NFTmall has officially finalized an exciting partnership with the Ferrum Network. What makes this collaboration extremely appealing to the NFTmall(GEM) user base? It’s simple, $GEM holders can generate a passive income and will now have staking capabilities. Ferrum’s revolutionary technology brings our networks together, for a consistent and structured reward system distribution. The main goal established by the NFTmall team is expanding the E-Commerce and DeFi space by embracing interoperability and cross-chain functionality. This partnership with the Ferrum Network is absolutely a massive contribution to accomplishing that goal. The alliance of NFTmall and Ferrum Network is unique because this is the first-ever Binance Smart Chain(BSC) compatibility offered by the Ferrum protocol. Together we push the boundaries and challenges of innovation of cross-chain solutions.
GEM 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 GEM 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 4 staking pools: Silver (Shortest) Gold (Medium), 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 soon, but overall it is very simple. Just connect your ERC-20 wallet to the contract, deposit your GEM 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: GEM 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 an NFTmall team member or the Metamask team directly.
What is the Ferrum Network
Ferrum Network is a blockchain protocol that brings outstanding financial applications to emerging markets, with products and network utility. They have sophisticated financial applications that run on a DAG system that links to other blockchains and even fiat currencies. This interoperating and cross-chain DeFi ecosystem removes the barriers to mass adoption with user-friendly products for swapping, staking, and transferring cryptocurrencies. Its cross-chain DAG will enable the transfer of any digital asset in milliseconds for near-zero network fees, unlocking tremendous value for the entire industry. Ferrum’s non-custodial UniFyre Wallet has already revolutionized the way people send crypto with its “Link Drop” technology and is transforming the OTC market with risk-free OTC swaps embedded in a shareable link. Ferrum’s Staking-as-a-Service is now used by dozens of projects, and our Token Bridge is the fastest and most secure means of moving assets between Ethereum and Binance Chain.
Structured Staking Reward System
Listed below are the 4 different staking options for $GEM.
GEM Silver Staking:
Days Long: 4 months/ 120 Days
Pool closes: 07/08/21 or gets filled.
Minimum locked/ early withdrawal: 90 Days.
Early withdrawal APY: 30%
Full/ Maturity APY: 50 %
GEM Gold Staking:
Days Long: 8months/ 240 Days
Pool opens: 08/06/2021
Pool closes: 07/08/2021 or gets filled
Minimum locked/ early withdrawal: 180 Days
Early withdrawal APY: 80%
Full/ Maturity APY: 100%
Yield Farming/ LP Staking
GEM Platinum Staking:
Days Long: 6 months/ 180 Days
Pool opens: 08/06/21
Pool closes: 06/09/21 or gets filled
Minimum locked/ early withdrawal 120days.
Early withdrawal APY: 50%
Full/ Maturity APY: 100%
GEM Diamond Staking:
Pool opens: 08/06/21
Pool closes: 05/12/21 or gets filled
Days Long: 12 months/ 365Days
Minimum locked/ early withdrawal: 9 months/ 270 days
Early withdrawal APY: 150%
Full/ Maturity APY: 200%
How This Affects The NFTmall Ecosystem
One of the most important benefits this NFTmall/Ferrum Network partnership brings to the table is not only to reward network contributors but also serves as a mechanism that extends liquidity. Several smaller start-up projects, although productive and innovative, struggle with providing proper liquidity pools. However, the synergetic efforts of our collective teams allow GEM liquidity to build and maintain while also rewarding liquidity contributors. NFTmall strives to cultivate an environment that caters to the creators of the world, but the potential for staking and the rewarding of NFTmall native token holders is a bonus that further outlines the marvellous features and utility of the NFTmall Marketplace.
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