N.B: In the spirit of full transparency, the following Coin Report on Ferrum Network is a Sponsored Post.
Welcome to the 55th Coin Report. In today’s report, I will be assessing the fundamental and technical strengths and weaknesses of Ferrum Network. This will be comprised of an analysis of a number of significant metrics, an evaluation of the project’s community and development and an overview of its price-history. The report will conclude with a grading out of 10. I hope you enjoy the read!
Introduction
Prior to conducting my research for this report, I had heard a lot about Ferrum Network, with many on Twitter very much vocal; this no doubt piqued my interest. The team then got in touch to organise this report and I was looking forward to the opportunity to do some quality research. Beyond this, I did not know much about Ferrum Network itself, particularly regarding its purpose and progress.
I hope this report will prove objective where it must be and fair on more subjective matters. For those who’d like to learn a little more about Ferrum Network prior to reading this report, here are some primary links:
Fundamental Analysis
General:
Name: Ferrum Network
Ticker: FRM
Algorithm: ERC-20 and BEP-2 (until Mainnet)
Sector: Decentralised Finance and Interoperability
Exchanges: BitMax, Bilaxy, Binance DEX, IDEX, Bidesk, ViteX, FatBTC and Uniswap
Launch Overview
Ferrum Network was conceptualised in early 2018, with its testnet prototype beginning development in Q1 that year. The team were finalists at the Consensus NYC Pitch Competition in Q2 2018 and went on to raise $1.12mn in funding to sustain development across a seed round, two private sales and finally a public ICO in August 2019.
The token itself was issued on the ERC-20 and BEP-2 standards, with a maximum supply of 331,718,750 FRM. This remains the case until the DAG-based mainnet is released later this year, following which FRM will become a native token to the mainnet.
Of the maximum supply, 17% was allocated to the reserve, 18% to the team (including advisors), 23% to the token sale, 15% to marketing, 5% to staking rewards and 22% to business development and the ecosystem.
Price-History Overview
As Ferrum Network has been in existence for over a year and its token has been trading since September 2019, post-ICO, there is a modest amount of price data available for us to look at, with price currently quite clearly in the midst of its first market cycle, as we shall come to in the Technical Analysis section. For now, it will suffice to say that FRM formed its all-time high at 545 satoshis only a few days ago, in mid-June 2020, coinciding with its all-time high against the Dollar of $0.052. Its all-time low was formed in late October 2019 at 33 satoshis.
Project Overview
The purpose of Ferrum Network is quite simply to empower individuals with a suite of decentralised and fully interoperable financial applications, built upon DAG technology, with a primary focus at present on Africa, where its first user-base has been found.
As stated in its whitepaper:
“Ferrum Network is a high-speed interoperability network built for real-world financial applications. It is comprised of two interconnected elements: (1) a DAG (directed acyclic graph) interoperability network that can connect to nearly any blockchain enabling near instant peer-to-peer transactions of any digital asset, and (2) the vertically integrated financial applications running on the network, allowing users to buy, sell, transact, exchange and store any digital asset without taking custody of those assets. With Ferrum Network technology, users can send Ethereum (or any other cryptocurrency) to any counter party, risk-free, in milliseconds. The network is powered by the native Ferrum Network utility token (FRM). Each transaction requires a nominal of FRM be spent and burned to attach proof to the transaction.
The Ferrum Network product line includes a fiat gateway and payments mobile application – First Kudi – launched in mid 2019. First Kudi is a fast, low cost platform for buying and selling digital currencies, combined with a peer-to-peer payments system allowing users to instantly transmit fiat currency with no banking intermediaries. It is also the first mobile exchange app in Africa offering a U.S. Dollar backed stable coin to hedge against local currency instability. Ferrum’s non-custodial UniFyre Wallet makes non-custodial wallets safe, easy and useful, with features like Link Drop technology to send digital currencies to anyone without needing their wallet address beforehand, along with decentralized private key security to prevent accidental loss. Our product line also includes a high-speed cross-chain decentralized exchange (Infinity DEX), and a low-cost cold storage application that operates on an offline Android phone (Sub-Zero Wallet). Imagine sending Bitcoin in milliseconds, exchanging any asset peer-to-peer over a high-speed interoperability network, or sending digital fiat with no intermediary. It is all possible with Ferrum Network.”
