Dear Ferrum Community Members,
In just a few days we will release Ferrum Network’s Web-Based Staking. But before we do, we wanted to provide critical information on the structure, rewards and requirements of FRM Staking. Enjoy!
General Overview
FRM Staking can be likened to a savings account — it offers constant time-based returns based on staking time. In other words, the longer you stake, the higher the rewards. That may seem basic, but FRM Staking unique in many ways.
First, it is pool based. Meaning it is a group activity with multiple contributors for each staking contract.
Second, it is flexible. Meaning you have the option to withdraw early, stake until full maturity, or withdraw somewhere in between. But be warned: leaving early comes at a cost.
Finally, it is strategic. Meaning if you stake until full maturity, and others in your pool withdraw early, you will receive a portion of their rewards.
There will be 3 staking pools: Gold (shortest), Platinum (medium) and Diamond (longest). The terms of each staking pool (rewards, lengths, minimum contribution, etc.) are detailed below.
We will publish a full “how-to stake” guide in the coming days, but overall it is very simple. Just connect your ERC-20 wallet to the contract, deposit your FRM into the pool, stake until you wish to withdraw, and then withdraw to have your principal and rewards sent back to your wallet. Easy!
Requirements for Staking
Here are the requirements to be aware of.
Metamask: FRM Staking requires the ERC-20 wallet extension Metamask, which will automatically link to our staking contracts. This is the wallet you will contribute from and where rewards will be distributed upon withdrawal.
For assistance on setting up a Metamask, please contact a Ferrum team member or the Metamask team directly.
5000 FRM Minimum: to stay consistent with Social Mining, the minimum amount to stake is 5000 FRM. There is no maximum.
Keywords and Unique Features
FRM Staking has some unique features such as early withdrawal, forfeited/redistributed rewards, and additional rewards for full maturity.
Limited Time to Contribute
Once the staking pools are opened, you will be given a limited amount of time to contribute. After the time expires OR the contract is full, contributions will close forever. A progress bar will show how much the contract has been filled at any given time.
Full Maturity
Stake until full maturity to receive maximum rewards. Maturity will have a date and time assigned at which time full rewards will be available for withdrawal, so you will know exactly when you can withdraw to receive the maximum rewards.
In addition, if you stake until full maturity, you will likely receive additional rewards from those who withdrew early.
Early Withdrawal
FRM Staking offers an early withdrawal option for flexibility. Early withdrawal will have a date and time assigned so you will know exactly when you can withdraw early.
Although rewards are lower for early withdrawal, they increase linearly every day — past the early withdrawal date right up until full maturity.
In other words, if you withdraw after the early withdraw date and closer to full maturity, rewards will be higher, but still less than full maturity.
Forfeited and Redistributed Rewards
FRM Staking pools are like a pie. The project will place a predetermined amount FRM into each pool prior to launch and this number will not change. If stakers leave early, the pie does not shrink, they’ll just receive less, while the proportions of the remaining stakers will increase.
Therefore, the longest stakers will earn more than just the maximum APR, they will also earn a share of rewards left behind by those who stopped staking.
In this sense, FRM Staking offers an element of strategy, suspense and gamification.
The Staking Pools:
There will be three staking pools: Gold (short), Platinum (medium) and Diamond (long), each with different terms.
Gold Staking Terms
- Full Rewards: 10% annualized
- Full maturity: 180 days
- Early withdrawal starts: 90 days
- Early withdrawal reward start at: 4%
- Pool size: 3 million FRM
- Time period to contribute: 7 days
- Minimum amount staked: 5000 FRM
Platinum Staking Terms
- Rewards: 30% annualized
- Full maturity: 365 days
- Early withdrawal starts: 182 days
- Early withdrawal rewards start at: 8%
- Pool size: 5 million FRM
- Time period to contribute: 7 days
- Minimum amount staked: 5000 FRM
Diamond Staking:
- Rewards: 50% annualized
- Full maturity: 547 days
- Early withdrawal starts: 274 days
- Early withdrawal rewards start at: 12% annualized
- Pool Size: 1 million FRM
- Time period to contribute: 7 days
- Minimum amount staked: 5000 FRM
What’s Next
Next we will release FRM Staking website with a countdown until the staking pools open. We will also release a step-by-step guide explaining how to stake.
Then we will open up the staking pools for contribution!
Thank You
We want to give a special thanks to our staking test group (you know who you are) and for everyone who has shown tremendous patience and support throughout this process.
We look forward to officially launching staking in the coming days!
Very truly yours,
The Ferrum Network Team
Ferrum Network Links:
Website: https://ferrum.network/
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Twitter: http://twitter.ferrum.network
LinkedIn: http://linkedin.ferrum.network
YouTube: http://youtube.ferrum.network
Reddit: http://reddit.ferrum.network
Bitcoin Talk: http://bitcointalk.ferrum.network
Facebook: http://facebook.ferrum.network
Github: https://github.com/ferrumnet/
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