a simple link. This could be email, text message, or any chat or social media app. UniFyre Wallet is available to download from the Apple App Store and Google Play. Furthermore, UniFyre Wallet keeps your digital assets safe, even if you lose your device!

When it comes to promoting the mass adoption of cryptocurrency, with over 9,000 downloads, the UniFyre Wallet is making crypto payments as simple as possible. Furthermore, UniFyre Wallet enables mobile decentralized finance (DeFi) staking and access to various DeFi services. This allows users to earn a passive income using DeFi!

Kudi App

Kudi is a payments app and wealth management platform built to help Africans buy, sell, and send digital currencies and fiat anywhere in the world without intermediaries or high transaction fees. This is a game-changer for many West Africans, as local currencies and banking infrastructure often fails to serve the needs of the people. Ferrum Network and the Kudi app are helping to put an end to global poverty and economic disparity, by removing many of the barriers to financial services that have been inaccessible in the past.

The Kudi app is helping businesses large and small across Nigeria to onboard new customers and make seamless, near-instant payments. Users of the Kudi app are free to send a range of currencies anywhere in the world. Moreover, this is achieved without a third-party intermediary taking a cut. This type of crypto payment service is helping to promote financial inclusion. Also, it serves as protection against inflation and economic uncertainty at a time when it is needed the most. This provides a great deal of utility to the unbanked or underbanked. Furthermore, the Kudi app provides a robust remittance service, investment services, and an African fiat gateway.

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Why use Ferrum Network?

Ferrum Network has created “the first fiat-to-crypto exchange in West Africa”. This gives users access to stablecoins backed by the US Dollar that can be exchanged without counterparty risk. This is done so using the non-custodial UniFyre Wallet. Also, the Link Drop service has done a great deal to remove the probability of human error when interacting with crypto wallets and exchanges. Thanks to Ferrum, it is now possible to send money from Nigeria to any part of the world in milliseconds, with minimal costs and low friction.

Ferrum Network recently announced a strategic partnership with Binance Smart Chain Launch Pad, the first initial DEX offering (IDO) model to launch on Binance Smart Chain. This initiative will enable Binance Smart Chain Launch Pad projects to make use of Ferrum Network’s advisory services. These include marketing strategy guidance, novel staking technology, and anti-bot services plus much more! 

After several integrations and partnerships throughout recent months, Ferrum Network is becoming a key player in decentralized finance (DeFi). In the future, we can expect to see further adoption of the platform as the project continues to make a name for itself across the crypto industry.

Ferrum Network & FRM Token Summary

The Ferrum Network interoperability protocol is connecting blockchains, allowing decentralized finance (DeFi) to reach its true potential. This is achieved by helping to prevent DeFi from becoming siloed by a small group of expensive and overly-congested blockchains. By lowering the barrier of entry to DeFi with the use of UniFyre Wallet and the Kudi app, Ferrum Network and the FRM token are giving millions of people access to financial services. Services that were once exclusive to developed nations and inaccessible to developing economies.

With a host of staking products and integrations, pre-sale advisory services, and community incentives, Ferrum Network is striving to become the go-to all-in-one decentralized finance (DeFi) platform. Furthermore, Ferrum Network makes it simple for anyone to take control of their wealth without the limitations of traditional financial intermediaries.

The face of money and finance is evolving, and at the heart of this new economic paradigm is blockchain technology. Blockchain is revolutionizing how we think about money and how we transact with one another. To understand where we’re headed, it’s important to understand how currency has evolved over the centuries. The Bitcoin Standard course at Ivan on Tech Academy is designed to teach you all about the evolution of money and the critical role that blockchain plays in the future of global finance.

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