I look forward to evaluating its progress.
Let’s begin with some Metric Analysis:
Metric Analysis:
Below are listed a number of important metrics, all of which are accurate as of 21st June 2020. For anyone reading this who has yet to read a Coin Report, it might be worth reading this section of the first report, where any potentially unfamiliar terms are explained. For any terms or metrics specific to this post, I will provide explanations besides the figures.
Metrics:
General:
Price: $0.0408 (437 satoshis)
Circulating Supply: 135,191,392 FRM
Total Supply: 331,718,750 FRM
Exchange Volume: $587,125 ($469,612 excluding wash)
Network Value: $5.52mn (590.79 BTC)
Exchange Volume-to-Network Value: 10.64% (8.51% excluding wash)
Maximum Supply: 331,718,750 FRM
% of Max. Supply Minted: 100%
Network Value at Max. Supply: $13.545mn
Category: Lowcap
Average Price (30-Day): $0.0289
Average Exchange Volume (30-Day): $612,281
Average Network Value (30-Day): $3.87mn
Average Exchange Volume (30-Day)-to-Network Value: 15.82%
Volatility* (30-Day): -0.4266
Average Daily On-Chain Transactions (30-Day): N/A
Average Daily Transactional Value** (30-Day): N/A
NVT*** (30-Day): N/A
% Price Change USD (30-Day): +272.1%
% Price Change USD (1-Year): N/A
USD All-Time High: $0.052
% From USD All-Time High: -18.8%
Premine % of Max. Supply: N/A
Premine Location: N/A
Liquidity (calculated as the sum of BTC in the buy-side with 10% of current price across all exchanges): 1.57 BTC
Liquidity-to-Network Value %: 0.27%
Supply Available on Exchange Orderbooks: 2,121,038 FRM
% of Circulating Supply Available on Exchange Orderbooks: 1.57%
*Volatility is calculated by taking the average price over the given time-period, calculating the difference between it and the highest price and it and the lowest price over that same time-period, and multiplying those figures together. The closer to 0, the less volatility during that period, and vice-versa. Read this for more on volatility.
Supply Emission & Inflation:
Block Reward Schedule: N/A (Year Two emission schedule not yet finalised)
Average Block Time: N/A
Current Block Height: N/A
Annual Supply Emission: N/A
Annual Inflation Rate: N/A
Circulating Supply in 365 Days: N/A
ICO:
The following details were taken from the whitepaper and this source.
ICO Period: 1st August 2019
Total Tokens: 331,718,750 FRM
Total Tokens Available for Public Sale: 18,750,000 FRM
Total Raised: $300,000
Average IEO Price Per Token: $0.016
Total Tokens Sold: 18,750,000 FRM
Further Details: Ferrum Network raised via four rounds, with a total of ~76mn FRM sold across the seed round ($120k), two private sales ($500k and $200k) and the public ICO ($300k), amounting to 23% of the maximum supply and raising $1.12mn in total.
Distribution:
Address Count: 1836 (ERC-20) and 769 (BEP-2)
Circulating Supply Held By Top 10 Addresses: 27.21% (36.78mn)*
Circulating Supply Held By Top 20 Addresses: 36.41% (49.22mn)
Circulating Supply Held By Top 100 Addresses: 61.39% (82.98mn)**
Inactive Address Count in Top 20 (30 Days of No Activity): 11
*Based on the ERC-20 explorer and excluding address #1 as it is the distribution contract of currently non-circulating supply. Also excluding addresses #2, #3 and #8, which belong to IDEX and two for BitMax, respectively. Thus, the top 10 privately owned address are #4-7 and #9-14. Same applies for top 20 figures.
