Ferrum Project Review

About

Intro

In another edition of our project reviews, we decided to have a look at Ferrum Network.

So what is the deal with Ferrum Network? In this review, we will dig deep into this project and give you all the answers. We took an in-depth look by examining the project, the team, tokenomics, community, and price action.

If you wish to skip to the summary to see the matrix score and rating, click here.

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Overview

Ferrum Network was built to address two fundamental problems impeding the mainstream adoption of cryptocurrencies: slow transaction speeds and the lack of interoperability between networks.

Their solution to this is a complete DeFi ecosystem that interoperates across chains and breaks down barriers to mass adoption.

The Ferrum Network interoperability protocol connects blockchains together, enabling the exchange of any digital asset for near-zero network fees. Link-based swapping technology eliminates the complexity of wallet addresses and enables risk-free value transfers over any chat or social media application. A DeFi staking mechanism provides passive yields for thousands of supporters of dozens of projects. Their peer-to-peer fiat and crypto swap platform aims to revolutionize the exchange of fiat and cryptocurrencies through a trustless and secure environment.

For example, you can have Ether, Bitcoin, ERC-20 tokens, or coins from almost any other blockchain transacted in the Ferrum Network. This allows for improved decentralised and interoperable applications.

There are currently 4 dApps,which are the the pillars of the Ferrum Network, which are: The Ferrum Wallet, Ferrum Decentralised Exchange, Kudi Exchange, and the Ferrum Sub-Zero Wallet.

These decentralised applications allow users to exchange and transact nearly any digital asset in a fast and inexpensive manner, removing the need to use any centralised service when storing or trading crypto.

Aside from the dapps mentioned above, there is an impressive array of features and services available in the Ferrum Network ecosystem.

One of these is the staking feature which allows Ferrum Network to offer Staking as a service to other blockchains and projects in crypto. The Staking as a service offers several features as shown below and there are over 50 partners currently on board which is impressive.

One of the key elements of Ferrum Network that stands out is the interoperability feature. This connects blockchains together, enabling the exchange of any digital asset for near-zero network fees. Powered by the deflationary FRM token, participants can run transactions in milliseconds for approximately one-cent in network fees and FRM is burned as proof.

Lets take a more detailed look at the FRM token in the Tokenomics section.

About Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Blockchain interoperability N/A N/A
Several Dapps built on Ferrum Network N/A N/A
Project features allow for the increase in blockchain adoption N/A N/A
Staking as a service N/A N/A
Solves current issues faced by blockchains N/A N/A
Unifyre wallet has nearly 10k users N/A N/A

Tokenomics

Token info
SYMBOL FRM
GENESIS BLOCK N/A
BLOCK EXPLORER EXPLORER
CONSENSUS ERC-20
CIRCULATING SUPPLY 115,531,410 FRM
TOTAL TOKEN SUPPLY 331,718,749 FRM
% MAX SUPPLY MINTED 51%

 

Financials
MARKET CAP $23,512,776 USD
VOLUME (AVG 30 DAY) $1,551,120 USD
PRICE $0.20
VOL TO NETWORK 10%
AVG PRICE 30 DAY $0.085
TRADING PAIRS BTC + ETH + USDT

 

Token utility

Ferrum has recently launched a governance token that is adding tremendous value to the entire Ferrum ecosystem – FRMx. The FRMx token has a total supply of 33,000 tokens and serves as reward for Ferrum’s highly attractive FRM-staking. 

Among other utilities such as highly attractice rewards for holding people who own at least 20 FRMx are granted access to Ferrum’s FRMx Governance Committee that designs the structure of upcoming FRM, FRMx, liquidity and multi-token staking rounds. 

Token Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Over 50% of token supply distributed N/A N/A
Several token utilities N/A N/A
Healthy trading volume to network value ratio N/A N/A
Large number of token holders N/A N/A
FRMx Governance token N/A N/A
Rewards for holders of 50K FRM N/A N/A

Team

Experience
  • Team information is clear on the website, with LinkedIn profiles listed for each team member. The team is led by the CEO and Lead Developer Naiem Yeganeh and conssists of around 8 full time members.

