Fuse Integration with Ferrum Network's Product Suite

Fuse Partnership & Grant Proposal

Date of proposal submission: Saturday February 19th, 2022

Authors of the proposal: Nick Odio - EVP of Strategic Partnerships & Growth

Hello Fuse team,

In this first section, I wanted to provide you with two things. A scope of the various products and services that we offer and the value that we believe these products will add to the Fuse Ecosystem.

Section 1: Executive Summary

Scope

We believe that Fuse will be one of the leaders in the adoption of alternative and more scalable solutions in the blockchain space, specifically in regards to projects aiming to create the future of IoT. As a result, we expect many projects that we at Ferrum associate ourselves with to be privy to the problems that Fuse is solving and we want to ensure that the products and services that we offer are able to accommodate their needs and ultimately aid in the growth of the Fuse ecosystem.

Currently, we have well over 150 clients between our suite of Staking as a Service solutions, Cross Chain Token Bridge, and projects that we incubate through Ferrum Advisory Services. When you take into consideration the fact that most of these partners and clients currently reside on the Ethereum network and combine that with the extensive list of additional products that we are currently developing, it becomes clear that our ecosystem is destined for astronomical growth. With each network that we build out functionality for within our

product suite and with each product that we continue to deploy, we expect our client and partner base to grow exponentially.

Current Product Catalogue

Staking as a Service

Staking Pitch Deck

Our Staking as a Service products have been used by over 100 projects in the space. Most of these have been repeat customers. Through the hundreds of staking contracts we have deployed, we have been responsible for a lifetime TVL of over half a billion dollars and an ATH of over 100 million.

These products are fully audited white label solutions, deployed on the client’s website with their brand assets. These solutions add an immense amount of value in regard to token utility for both early stage and established projects.

VIP Staking

VIP Staking allows projects to implement a whitelist feature. This will enable the project to allow only whitelisted addresses to participate in the staking pool. These addresses could be whitelisted based on a number of factors including but not limited to:

  • Token holdings
  • Pre Sale/IDO Participants
  • Holding a particular NFT
  • Usage of their dApp
  • Engagement with their social networks/community
Liquidity Staking

Liquidity staking allows folks to take their Liquidity Pool (LP) tokens and stake them for what would likely end up being far greater rewards.

Multi-Asset Staking

Contributors to these types of staking pools may be rewarded in alternative assets to the ones they stake.

NFT Collection Staking

Artists and their fan-base can create staking pools for NFTs as a means of rewarding their supporters who hold their NFTs with exclusive collections, VIP events, etc, thus strengthening the bond between the artist and their collectors.

Ferrum Cross Chain Token Bridge

Cross-Chain Token Bridge Pitch Deck

Cross-Chain Token Bridge Medium Article

InfinitySwap (Token Bridge V1.2)

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

  • Ability to swap any assets on one chain for an equivalent value of another asset on the destination chain. E.g. Swap FUSE on Fuse for BNB on BSC.
  • 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
  • The ability for community members to add liquidity to the bridge pools and receive a portion of the bridge fees

Value Added to the Fuse Ecosystem

Token Utility

At Ferrum, we design products that add utility to tokens from their early stages and beyond. More often than not, when a project launches, their product is not fully complete. Oftentimes, this causes investors to grow impatient and sell the token prematurely. Through our staking technology we give projects the ability to give their community a reason to lock their tokens, see the bigger vision of the project, and be rewarded for it.

Through our token bridge, we give projects the ability to become cross chain compatible and add additional token utility through our “bridge swap fee mechanism’’. They can choose to burn these fees and become a deflationary asset, treat it as a revenue stream, consider them token buybacks, or use it as a reward mechanism for their community just to name a few.

Adoption

At Ferrum our mission is literally to break down barriers to mass adoption. We believe that other scalable L1 solutions face massive challenges when it comes to generating adoption themselves. In turn, this impedes the adoption of crypto as a whole since scalability is in fact the biggest blocker.

If projects building on Fuse are forced to build out Staking and Bridging technology because no other solutions exist, this will deter them from building on Fuse in the first place. Knowing those solutions are in place will attract many more developers and dApps to the network.

One of the other major challenges that L1 chains face in regards to adoption is the difficulty in which interoperability with non EVM networks is achieved. EVM compatible bridging solutions are a dime a dozen. However, our architectural differences between the others on the market make bridging Fuse to non EVM compatible chains a reality. Naturally, if projects deciding whether or not to build on Fuse have the ability to be interoperable with non-EVM compatible networks, they will be more inclined to do so.