**All supply held in the top 100 ERC-20 addresses excluding the 18.88mn FRM held on exchanges and calculated using a circulating supply of ~135mn FRM.
Analysis:
There is quite a lot to work through here, so I will refrain from any preamble.
I’d usually begin with a look at transaction-related data, but given that Ferrum Network’s mainnet is not yet launched and the ERC-20 explorer’s transaction data is chock-full of exchange transfers that can’t be separated, it is unfeasible to do so at this time. I do think it will become quite clear, however, how FRM is being used at present a little later in the report, even if we have no publicly-available data to quantify this.
Moving onto some more of the General metrics, let’s take a look at Volatility:
I calculated this to be -0.4266 for the past 30 days; this places Ferrum Network 2nd-highest amongst prior reports for 30-day volatility, indicating that price is without doubt not in consolidation at present and is instead well underway with its market cycle. This will become clearer when we look at the chart.
Next up, we have the metrics relating to Liquidity:
Firstly, I found that there was 1.57 BTC of buy-side liquidity within 10% of current prices to be found across all exchanges, equating to 0.27% of its Network Value. This places Ferrum Network joint 17th-highest among prior reports – in the top-third – indicating modest demand at current prices.
As for sell-side liquidity, I found that 2,121,038 FRM was available for purchase in the orderbooks, equating to 1.57% of the circulating supply. This is the 18th-lowest figure recorded in these reports, indicating an equally modest desire to sell at any price at present; nothing overwhelmingly positive nor negative here for either metric, in my opinion.
Moving onto volume, Ferrum Network is reported to have traded $587,125 of Exchange Volume over the past 24 hours, equating to 10.64% of its Network Value. Though not as much as is commonly found in these reports, some of this does appear to be wash trading, with a more accurate figure likely to be $469,612, equating to a still-impressive 8.51% of network value. Further, Average Exchange Volume was $612,281 for the past 30 days, equating to 15.82% of Ferrum Network’s Average Network Value for the same period. This is the 5th-highest figure recorded in these reports and highly indicative of speculative interest. Again, part of this will most certainly be wash-trading, perhaps as much as one-third of total volume traded.
Now, let’s take a look at Supply Emission:
Well, I wish we had something concrete here to look at, but Year One emissions, as documented in the table below, are almost at their end (actual emission was a little higher than this throughout the course of year, with emissions slightly higher than schedule because of the FRM staking programs, which locked up approximately 26 million FRM and was structured differently than initially envisioned). Given that the entirety of the maximum supply is technically already in existence, the tokens join circulation as vesting completes and tokens are unlocked, as well as when the team utilises them for marketing or growth of the ecosystem, and when stakers receive rewards. Thus, there is no fixed emission schedule. Nonetheless, I did speak to the team and was told that though they will be making an announcement on a confirmed emission guideline for Year Two before August, we can expect significantly lower emissions for the following year, as all team, advisor and investor tokens will have been fully unlocked. The only emissions will come from marketing, the ecosystem fund and staking.
Though I won’t include the calculations in the official figures, we can play around with this to estimate an inflation rate for the coming year. Let’s say 20% of the marketing fund of 50mn FRM came into circulation, amounting to 10mn FRM over the next year, along with 5mn FRM via staking and another 20% of the business development and ecosystem fund of 73mn FRM (14.6mn FRM, in total). This would amount to annual emissions of 29.6mn FRM, which would give us an annual inflation rate of around 22% based on current circulating supply. This is, of course, simply conjecture, and until the finalised schedule is released we won’t be certain, but it is easy to see how even generous usage of the available funds could amount to a significantly lower inflation rate than the first year.
Finally, let us take a look at some Distribution:
Using the rich-list, I found that there are currently 1836 holders of FRM on the ERC-20 standard. There are also 769 holders of FRM on the BEP-2 standard.