Advisors and Partnerships

  • One of the impressive partnerships for Ferrum Network is with The Foundry. The Foundry is the first incubator to combine a decentralised fundraising model with a full suite of DeFi technology to ensure a project’s success from pre-launch through scaling.
  • There are an impressive number of projects utilising the Ferrum Network which include:

Team Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Public team and company N/A Add company info to website
Consistent development N/A N/A
Working product with userbase N/A N/A
Strong partnerships and B2B adoption N/A N/A
Generating revenues from Staking services No regular financial report Publish financial reports at least once a year

Code

Audit

The team actively encourage users to report any issues for reward, and have a active bug bounty for their staking contract, with no issues reported since launch. They will also have their upcoming DeFi contract audited prior to launch and implement an ongoing bug bounty.

Code Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
No issues reported with staking contract N/A N/A
Bug bounty rewards from team N/A N/A

Community

Engagement

The majority of the Ferrum Network community involvement and engagement takes place on Telegram. 

To improve communication, we always recommend projects use a Discord channel which allows for more clear communication in dedicated channels.

The website is currently not multilingual, we recommend the Ferrum Network team add more languages to the website to broaden their appeal among international communities.

Community Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Large follower base Website not multilingual Add more languages to website
Active engagement with community No Discord channel Migrate Telegram communication to Discord
Regular communication N/A N/A

Technical analysis

Chart


Chart Analysis

The Ferrum chart is reflective of many projects that begin trading during a bear market, with a long period of sideways price action before exploding to the upside following development and adoption among users.

Zooming out on the weekly chart we can see that Ferrum Network was trading at the 0.01c level and below during 2019 before breaking out in the summer of 2020 to new highs at 10c. After exploding over 10x from its lows, price retraced back to previous support levels before starting a next leg up, recently breaching the recent ATH and pushing to 20c.

Looking at the future, areas of interest to the upside would be a stonng close above the 15c level on a daily or weekly time frame. Using the Fibonacci extension the first target would be 0.24c.

To the downside, if price retraces from current levels, the first area of interest/support would be the 0.09c to 0.11c levels.

 

Price Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Strong price growth since launch N/A N/A
Listed at several exchanges N/A N/A

Summary

Conclusion

In summary, Ferrum Network scored an outstanding 79/100 based on our scoring matrix, and we rate the project at an A rating.

ABOUT USE CASE
✅✅✅
COMPETITION
✅✅✅
ADOPTION
✅✅✅✅
FEATURES
✅✅✅
ROADMAP
✅✅✅
TEAM PUBLIC
✅✅✅
EXPERIENCE
✅✅✅
DEVELOPMENT
✅✅✅
PARTNERSHIPS
✅✅✅
FINANCES
✅✅✅
COMMUNITY COMMUNICATION
✅✅✅✅
FOLLOWERS
✅✅✅
GOVERNANCE
✅✅✅
ENGAGEMENT
✅✅✅
WEBSITE
✅✅✅
TOKENOMICS DISTRIBUTION
✅✅✅✅
EXPLORER
✅✅✅
EMISSIONS
✅✅✅
UTILITY
✅✅✅
ENTRY
✅✅✅
PRICE EXCHANGES
✅✅✅
LIQUIDITY
✅✅✅
PAIRINGS
✅✅✅
T.A
✅✅✅✅
DATA
✅✅✅

 

Breakdown

Disclaimer
  • This is a sponsored review on behalf of the Ferrum Network project.
  • This review is intended for educational purposes only and SHOULD NOT be considered by you as financial advice. 
  • Before investing in any project, we recommend you do your research + consult a registered financial adviser.
  • All information listed is accurate at the time of publishing in January 2021.

 

Methodology
  • We used a combined rating score out of 100 for this review, covering all the listed metrics for project reviews.
  • Each section is rated out of 20 and comprises of 5 metrics we analyse
  • Each metric is rated out of 4, including a potential bonus point in every metric. 
  • Our rating and grading framework is available here.