Ferrum Network - Integration of White Label Product Suite

Ferrum Network - Integration of White Label Product Suite**

Project Overview

Ferrum Network is a cross-chain Blockchain as a Service DeFi company that specializes in adding token utility and advisory services to projects across the crypto space. With the mission of breaking down barriers to mass adoption, Ferrum builds white-label blockchain solutions that empower startups and established organizations, enabling them to get their core products to market faster. These white label products include a suite of 6 different Staking as a Service solutions, a gamified Leaderboard module, and one of the industries fastest, most effective, and most secure Cross-Chain Token Bridges.

All of these products are built with a commitment toward building secure protocols. We consider ourselves “paranoid security freaks”. This approach boasts over 100 clients across various networks, nearly $100 million in TVL, millions of dollars worth of bridged assets and hundreds of smart contracts deployed.

Ferrum is also responsible for incubating a number of tier 1 projects through Ferrum Advisory Services. One of our current incubation clients is in fact Avem - the first DEX to build on Shiden. Ferrum is represented by one of the most robust partner ecosystems in the space; the Iron Alliance. Since 2018 Ferrum has been building this network from our incubated projects, to our partners from the Iron Alliance, to our repeat customers who continue to deploy our products and services. This has lead us to becoming one of the most reputable and connected projects in the space.

Team

Naiem Yeganeh, PHD - Founder, CEO and Lead Developer

Having worked as a software engineer at the likes of Microsoft and Amazon to leading a core machine learning team at Bloomberg, Naiem is the mastermind behind the products at Ferrum. His technical prowess has laid the foundation for Ferrum’s success.

Email: Naiem.Yeganeh@Ferrum.Network

Ian Friend, ESQ - Co-Founder and COO

Ian worked for many years as a lawyer before meeting Naeim in 2018 and deciding to embark on the Ferrum journey. Ian is one of the most beloved founders in the space and is the face of the company. The confidence that he has been able to instill not just in the community but also the multitude of projects that Ferrum has advised is invaluable to the success of Ferrum.

Email: Ian.Friend@Ferrum.Network

Taha Abbasi - CSO

Taha has co-founded a multitude of companies including a wildly successful software development house called Web N App. Taha has worked as the CTO of multiple companies including National Geographic - Singapore and has led teams responsible for the Mars 2020 and Europa missions at NASA. Taha serves as the CSO at Ferrum and oversees the development of Ferrums wide array of products.

Email: Taha.Abbasi@Ferrum.Network

Nichell Logue - EVP Operations

Nichell served as both a Project Manager and ultimately a Team Leader at CSC for over a decade before joining as the EVP of Ops at Ferrum. CSC ​​is the world’s leading provider of business, legal, tax, and digital brand services to companies around the globe. At Ferrum, Nichell plays an integral role in ensuring the internal operations of the company are running smoothly. She’s a genius in terms of creating SoPs for the otherwise overwhelming amount of moving pieces at the company and also heads up our HR department.

Email: Nichell.Logue@Ferrum.Network

Nick Odio - EVP Partnerships and Growth

Nick is a serial networker. From being heavily involved in the music industry, working with Grammy award winning artists, to leading field operations divisions for companies, Nick has extensive experience in areas related to strategic partnerships, entertainment and influencer relationship management, as well as strategic initiatives.

Nick.Odio@Ferrum.Network

The rest of the amazing team at Ferrum can be found at About Us - Ferrum Network - Powering Cross Chain Crypto Projects.

Website

Stats/Past Performance

Builders Program Roadmap

Milestones

Milestone1:

Scoping and Defining Resources for Shiden Bridge and Staking Integration

Estimated End Date: 11/29/2021 (Deadline will be 2 weeks post execution of the proposal)

Details of what will be delivered in milestone

  • Scope out the integration of Shiden with the bridge, including details about Bridge Pool setup on Shiden.

  • Determine if Shiden integration can also support cross-chain DEX based liquidity option for bridge liquidity or if a 2 way liquidity pool bridge with on-bridge liquidity is the only feasible option.

  • Scope out the integration of Shiden with the staking services including offerings of Traditional, NFT (Note that NFT staking works in a similar fashion to Traditional Staking where users stake their fungible tokens for access to NFTs)

  • Determine if Shiden integration can also support additional staking options such as LP staking and VIP staking or if the option for traditional staking pools is the only feasible option.

  • Define resources and work required to integrate and start integration.

Acceptance criteria:

  • Scope document for token bridge

  • Scope document for staking

Both documents need to enlist the risks and potential mitigatory and contingency measures against those defined risks. This will help us early identification of blockers and possible solutions.