For our purposes, we will focus on the ERC-20 addresses, as this is where the bulk of the circulating supply is held, but firstly I’d like to highlight that, across the #1 addresses on both explorers, 192mn FRM that is currently out of circulation is being held in distribution contracts
Out of the ~135mn FRM in circulation, the top 10 addresses control 27.21% (36.78mn); the top 20 control 36.41% (49.22mn); and the top 100 control 61.39% (82.98mn). This is excluding 18.88mn FRM currently held on exchanges in addresses #2 (IDEX), #3 and #8 (BitMax).
Among the top 20 privately-owned addresses, 11 were inactive over the past 30 days, whilst 4 were distributing and 5 were accumulating.
And that concludes this section. Onto the Ferrum Network Community:
Community:
There are two primary aspects of community analysis: social media presence and Bitcointalk threads. I’ll begin with the former before moving on to the latter.
Social Media:
Concerning social media presence, there are four main platforms to examine: Twitter, Facebook, Telegram and Discord.
Ferrum Network is present on all platforms except for Discord. To begin, let’s look at the various social metrics that I calculated from the Ferrum Network Twitter and Facebook accounts:
Twitter Followers: 10,318
Tweets: 678
Average Twitter Engagement: 1.53%
Facebook Likes: 902
Facebook Posts (30-Day): 4
Average Facebook Engagement: 1.36%
As usual, I will be using RivalIQ‘s social benchmark report for evaluation purposes.
Twitter:
Ferrum Network has a moderately-sized audience on Twitter of 10,318 followers, which is the 24th-highest of prior reports, placing it in the top half. Its engagement is impressive at 1.53% on average, which is 16th-highest among coins previously reported on and higher than most of its equivalent audience sizes. Relative to global benchmarks, this is 34x greater than the average across all industries of 0.045% and 56.6x greater than the average in the Tech and Software industry of 0.027%. I think the team are doing a stellar job here.
Facebook:
Ferrum Network has a much smaller audience on Facebook with 902 followers. That said, they do appear to be maintaining the audience with some consistency in posting, having posted 4 times in the past 30 days. Their engagement rate is 1.36%, which is higher than most but is likely also due to the small audience size. Relative to global benchmarks, this engagement rate is 15x greater than the average across all industries of 0.09% and 68x greater than the Tech and Software average of 0.02%.
Discord:
There is no Discord group for Ferrum Network.
Telegram:
The Ferrum Network Telegram group contains 16,044 members.
This most certainly appears to be the primary hub for the community, with constant daily discussion apparent. It is a very active group.
My key takeaways from the past week of discussion are as follows:
- The team are actively engaged in the group, responding to questions and queries regularly.
- Link Drop integration (more on this later) with Bitcoin is currently being worked on but is technically more difficult than for ERC-20 tokens.
- If the allocated 5% of FRM for staking runs out, more may be allocated from other areas of funding.
- Staking 3.0 will be coming soon, as Staking 2.0 comes to its conclusion later this year.
- Community members create content of their own accord and are actively involved in spreading the word.
- The community is very much excited about the future of Ferrum Network, believing it to have true utility for the adoption of crypto on a wider scale globally.
- The recently updated FirstKudi card (now utilising VISA as opposed to Verve – more on this later) will assist not only African people who are currently using Kudi as an app but also international travellers to Africa.
- ANKR, VRA and LINK are the first community listings on the Unifyre wallet (again, much more on this in subsequent sections of the report).
- Support is provided promptly by the team for any issues.
BitcoinTalk:
The Ferrum Network BitcoinTalk thread was created on April 22nd, 2019, and has since generated 469 posts spanning 24 pages in 425 days. This equates to 1.1 posts per day, on average. However, in the past 90 days, the thread has had 25 posts, giving an average of 0.28 posts per day; a significant decline in engagement with the thread.
