Feyorra Project Review

About

Intro

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

So what is the deal with Feyorra? 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

Feyorra is a Defi platform launched by the team behind FaucetPay and links the FEY token to their platform ecosystem.

The first thing that impresses us about the project is that they have an established working platform in the crypto space, which is rare for blockchain projects.

Before we delve into Feyorra and the FEY token, its insightful to look at the FaucetPay and the features available on their platform.

FaucetPay is a micro wallet provider where users receive micropayments from faucets and other sites without any extra fees, however, the platform offers much more including swapping cryptos via their exchange, gambling games and micro tasks for users to complete and be paid in crypto.

FaucetPay is a micro wallet provider where you receive micropayments from faucets and other sites without any extra fees.

FaucetPay have over 850 faucet websites as partners, allowing them to transfer payments without any fee. Even more impressively, the platform has over 1 million active users and transferred over $1.2 million in crypto via faucets since launch.

The website ranks around 2811 on Alexa in terms of global traffic and engagement at the time of writing this review, which reflects the huge user numbers visiting FaucetPay regularly. We tried out the platform and they are currently allowing users to collect the FEY token for free via the dedicated FEY faucet. We managed to get 50 free FEY!

Building on the success of FaucetPay, the team launched the Feyorra (FEY) token in December 2020 as the utility token for all projects associated from FaucetPays’ parent company WALP Entertainment.

The FEY token ecosystem rewards the users and customers of the FaucetPay platform, whilst also providing Defi features to FEY holders including staking, and mining. The mining element in particular is a unique model with the Wager Mining available something unique we have not seen before.

Our impression is that the Feyorra team have built a very successful platform at FaucetPay with a significant user base. Their approach to distributing the FEY tokens allows for the team to strengthen its user base by giving everyone the chance to become a FEY investor/holder without any monetary investment. This very much follows in line with their core business model with the faucets at FaucetPay.

Lets take a more detailed look at the FEY token, its distribution and utilities in the Tokenomics section.

About Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Established team and platform N/A N/A
Over 1 million userbase and growing N/A N/A
Faucetpay website ranked at 2811 on Alexa N/A N/A
Access to a huge community N/A N/A
FEY tokens all distributed for free - No ICO model N/A N/A
FauceyPay generating signifcant revenues N/A N/A

Tokenomics

Token info

The Feyorra team decided to release they FEY token with no presale and and distribute 75% of the supply for free to the public, with the remaining 25% used by the team as a company reserve for development and funding of Feyorra.

SYMBOL FEY
GENESIS BLOCK JAN 9th 2021
BLOCK EXPLORER EXPLORER
CONSENSUS ERC-20
CIRCULATING SUPPLY 5,085,705 FEY
TOTAL TOKEN SUPPLY 1,000,000,000 FEY
% MAX SUPPLY MINTED 5%

 

Financials
MARKET CAP $45787 USD
VOLUME (AVG 30 DAY) $9000 USD
PRICE $0.009 USD
VOL TO NETWORK 19%
AVG PRICE 30 DAY $0.006 USD
TRADING PAIRS BTC + ETH + USDT

 

Token distribution

100% of the team funds were recently locked up via the Team Finance platform to be released over a period of 5 years. Full information about the FEY team fund lockup can be seen here.

 

Token utility

The Feyorra token will offer several different discounts for advertising, pooled staking, fees, and more on FaucetPay. Users have the opportunity to purchase Reward Points at FaucetPay with FEY and receive benefits for their FaucetPay account.

The parent company, WALP Entertainment will launch more products in 2021, and all of them will benefit from Feyorra.

Advertisers on FaucetPay

The FaucetPay platform has over 1 million registered users and rated 2811 on Alexa for the most visited global sites in terms of traffic. Companies who wish to advertise on FaucetPay will receive a 25% discount when paying in the FEY token.

Liquidity Mining

A total of 30% of the FEY supply will be distributed via liquidity mining. User will receive their Liquidity Provider token after providing Liquidity at Uniswap.

Wager Mining

WALP Entertainment will distribute tokens for playing wagering games on the FaucetPay platform. Every time you make a wager, you get a return paid in FEY. Eligible games will be offered on FaucetPay and other websites. You can bet in any currency to “mine” FEY. The distribution formula is straightforward: users get 0.07 FEY for every $1 they wager.