Milestone #2:
Build, Deploy, and Internally QA Bridging Shell App

Estimated End Date: 12/27/2021

Details of what will be delivered in milestone

  • Build and deploy a shell app that will allow swaps between:
  1. Shiden <> Ethereum

  2. Shiden <> BSC

  3. Shiden <> Polygon

  • Integrate bridge with one of the Shiden’s compatible wallets

  • Share Bridging shell app with internal QA and incorporate QA feedback

Acceptance criteria:

  • UI deployment for bridge interaction
  • Smart Contract Deployment of bridge
  • Shiden compatible wallet integration
  • Internal QA feedback incorporation

Milestone #3:

Shiden Team QA, Beta Testing, UAT, and Audit Submission

Estimated End Date: 1/17/2021

Details of what will be delivered in milestone

  • Share Bridge tech with Shiden team and beta testers for UAT and incorporate UAT feedback.
  • Share Bridge smart contract with auditing firm in parallel to above step

Acceptance criteria:

  • Shiden team signs off on shell app post their feedback incorporation.

Milestone #4:

Mainnet deployment, testing and incorporation of final feedback

Estimated End Date: 1/31/2021

Details of what will be delivered in milestone

  • Deploy bridge on mainnet

  • Incorporate audit feedback if audit is completed

  • Conduct internal testing

  • Share the bridge with Shiden team and incorporate the final feedback

Acceptance criteria:

  • Ability to conduct swaps across below networks with Shiden:
    • Shiden <> Ethereum
    • Shiden <> BSC
    • Shiden <> Polygon
  • Able to add/remove liquidity on all networks
  • Shiden team’s sign-off on mainnet testing

Milestone #5:

Incorporate audit feedback and launch

Estimated End Date: 2/7/2021

Details of what will be delivered in milestone

  • Incorporate final audit feedback

  • Launching the bridge on production mainnet

Acceptance criteria:

  • Sign-off on audit completion
  • Launch on production mainnet

Milestone #6:

Build, Deploy, and Internally QA Staking Shell App

Estimated End Date: 02/21/2022

Details of what will be delivered in milestone

  • Build and deploy a shell app that will allow traditional staking including:
  1. Deployment of pool

  2. Staking Period

  3. Mandatory Lock

  4. Early Withdrawal

  5. Redistribution of Early Withdrawal

  6. Maturity

  • Integrate bridge with one of the Shiden’s compatible wallets

  • Share Staking shell app with internal team for QA and incorporate QA feedback

Acceptance criteria:

  • UI deployment for staking
  • Smart Contract Deployment for traditional staking
  • Shiden compatible wallet integration
  • Ability to proceed through staking flow as described below:
    • Ability to deploy the pool.
    • Ability to set and test staking Periods
    • Ability to set mandatory lock and early withdrawal
    • Ability to set and test reward redistribution of Early Withdrawal
    • Ability to set and test rewards distribution for full maturity
  • Internal QA feedback incorporation

Milestone #7:

Shiden Team QA, Beta Testing, UAT, and Audit Submission

Estimated End Date: 01/31/2022

Details of what will be delivered in milestone

  • Share Staking deployment with Shiden team and beta testers for UAT and incorporate UAT feedback.

  • Share Staking smart contract with auditing firm in parallel to above step

Acceptance criteria:

  • Shiden team signs off on shell app post their feedback incorporation.

Milestone #8:

Mainnet deployment, testing and incorporation of final feedback

Estimated End Date: 02/14/2021

Details of what will be delivered in milestone

  • Deploy staking on mainnet

  • Incorporate audit feedback if audit is completed

  • Conduct internal testing

  • Share the staking mainnet deployment with Shiden team and incorporate the final feedback

Acceptance criteria:

  • Smart Contract Deployment for traditional staking
  • Shiden compatible wallet integration
  • Ability to proceed through staking flow as described below:
    • Ability to deploy the pool.
    • Ability to set and test staking Periods
    • Ability to set mandatory lock and early withdrawal
    • Ability to set and test reward redistribution of Early Withdrawal
    • Ability to set and test rewards distribution for full maturity
  • Shiden team’s sign-off on mainnet testing

Milestone #9:

Incorporate audit feedback and launch

Estimated End Date: 02/14/2021

Details of what will be delivered in milestone

  • Incorporate final audit feedback

  • Launching the traditional staking pool on production mainnet

Acceptance criteria:

  • Sign-off on audit completion
  • Launch on production mainnet

Future Plans

Chain Integrations

By Q1 of 2022, Ferrum is well positioned to be heavily integrated into the world of cross-chain interoperability… even amongst non EVM compatible L1 solutions. After receiving grants from both Algorand and Moonbeam and a substantial amount of interest from other parties, Ferrum intends to connect a large network of infrastructures.