Regarding the announcement itself, it is presented as an infographic, with the tagline reading, “The First High-Speed Interoperability Network for Real-World Financial Applications.” Social links are provided below this, followed by a brief About section, which discusses Ferrum Network’s purpose:
“Ferrum Network is efficiently delivering world-class financial applications to emerging markets and we aim to empower millions of people around the world with non-custodial financial applications.”
We also learn that it is a DAG-based network, utilising Directed Acyclic Graph technology for interoperability purposes and to provide cost-effective, scalable and fast transactions. It is compared to Lightning Network except integrated across most existing blockchains. The line of products include currently developed by Ferrum Network include the Kudi Exchange (a fiat gateway) in West Africa, now called FirstKudi, which is the first fully-regulated African exchange offering a USD-pegged stablecoin and peer-to-peer exchange. Also mentioned is the Unifyre wallet, which is a non-custodial mobile wallet, though not much more detail is provided within the announcement on this.
Subsequently, we find a section on Ferrum Network’s Features, including:
- Cross-chain interoperability
- High-speed, low-cost transactions with millisecond confirmations
- Integrated financial products
- A launch with users and utility in-built from the offset
Following this, we find a breakdown of the token sale that took place in August 2019, as well as a token distribution model, a roadmap (covered later) and a list of strategic partners, including Kosmos, TLG Ventures, Gemini, Rivetz and Token Research Group, at the time.
And that concludes my evaluation of the Ferrum Network community.
Let’s take a look at some Development.
Development:
For the following Development analysis, I will be evaluating project leadership, the website, the roadmap, the whitepaper, the wallets and finally providing a general overview:
Project Leadership:
There are currently 8 employees listed on the website and 18 employees listed on LinkedIn.
Those listed on the website include:
- Naiem Yeganeh, Founder, CEO and Lead Developer
- Ian Friend, Co-founder, COO and General Counsel
- Erik Powers, Financial Strategist
- Dominik Swierkot, Head of Marketing
- Hodjar Homaei, Senior Engineer and Product Lead
- Benjamin Blatt, Strategic Investor
- Pokey Rule, Distributed Systems Expert
- Afshin Abadi, Quantitative Data Scientist
There are also 6 advisors listed, including:
- T.K. Hamed, Strategy and Growth
- Etienne Vantkruys, Senior Advisor
- Emeka Enu, Marketing and Business Development
- Germaine Ifudu, Senior Blockchain Advisor
- Jing Cheng, Senior Software Engineer at Google
- Hamed Ahmadi, Senior Engineer and Product Lead
Website:
The website can be found here.
The website isn’t particularly visually appealing but it is easy to navigate. The navigation menu is not comprehensive, covering only Staking, News, the Token Bridge, Partners and About Us. This could be better organised with separate menu items for team information, documentation, exchanges, key technology and products etc.
Beginning with the homepage, the tagline reads Empowering Individuals with Decentralized Finance. Scrolling down, we find a brief section dubbed The Problem, which focuses on the idea that blockchain solutions lack interoperability on the whole and are slow and not user-friendly. Subsequently, The Solution offered is vertically-integrated decentralised financial applications, built on an interoperable network that allows users to engage with user-friendly financial products. Further down, we find current and future products being developed by the team, including FirstKudi, which provides links to downloads for the app and discusses its role in facilitating investment in cryptocurrencies using local currencies in Africa, as well as peer-to-peer transactions via their African fiat gateway. We also find a brief section on UniFyre, which is a non-custodial mobile wallet with LinkDrop technology and decentralised private key recovery. Again, links are provided to the app downloads, as well as a link to the Unifyre sub-site. Following this, there are two even briefer sections on unreleased products: Infinity DEX, a cross-chain DEX with decentralised margin trading; and the SubZero wallet, a cold storage app for Androids.
The staking program is detailed below, described as a decentralized savings account, with early withdraw fees but also a sliding scale of APR based on duration of stake. Further down the homepage, we find the roadmap, which is covered in the next section, as well as a list of partners and social links in the footer.
