A crucible is a container used to form new substances. Ferrum is the Latin word for Iron. So when naming this innovative product, we thought Crucible was a fitting name.
The Crucible is a whole new way of looking at staking technology and the limitations of DeFi. At face-value, Crucible enables a type of staking known as Open Staking. In this kind of staking, a holder can stake their tokens at any time and withdraw them at any time. Stakers pay a withdrawal fee for unstaking. This fee mechanism encourages users to keep their tokens in the Crucible pool for a period long enough to earn rewards to offset the withdrawal fee while simultaneously allowing users to stake their tokens anytime. Goodbye staking contribution deadlines, now you will never miss an opportunity to earn from a staking pool with the help of Open Staking powering Crucible.
Since we announced The Crucible initially, our technology has evolved, and so have the benefits that The Crucible brings to the community. For example, with the launch of The Crucible, we will be creating an ecosystem of self-sustaining staking pools that have self-sustaining rewards generated from fees earned through any transaction that occurs for that token. We are also burning a percentage of the fees earned for every transaction that occurs for the related token.
How does this work?
Reflection staking meets Crucible. By staking FRM and FRMx in the Crucible, stakers get access to the Crucible and CrucibleX token. These tokens are mapped 1:1 with FRM (Crucible) and FRMx (CurcibleX). Each token comes with a set of fees: Burn | Reward. For every Crucible or CrucibleX transaction, a percentage of the transacted token is burned. 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 Crucible / CrucibleX LP Token staking pool.
We know this is a rather complex concept to understand. We'll be developing a simplified user journey and UI to help community members understand and take advantage of this self-sustaining deflationary ecosystem. Since Crucible and CrucibleX are mapped 1:1 to FRM and FRMx, the amount of Crucible and CrucibleX burned directly reduces the same amount of FRM and FRMx from circulation. In essence, community members now get to earn rewards per transaction while simultaneously decreasing FRM and FRMx supply, further increasing the value of their holdings.
Is that all? - Presales and UniFyre
UniFyre has served us well. It was one of our pioneering solutions when we first launched it. However, with the speed of evolution that crypto requires, it's necessary for us to adapt. We are now setting a new standard for presales and holding management going forward. For this purpose, we are announcing that Crucible will be the first product to be publicly available as part of the Ferrum Gateway. It will also give Crucible, and CrucibleX holders access to presales for incubated projects. This is the first time community members can take part in staking rewards through Crucible and CrucibleX LP Token while gaining access to presales.
As we get closer to launch, we will share more details regarding the structure of these pools and their benefits.
This technology is also being offered to projects as a service they can utilize.
Will this mean UniFyre will not be necessary for presale qualification? Will the wallet be retired or are there plans to expand its capability to hold tokens on other blockchains?
The capabilities of UniFyre will be expanded through other web based applications instead of the mobile app. A suite of applications combined into a product called the Ferrum Gateway will serve as the entry point to all of Ferrum Networks products and services. UniFyre as we know it today will be transitioned off and replaced with more advanced cross-chain dApps
Staking options on poly or btc for everyone that still allows presale access!
Let's do this guys I know tons of us in the community want this
Merged with: Staking options on poly or btc for everyone that still allows presale access!
The Crucible and Reflection staking smart contracts have been submitted to Zokyo for Audit. Once the audit feedback is incorporated the UI will be integrated next.