The current distribution from Wager Mining is shown below:

FEY Staking

FEY holders get rewarded for staking their tokens with an innovative mechanism with the the APY amount decreases as more FEY is staked.. The APY rewarded to stakers decreases as more FEY is staked. For example, if 1% of the total FEY supply is staked, the APY would be 410%. If 100% of the FEY supply is staking, the APY rewards would be 4.1%.

Image for post

* The numbers on the X-axis represent the percentage of tokens staked while as the numbers on the Y-axis show the annual rewards percentage.

Token Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
FEY token distributed for free N/A N/A
Several token utilities for FEY holders N/A N/A
Rewards for FauceyPay users/advertisers N/A N/A
Team tokens locked for 5 years N/A N/A
Innovative distribution via Wager Mining N/A N/A
Current staking rewards are lucrative N/A N/A

Team

Experience
  • There is no public team information on the Feyorra website, however, there is a registered company, WALP Entertainment, which is the parent company of both Feyorra and FaucetPay.
  • From the success of their FaucetPay platform, it is clear to see the team have experience in crypto with launching a platform, delivering a service and growing a userbase. Aside from crypto exchanges we can not think of many other crypto projects that have over 1 million users.
  • The current team consists of 10 team members, with plans to add more team members as the project grows.
  • As mentioned in the tokenomics section, 100% of the Feyorra team funds were recently locked up via the Team Finance platform to be released over a period of 5 years.

 

Team Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Team funds locked up at Team Finance N/A N/A
Registered company Team not public Add team info to website
Consistent growth at FaucetPay N/A N/A
Strong userbase and partnerships N/A N/A
Muliple streams of revenue from FaucetPay N/A N/A
Generated over $1.2 in revenues from FaucetPay N/A Publish regular financial reports for Feyorra

Code

Audit

The Feyorra team had their contract audited recently by John Wick, with no severe issues found. The full report can be viewed here.

Code Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Contract audited by 3rd party N/A N/A
No issues reported with staking contract N/A N/A

Community

Engagement

The Feyorra project has several channels of communication which are:

  • Telegram 917 members
  • Twitter 916 followers

As we can see from the numbers above, Feyorra currently has a relatively small community following. The project is still within its first month of launch and we expect this to increase as more new adopters come on board. We recommend the team engage with their huge user base at FaucetPay to increase the following on Feyorra socials.

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

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

Technical analysis

Chart


Chart Analysis

Feyorra launched on the 9th January and is currently listed at the following exchanges, Uniswap, Cointiger, and Bithumb. For price analysis we are using the Uniswap chart.

As we mentioned earlier, 75% of the total FEY total supply will be distributed to the public for FREE. As a result its hard for the market to find a price level to reflect the value of the token or the project as there is no presale price or initial cost for FEY holders.

Price has steadily rose since its listing and is currently hovering around the 0.009c to 0.01c range. Based on the current number of circulating supply of 5,085,705 FEY this would value the project at a $45k market cap.

Trading volumes are currently low and we can attribute this to the current high gas fees on the ETH network, meaning current FEY holders are unable to trade or list their FEY tokens. The vast majority of these holders are the Faucet users and a $10+ gas fee will be off-putting to them.

Liquidity mining and Wager mining will add to the total distributed supply over time but based on our assessment of the FaucetPay platform, its revenues, and userbase, we can say that the FEY project is currently highly undervalued by its market cap and the definition of a low cap gem.

Price Summary
✅ POSITIVE ⛔ WEAKNESS 📝 IMPROVEMENT
Sub 50k Market Cap No initial token offering price for price discovery range Increase adoption of FEY to new token holders
Several exchange listings since launch on 9th Jan Low trading volumes N/A

Summary

Conclusion

In summary, Feyorra scored an outstanding 80/100 based on our scoring matrix, and we rate the project at an A+ rating.

The team behind the project have successfully built and developed their FaucetPay platform, with over $1 million in revenues and over 1 million registered users. Aside from crypto exchanges, there are very few projects in this space that can boast such impressive numbers.

By implementing Feyorra into their platform and user base, the team are rewarding users and non users of the platform with free airdrops and mining options to obtain the FEY token.

We rarely come across projects who distribute their token for free or who make profits from their platform. Feyorra does both of these and hence why we feel they deserve an A+ rating. Feyorra is currently within the 1st month of its launch and we will be interested to see how they progress in the next 12 months and beyond.

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 Feyorra 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.