Overall, this appears too brief, with more detail needed on these products and the project overall. No doubt, they are extremely interesting products for a new user, but it isn’t made easy enough to learn more about them all.
Tuning back to the navigation menu: News links to the Medium blog, which I was glad to find is very regularly updated with announcements, developments updates and other news; Staking links to the actual staking program, which is largely filled at present, with 10mn FRM or more currently in staking programs; Token Bridge naturally links to a BEP-2 to ERC-20 two-way bridge; Partners links to a page outlining the current partners, including Gemini, Hydro, Dash, Pchain, Vite, Fusion, BitMax, Rivetz and Token Research Group; and the About Us page contains a brief overview of the project, team and advisor information and an FAQ.
Sub-sites are available for the individual products but more information is required to be native to the Ferrum Network site itself. There is also link to the FirstKudi site, to my knowledge.
Nonetheless, let us take a look at the sub-sites to understand this suite of products a little better.
Firstly, I’d like to mention that I have actually used the Unifyre mobile wallet myself and it is quite brilliant. One can seamlessly exchange FRM (and other supported currencies, such as ETH, PAX, DAI, LINK, VRA, ANKR, USDT and USDC). The app itself is available on iOS and Android. Most interestingly, the recently released Link Drop technology allows crypto to be sent via a link instead of a wallet address, ensuring correct recipients. These links can be dropped across any social platform or via text, and can be used for requests as well as payments. Both parties just need to download the app and to accept the transaction. There are also Pool Link Drops that allow crypto to be sent to multiple recipients at once via the same link, which will be released very shortly, I am told. Users will also be able to buy crypto within the wallet with fiat via debit cards soon, which is very useful. The whole process was very user-friendly and I can genuinely see this assisting a great deal in the spread of crypto usage, particularly when the technology is expanded beyond the current range of currencies, although the ability to Link Drop stablecoins is particularly useful, at present.
This is Ferrum Network’s African fiat gateway and exchange. It is an app that allows for investment (i.e. buying crypto with local fiat), local and international transactions and low-cost merchant services. Recently, the FirstKudi card was updated from its previous Verve integration to a Visa integration, allowing money to be withdrawn from the FirstKudi app to the card to be used at ATMs and stores anywhere Visa is accepted. There are effectively zero transaction fees for money transfers made through the app, and it has a USD-pegged stablecoin integrated via Gemini (GUSD), which is particularly useful for those with volatile local currencies. On the website, we also find a video of BBC coverage on FirstKudi.
This is being developed as a means of cold storage via a mobile app on an offline Android phone, though it is not yet released. For those in Africa, hardware wallets and current cold storage solutions are expensive; by facilitating cold storage via an Android phone, the cost is significantly reduced. The app will interact with hot wallets via QR codes to remain offline. There are no further details at present.
This is being developed as a cross-chain DEX facilitating peer-to-peer exchange in milliseconds for any digital asset, with capacity for high-frequency trading and decentralised margin trading. Again, the DEX is unreleased at present and no further details are available, but this is another product that I believe will have growing utility going into 2021.
Roadmap:
The roadmap can be found here.
It is a concise timeline presented as an image, with no further reading links and segmented by quarters.
It begins in Q1 2018 with the development of the testnet prototype, followed by the Kudi Exchange release in Q1 2019. In Q3 2019, the team released the Token Bridge, and in Q4 2019 Kudi Exchange was rebranded to FirstKudi. Following this, in Q2 2020, the Unifyre Wallet was released.
Looking forward, in Q3 2020, we can expect the public testnet for the network, followed by the launch of the mainnet in Q4 2020. In Q1 2021, we can expect the SubZero wallet release.
What about the Infinity DEX? This isn’t mentioned on the roadmap.
Overall, it is a little bit too concise, and though the individual goals and progress made are apparent and ambitious, more detail is required for potential new users.
Whitepaper:
The whitepaper can be found here.