Ferrum Advisory Services Incubation Referrals

Through Ferrum Advisory Services (FAS), Ferrum network is responsible for incubating nearly two dozen projects with another dozen in the pipeline or in stealth mode. Our aim at FAS is to carefully curate a selection of fundamentally sound projects with functioning products and legitimate use cases.

We get inquiries about Fuse often but until now, have not had a channel of communication with the team. We would love to help grow the Fuse ecosystem in this regard as well by referring FAS incubated projects to Fuse for their grant/developer support programs when building on Fuse.

We will also be looking to set up a referral structure between a Preferred Partner DEX of Fuse’s choosing, and Ferrum Advisory Services. This will enable expedited and co-marketed listings on that DEX while encouraging TVL of fundamentally sound projects on the DEX.

Section 2: Core 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 tions

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 tions 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 tions 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.

Section 3: Problem Description

Ferrum Network is a multi-chain Blockchain as a Service company that specializes in adding token utility and advisory services to projects across the crypto space. Since our inception in 2018, the project’s goal has been to facilitate mainstream adoption of cryptocurrencies on a global scale by building blockchain solutions that empower startups and established organizations, enabling them to get their core products to market faster.

As we continue to see the evolution of blockchain infrastructure and L1 solutions, it becomes increasingly evident that the tools that exist on Ethereum are few and far between on other networks. This is where Ferrum Network comes in. Having already built the technologies mentioned in the previous section for Ethereum, BSC, Polygon, Avalanche, and Moonriver, we are looking to expand our reach toward other L1 solutions. We believe that Fuse is the next infrastructure project to see massive adoption which is why we’re choosing to start here.

However, with mass adoption comes great responsibility. The amount of dApps that have added value to the Ethereum ecosystem is staggering. But this has led to more scalable solutions to be left on an island with few early adopters choosing scalability over comfortability. We believe that we can help solve this problem in a few ways.

Creating Space and Freeing Capacity

Ferrum is a product oriented company. We believe that the best way to achieve success is by identifying problems and providing solutions. Therefore, we recognize that it’s important for other projects in the space to have the capacity to work on their products.

Solutions usually arise out of necessity. As with our Staking as a Service suite of products, we noticed a substantial number of projects trying to build out their own in-house staking tech. With the rise of multi chain interoperability we started to notice the same pattern of projects attempting to build out their own bridging solutions. This ultimately led to delays in their core products as these products needed to deploy resources and audits in order to go to market with them. When the value proposition of a project is lost so is the value of the asset.

Security

When talking about software, exploits are inevitable. They’re especially common in emerging markets such as crypto as we’ve seen lately with the ever increasing number of hacks that seem to be occurring almost daily! At Ferrum, we’re committed to building secure protocols. We consider ourselves “paranoid security freaks”. We emphasize business and operational security best practices in addition to technical architecture security. This approach boasts well over 100 Staking as a Service clients with a lifetime TVL of nearly half a billion dollars, which translates to hundreds of smart contracts that have been created. We’re proud to say that throughout our tenure providing these solutions we have not fallen victim to a single exploit! We took this same approach when architecting the Ferrum Cross-Chain Token Bridge (soon to evolve to InfinitySwap) and have integrated some of the same security protocols used in our Staking Tech.

Section 4: Solution Approach

Goals and Scope of Solution

Goals

With this grant we intend to achieve the following:

  • Integration of Fuse with our Cross Chain Token Bridge
  • Integration of Fuse with our six different Staking as a Service products
    • Traditional Staking
    • VIP Staking
    • NFT Staking
    • Liquidity Staking
    • Multi Asset Staking
  • Referral of our partner and incubated projects to the Fuse ecosystem
    • Contingent on the integration of our products

Scope of Solution

We believe that what Ferrum brings to the table in terms of value is quite greater than the majority of projects who likely seek out grants from the foundation. The majority of projects can only grow the ecosystem linearly via their product or platform alone. Ferrum, on the other hand, can facilitate the growth of Fuse on a multi-dimensional scale since the products that we offer can help the majority of projects in the ecosystem and the projects belonging to our ecosystem generally heed our advice on where to build their products. As outlined previously, Adoption, Security, Token Utility, Creating Space and Freeing Capacity, Products, and Deal Flow are all elements that Ferrum will bring to the table via this grant.