On the Horizon:

  • Acala/Karura
  • Harmony
  • Cosmos
  • Terra
  • Cardano
  • Solana
  • Avalanche
  • Klaytn
  • Celo
  • … and many more
Token Bridge V1.2

The upgrades that will be made in the next deployment will include:

  • Updated UX/UI
  • Enhanced security through improved multi-sig protocols for adding bridge pairs to the bridge SC
  • Bridge router SC segregation from primary bridge SC
  • Fee distributor enhancements
  • Aggregating Liquidity From DEXs
Token Bridge V2.0

The upgrades that will be made in the next deployment will include:

  • Enhanced UX/UI
  • The ability for community members to add liquidity to the bridge pools and receive a portion of the bridge fees
  • Ability to swap any assets on one chain for an equivalent value of another asset on the destination chain. E.g. Swap SDN on Shiden for BNB on BSC.
Reflection Staking

Reflection staking allows any project to turn their token into a reflection token.

X Token
Let’s say a project’s token is X Token. X token can be any project’s token

XRT Token
X-Reflection Token (XRT) is generated in exchange for X-Token at a 1:1 ratio. XRT can have a tax/fee associated with it for each transaction or withdrawal. These fees can be burned or sent as rewards to a self-sustaining open staking pool powered by XRT Liquidity Providers.

Self-Sustaining LPool and Reward Structure for Staking
Since the fees burned and rewards generated are directly tied to transacted volume, providing and replenishing liquidity is important for this ecosystem. For this purpose, in addition to the LPool fees, Liquidity Providers are rewarded with per transaction rewards that are automatically distributed to them via a dedicated XRT LP Token staking pool.

11 Likes

Ferrum has a stellar team, with a suite of secure and robust DeFi building blocks to their name, looking to stamp their mark on every blockchain of relevance.

2 Likes

I’ve known Ferrum for almost a year now and can only recommend working with their friendly Team and community

1 Like

The Ferrum team is just amazing. I’ve never met such a dedicated and reliable team. They really understand the market and its needs. A partnership with them is a win-win for everybody.

1 Like

I am following the Ferrum team closely since the ICO in 2018 and this is without a doubt one of the most outstanding, hard-working, integer and passionate teams I have ever come across. Amazing community and a constantly growing suite of TOP-NOTCH DeFi products, focusing on cross-chain interoperability. The Ferrum team NEVER does any compromises when it comes to security and Ferrum’s products such as the different staking pools or the whitelabel cross-chain bridge are pretty much the gold standard in this industry.

Having Ferrum integrate its white label product suite would be hugely beneficial for Shiden - it would be a mayor step towards mass adoption and create a provide a lot of exposure towards an amazing crypto community.

2 Likes

Yes, yes! I think Ferrum Network would be a great addition to the projects here and I think their technology, team, and expertise is second to none!

2 Likes

The Ferrum team is hands down one of the best in the crypto industry. Their passion for continued innovation and tech development is second to none!

2 Likes

As an existing holder of the PLASM token and following Astar I understand the diligence and professionalism that is required to work within the team and the high expectations. I am more than delighted to see this proposal put forward from the Ferrum Network team. Both teams are well aligned with their work ethics, technical excellence and continual push to deliver professional, innovative and highly secure solutions. I would fully support this proposal.

1 Like

Why only new users are posting here and all of them are very excited with this project? :blush:

1 Like

I get what you mean. Are there from Shiden community or Ferrum community?

We shared the proposal with our Governance Committee. These folks make up a very small portion of our total community. I guess you could say we have a strong support system :blush:

Really looking forward to hearing more from the Shiden community :pray:

1 Like

I like this, I’m in support :+1: kinda shady that all these accounts were made on the spot, but I’ll let that slide.

Great to have your support Royal :pray: We shared the proposal with our Governance Committee. They couldn’t help themselves :sweat_smile:

Because this is a grant proposal for integration the project will not be used for dApp staking. Would it be possible that Ferrum is open to also using dApp staking as a reward for developments?

Rewards earned with dApp staking will be deducted from grant amount but this will give Ferrum a present in our community and people will start following the developments of the project.

1 Like

Hey Maarten! Thanks for the reply. Would the FRM token need to be live on Shiden in order to implement dApp staking?

1 Like

No, dApp staking can be used during first phase of development.

2 Likes

Ok! We’re definitely open to it. We’d likely need to have a call with someone from our dev team to fully understand it though. Could we do that?

1 Like

Thank you for your application and sorry for being late to reply. Given that this is not an open-source project, it is tough for us to provide a grant directly. I think our ecosystem grant program needs to be used for common goods for the ecosystem just like Web3 Foundation did.

Instead, it would be good if we could have Ferrum in the application track and list on dApp store so that Ferrum can earn basic income while making a product.

4 Likes
Ferrum Builders Program Application
  • Yes
  • No

0 voters

When voting, try to motivate your decision.
The project is here to answer all your questions.

1 Like

Please share how you will inform the community regarding milestone delivery and where they can follow the progress.