This is a more technical, 54-page document that is (conversely to the website) not concise, covering the history of blockchain and the inherent problems of current technologies, such as centralised exchanges and ERC-20 tokens, as well as the use-cases of Ferrum Network and details on the team and the token itself.
Feel free to read over it if you so please, but I do believe I have managed to cover everything of note within the document already in this report. I particularly was interested to see if there was any more clarity on the emission of FRM, but it is the Year One schedule found in the whitepaper at present.
It is great to see, however, that the document is dated March 2020, with it clearly being updated fairly regularly to better reflect the current state of Ferrum Network.
Wallets:
As FRM is currently both an ERC-20 and BEP-2 token, it can be stored on the plethora of wallets compatible with those two standards, including hardware wallets.
And that concludes my fundamental analysis of Ferrum Network.
Technical Analysis
FRM/BTC
As we can see from the above daily chart for FRM/BTC, trading for the token began in September 2019, shortly after the public ICO.
Early trading saw price peak at 124 satoshis, with the next two months spent bleeding slowly, until the all-time low formed at 33 satoshis in late October. Volume had been declining throughout the fall and this marked the turning point for Ferrum Network, with price then beginning a period of consolidation between the all-time low and a new all-time high-cum-resistance at 181 satoshis. This range lasted several months, with much of the price-action compressed between 70 satoshis as support and 125 satoshis as resistance, until, in April 2020, the 200-day moving average began acting as support and price broke out above 125 satoshis, hitting 148 satoshis (though still shy of that 180-satoshi high that was found briefly earlier in the year). Price then consolidated again until late May, when a surge of volume entered the market and sent price above 180 satoshis, closing the daily firmly above resistance. Price then continued up towards 300 satoshis, having flipped 180 as support, consolidated briefly and then continued climbing to the all-time high of a few days ago at 545 satoshis. This marked a 1633% rally against BTC from the all-time low.
Price has since dropped off a little, with recent support at 407 satoshis currently cushioning the fall. With price in the mid-400s, and volume having dipped, this is very likely another consolidation before continuation. However, I am not fond of buying at all-time highs, although this is quite different as it is the first ever market cycle for Ferrum Network and its market cap is still only $5.5mn… I do most certainly want to be a buyer and part of me wants to enter right here with a stop-loss on a daily close below 407 satoshis, which would turn market structure bearish and likely lead to a retest of 300 satoshis. Part of me wants to wait to see if I get that entry at 300 satoshis or even back at 180 satoshis, but if I’m honest I think this is wishful thinking, as the project isn’t even on any major exchanges yet and – despite the 1600% rally – is still a lowcap in fruitful market conditions for DeFi projects. As such, I think my personal plan of action is as follows: entering here with a soft stop-loss as mentioned on a break of market structure below 407. If we continue up, fantastic. If we see price fall further and break support, exit and rebuy closer to 300 satoshis, averaging in on any price lower than that as market cap would be back below $4mn at that point. If I’m completely honest, I think ~$5mn will likely seem a steal 12 months from now, but I do not like fighting market cycles, so I will be playing it as safe as I can, personally.
God, I wish I had known about it below 180 satoshis… C’est la vie.
And that concludes my analysis of Ferrum Network.
Conclusion
This report is now over 5,000 words, and it is time to draw it to a close.
My final grading for Ferrum Network is 8 out of 10.*
*If liquidity had been better than average, the finalised emission schedule for the following year had been available, the website had been more a little more detailed and the mainnet had been live, Ferrum Network would be worthy of a 9, particularly in the context of progress that has been made in Africa (primarily Nigeria), achieving more on a ~$1mn raise than many with 10-100x the funding. In a few months time, I will likely have to update this report to reflect that.
Here, you can find my grading framework, for reference.
Lastly, here is a link to a Google Sheets file with any significant data from previous reports compiled for cross-comparative purposes. I will keep this updated as I continue to write these reports.
I hope this report has proved insightful and that you’ve enjoyed the read! Please do feel free to leave any questions in the Comments, and I’ll answer them as best I can.
