Ferro Protocol IGO Announcement
We are excited to announce that Ferro Protocol ($FER) IGO will be launching on VVS finance and this IGO event marks a huge milestone for Ferro and the entire community!
We also like to say a heartfelt thank you for the tremendous feedback and suggestions during our beta launch. This has helped us iron out the frontend UI bugs and we are now ready for a seamless launch.
Here we will share with you our tokenomics, IGO details and upcoming roadmap.
Tokenomics
There are 2 types of tokens to fuel the overall Ferro ecosystem, each with different utilities, namely $FER and $xFER.
$FER token is the main reward/incentive token in the protocol, while $xFER token is the yield-bearing token. Users can opt to convert $FER to $xFER at the prevailing exchange rate at any time.
- You can only get $xFER by staking $FER
- xFER will entitle you to revenue sharing from the protocol swap fees
- Locking xFER into vaults will allow you to earn even more $FER!
When users provide liquidity to Ferro Protocol, they will receive the corresponding Liquidity Provider (LP) Token as proof of their participation. These LP tokens can then be staked to receive the following emission reward:
- 60% of the reward in the form of $FER token, available to be harvested immediately
- 40% of the reward will be directly converted into $xFER at the prevailing exchange rate and will be automatically directed into the 30-day locking vault. Users can choose to upgrade their vault setting as well for higher rewards.
There is no restriction on the $FER token that is harvested (i.e. the 60% portion). Users can choose to convert it into $xFER, sell it directly, or use it to provide liquidity back into the protocol.
Holders of $xFER token can opt to lock their $xFER token with different maturity options. By locking their $xFER, users can mine extra $FER tokens. In later phases, locked $xFER will give users access to boosts on their LP yields.
Allocation Breakdown
$FER has a fixed total supply of 5,000,000,000 (5 Billion) and will be distributed as follows:
IGO Details
Start Date: 12pm UTC on Wednesday, June 8th, 2022
Duration: 24 hours
LP Seeding: 12pm UTC on Thursday, June 9th, 2022
Amount to Be Raised: $250,000 USD
Fully Diluted Valuation (or equivalent): $50,000,000 USD
Units for sale: 25,000,000 $FER at $0.01 USD per token
Sale Split: 100% to Basic (no unlimited sale)
IGO Method: Basic Sale: ‘Gem Fair’. The sale will be conducted using the Overflow Method.
Vesting: 10% Immediate, 90% Monthly Vesting at 10%
Investment token: $VVS
Max commitment: $500 USD worth of VVS
Max overflow: 5x
How should I prepare for the IGO?
To enter the Gem Fair, each user has to stake in xVVS Vaults, with varying amounts based on the different vault lockup periods.
Note:
- The staked amount cannot be split across multiple Vaults
- Make sure to complete the staking requirement by June 6th 11:59 PM UTC 2022
And if you need a video guide, here is one on how deposit xVVS in vaults.
If you meet with any issues or have questions, you can also reach out to us on Discord
Next Step
Our goal for Ferro is to be the trusted destination for cheap, capital-efficient, and low-slippage stableswaps on Cronos Chain.
Phase 1: Official Launch
With our beta launch completed. We are ready for the official launch. The token generation event will take place on VVS Finance and emission will start. Users will also be able to earn $FER by providing LP and stake $FER for $xFER to earn a portion of protocol revenue.
The official launch will be on 10 June 2022, 4PM SGT
Q3 2022 and beyond:
Phase 2: Enrich Protocol within Cronos Ecosystem & Boosting Pool
To strengthen the utility of the token, we will launch boosted farms so users can earn more yields. We will also extend the assortment of Base & Meta Pools in cross-chain stables or other Lending / Yield tokens.
The star feature, maturity vaults, will also be introduced in this phase. Holders of $xFER token can opt to lock their $xFER token with different duration options (e.g. 1 month, 6 months, 12 months, or 48 months). By locking $xFER in longer-duration vaults, users can boost their yields on the farm.
Phase 3: Governance
Our goal is to establish a protocol with trustless governance. This is not an easy task by any measure and is not something that will be rushed. But do expect that the control of the protocol will slowly shift from the core team to a DAO structure over time.
