Ferrum takes the time to provide insights into why they are better off than ever before and will continue to build regardless of market conditions.
Dear Ferrum Family,
It’s been a trying past few days in this market. We truly hope everyone is doing OK. We wanted to take this opportunity to describe our responses to the market and outline, in detail, the reasons as to why Ferrum is poised to succeed regardless of the market conditions.
Born in a Bear
Ferrum was born in a bear market. Soon after the project launched in 2018, the market crashed. As a low cap project building out our platform still, we needed to get very creative as to how we were going to weather the crypto winter and bring utility to the FRM token. So before DeFi was even a word, we created a staking contract that allowed community members to stake their FRM and earn APR. Not only did this end up locking up a bunch of the circulating supply of FRM, but it ultimately led to the creation of a business that catapulted the company into success.
Generating Sustainable Revenue
The creation of our own staking contracts piqued the interest of other early stage projects that needed help adding utility to their native token. We started receiving inquiries from projects asking if we would deploy similar smart contracts for them. This gave us the idea of white labeling the product and ultimately led to what are now some of the most widely utilized Staking as a Service solutions on the market.
Many of these projects became partners of Ferrum’s as we started to forge an ecosystem and what would later become known as the Iron Alliance. As a result, many projects astutely observed our innate ability to build technical solutions, forge relationships and navigate the space and they started approaching us asking for advice. Ferrum once again seized the opportunity and, shortly thereafter, Ferrum Advisory Services was born.
Built to Last
Our B2B side of the business has set us up for long term success. Its provided us with enough revenue to buy back millions of FRM off the open market… but more importantly, its allowed us to build up enough reserves in stable coins (not algorithmic ones!) to sustain the company’s overhead cost for over 2 years. That means that, even if Ferrum didn’t make a single penny for the next two years, we could still pay our 50+ employees, our vendors, taxes and other auxiliary expenses for the next 2+ years without having to sell a single FRM or FRMx!
Ferrum was born in a bear market and not only survived, but built an incredible business, community and suite of DeFi products. We have already begun to take the same lessons that got us this far and apply them during these bearish conditions no matter how long they last. Our DeFi 2.0 product, Crucible, is essentially the evolution of our our first staking contract that we deployed back in 2018. Our soon to be smart routing multi-chain aggregator, InfinitySwap, is the evolution of the Ferrum Cross-Chain Token Bridge and is paving the way toward Interoperability 2.0 and the Ferrum Infinity Layer mainnet!
Four years later and we are still applying the same principles of innovation and hard work that got us through the crypto winter of 2018–19… and we are determined to BUIDL our way through the next one whether its upon us or not.
“The biggest room in the world is the room for improvement”
Regardless of our 2 year runway, bearish market conditions force you to look at things in an entirely new light. Despite the fact that our team is comprised of over 50 incredible members, we actually reduced our burn rate by restructuring salaries, eliminating monthly subscriptions and renegotiating agreements with key vendors.
We also plan to increase our revenue by increasing the size of our sales team as we begin selling other products like our upcoming vesting portal — the Iron Release, and the white label version of Crucible — Plasma Staking.
“While the world of crypto often retreats during a bear market, Ferrum is optimizing for accelerated growth. Primarily for our mainnet launch, we are shedding the fat and amplifying our investment and focus to get the Ferrum mainnet out regardless of market cycles.”
— Taha Abbasi, CSO at Ferrum Network
Product Market Fit
In addition, our product line is perfectly suited for the bear market. Crucible staking allows participants to flexibly stake their holdings and earn sustainable passive rewards through the volumes generated within the Ferrum token economy. Infinity Swap will provide a significant new source of token utility for FRM and will also generate significant revenue. Mainnets for both Ferrum X Network and Ferrum Network will eventually provide participants the opportunity to run nodes and earn passive income from the transaction fees generated by the networks.
Our engineering team is working tirelessly on these products and others in order to bring the most value possible to our community and ecosystem. Our business development team continues to generate substantial interest and support from networks across the space regarding all of these products. We have currently generated over $1.5 million (and counting) in grants as we aim to bring all networks closer together on our path toward Interoperability 2.0!
“I’ve never seen so much widespread attention being paid by all the major L1s to a project who isn’t building natively on their chain. This alone is extremely validating that we’re on the right track to achieve Interoperability 2.0 and the grants that we continue to receive provide us with a fast track to scaling our engineering team.”
— Nick Odio EVP Partnerships & Growth at Ferrum Network
From a psychological standpoint, the bear market is tough but we have been here before. We are inspired by the challenges that this market presents and are in fact working harder than ever before, as demonstrated by our increased marketing efforts across YouTube, the timely delivery of Crucible Alpha, and the tremendous work being done by our dev team to build a revolutionary mainnet which we aim to deliver in 2022. So despite widespread fear in the market, we firmly believe that 2022 will be Ferrum’s best year yet and we can’t thank you enough for believing in us and sticking with us on this crazy journey!
“Ferrum was born in a bear market. We understand how to thrive despite adverse market conditions. The feeling among our team is cool, calm and collected in the face of this challenge. We march onward.”
— Ian Friend, Co-Founder & COO at Ferrum Network
Very truly yours,
The Ferrum Team
Ferrum is a pioneer in ushering in the era of Interoperability 2.0. Powered by the Quantum Portal, Ferrum Network’s mainnet nodes and related infrastructure will bring value, data, and functional interoperability to every chain in the industry. Utilizing the Ferrum Network, anyone can build and deploy solutions on one network and instantly enable multi-chain functionality without the burden or technical debt that comes with managing a multi-chain infrastructure for their dApps, and projects.
Ferrum also specializes as a multi-chain Blockchain as a Service DeFi company, adding deflationary mechanisms, token utility and advisory services to projects across the crypto space.
With the mission of breaking down barriers to mass adoption in mind, Ferrum empowers the industry by reducing friction and bringing startups and established networks closer together.
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Ferrum Network: A Bullish Update During Bearish Times was originally published in FerrumNetwork on Medium.