High Level Technical Approach

We use an iterative and lean approach toward integration and development in general. We focus heavily on quicker deployments internally to incorporate feedback, then start detailed usability, security, functionality and reliability testing to capture any gaps in our initial approach. We quickly implement this feedback and then get the product in the hands of our customers when it passes our standards for performance and security.

Once the product is in the customer’s hands, we utilize an effective feedback loop to continuously improve our product by prioritizing the feature enhancements and bug fixes based on the priority of the feedback we are receiving.

In order to integrate with Fuse we’ll be utilizing the same principles. We will first scope out the integration, then start with a shell app version of the deployment that will explore the possibilities of the functional integration. Based on the results of this initial effort, we’ll identify high traction and demand areas to prioritize and build further into a production ready product. We will then proceed to develop and deploy the integration through our deployment cycle. Dev → QA → UAT → Staging → Launch.

We will repeat this process to integrate the rest of our product suite and future products as well.

Envisioning Future Expansions

Aggregating Liquidity From DEXs

Currently under audit is the next iteration of the bridge, InfinitySwap; a smart routing multi-chain aggregator that solves the problem of fragmented liquidity by routing fractionalized transactions toward optimized arbitrage opportunities across multiple DEXs. This upgrade will enable the ability to aggregate liquidity from various DEXs to support the bridge liquidity. This will eliminate the need for the project themselves to manage liquidity, incentivize investors to add liquidity, and ultimately help to establish a better price floor for the project.

We will be aiming to tap into liquidity sourced from a Preferred Partner DEX of Fuse’s recommendation (perhaps FuseFi/VOLT), via integrating a series of APIs, to support the volume being bridged on the Ferrum Cross-Chain Token Bridge.

Cross Chain Swaps via FuseFi

One of the main value propositions for this upgrade is the evolution from a Cross-Chain Bridge to a Mulit-Chain Swapping protocol. Given the architectural design of the bridge, we have set ourselves up for this quite beautifully. Being able to map any token to another without having to “burn and mint” or “lock and mint” like most bridges require, allows us to seamlessly swap assets in an extremely user-friendly and secure manner. This will be the underlying technology that enables a Preferred Partner DEX on Fuse (perhaps FuseFi/VOLT), or multiple, to facilitate cross chain swaps.

Section 5: Detailed Technical Plan and Statement of Work

Milestone #1: Scoping and Defining Resources for Fuse Bridge and Staking Integration

Details of what will be delivered in milestone:

Deadline will be 2 weeks post execution of the proposal

  • Scope out the integration of Fuse with the bridge, including details about the Bridge Pool setup on Fuse.
  • Determine if Fuse integration can also support multi-chain DEX based liquidity options 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 Fuse 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 Fuse 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.

At the completion of this milestone, we will be requesting payment for upcoming milestones to cover resource allocation and development cost.

Acceptance criteria:

  • Scope document for token bridge
  • Scope document for staking

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

Amount Due: $9,000

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

Details of what will be delivered in milestone:

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

  2. Fuse <> BSC

  3. Fuse <> Polygon

  4. Fuse <> Avalanche

  • Integrate bridge with one of the Fuse’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
  • Fuse compatible wallet integration
  • Ability to run swaps among:
  1. Fuse <> Ethereum

  2. Fuse <> BSC

  3. Fuse <> Polygon

  4. Fuse <> Avalanche

    • Internal QA feedback incorporation

Amount Due: $11,000

Milestone #3: Testing by Fuse and Audit Submission

Details of what will be delivered in milestone:

  • Share Bridge tech with Fuse for testing and incorporate their feedback.
  • Share Bridge smart contract with auditing firm in parallel to above step

Fuse team will test the bridge and provide their feedback / report bugs (if any). The feedback provided by Fuse will be reviewed by Ferrum team. Ferrum team will implement the mutually agreed upon feedback and share the bridge with Fuse to approve and sign off the milestone.

Acceptance criteria:

  • Fuse provides feedback
  • Ferrum incorporates the mutually agreed upon feedback provided by Fuse
  • Fuse signs off on shell app post their feedback incorporation
  • Submission of bridge smart contracts to a third party auditing firm

Amount Due: $2,500

Milestone #4: Mainnet deployment, testing and incorporation of final feedback - Token Bridge

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 Fuse and incorporate the final feedback

Acceptance criteria:

  • Ability to conduct swaps across below networks with Fuse:
  1. Fuse <> Ethereum

  2. Fuse <> BSC

  3. Fuse <> Polygon

  4. Fuse <> Avalanche

  • Able to add/remove liquidity on all networks
  • Fuse signs off on mainnet testing

Amount Due: $2,500

Milestone #5: Incorporate audit feedback and launch - Token Bridge

Details of what will be delivered in milestone:

  • Incorporate final audit feedback provided by a third party
  • Launching the bridge on production mainnet

Acceptance criteria:

  • Sign-off on audit completion by the third party auditor
  • Launch on production mainnet
  • Bridge is live and available to users to bridge tokens

Amount Due: $7,500

Milestone #6: Build, Deploy, and Internally QA Staking Shell App

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 Fuse’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
  • Fuse compatible wallet integration
  1. Ability to proceed through staking flow as described below:

  2. Ability to deploy the pool.

  3. Ability to set and test staking Periods

  4. Ability to set mandatory lock and early withdrawal

  5. Ability to set and test reward redistribution of Early Withdrawal

  6. Ability to set and test rewards distribution for full maturity

  • Internal QA feedback incorporation

Amount Due: $7,500

Milestone #7: Testing by Fuse and Audit Submission - Staking

Details of what will be delivered in milestone:

  • Share Staking deployment with Fuse to get their feedback and then incorporate it.
  • Share Staking smart contract with an auditing firm in parallel to above step

Fuse team will test the staking tech and provide their feedback / report bugs (if any). The feedback provided by Fuse will be reviewed by Ferrum team. Ferrum team will implement the mutually agreed upon feedback and share the staking tech with Fuse to approve and sign off the milestone.

Acceptance criteria:

  • Fuse provides feedback
  • Ferrum incorporates the mutually agreed upon feedback provided by Fuse
  • Fuse signs off on shell app post their feedback incorporation
  • Submission of staking smart contract to a third party auditing firm
    Amount Due: $2,500

Milestone #8: Mainnet deployment, testing and incorporation of final feedback - Staking

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 Fuse and incorporate the final feedback

Acceptance criteria:

  • Smart Contract Deployment for traditional staking
  • Fuse compatible wallet integration
  1. Ability to proceed through staking flow as described below:

  2. Ability to deploy the pool.

  3. Ability to set and test staking Periods

  4. Ability to set mandatory lock and early withdrawal

  5. Ability to set and test reward redistribution of Early Withdrawal

  6. Ability to set and test rewards distribution for full maturity

  • Fuse signs off on mainnet testing

Amount Due: $2,500

Milestone #9: Incorporate audit feedback and launch - Staking

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
  • Staking pool is live for users to stake

Amount Due: $5,000

Section 6. Budget and Costs

Grant Proposal

In order to expedite the process of integrating Fuse into our product catalog and to encourage the growth of the Fuse Ecosystem, Ferrum Network is requesting a $50,000 grant to integrate Fuse with our entire product catalog. We are also requesting a partnership that allows us to refer Ferrum Advisory Services’ incubated projects to your network.

Use of Proceeds

The funds from the grant will be used to fund the allocation of engineering, project management, support and executive resources to integrate the Ferrum suite of products to Fuse over the next quarter and to support the adoption and acceleration of the evolution of these products on Fuse in the following quarters.

We feel that this is the best path forward for Ferrum to be able to justify prioritizing this integration for our extensive product suite with Fuse. With a small but quickly growing team, we need to be cognizant of our backlog of items and how this affects our overall roadmap. However, a partnership that entails the aforementioned items, we believe, is crucial to the execution of our overall mission to break down barriers to mass adoption and to the overall success of Ferrum Network. On the same token, through this relationship we intend to add an immense amount of value to and aid in the expansion of Fuse as well!

Section 7. Reporting Commitments

Ferrum Network vows to provide Progress Updates to the Foundation every month to any of the information provided above:

• Progress reports: detailing how our project is advancing, including any deviation from the initial plan or if you expect such deviations in the future.

• Financial reports: expenses and other items related to the use of our budget, including any deviation from the initial plan or any expected deviations.

Sincerely,

Nick Odio - EVP of Strategic Partnerships & Growth at Ferrum Network

1 Like

As a long time Ferrum community member I have been using their various products and been in contact with most of their Team frequently.
I think that an integration of their products with Fuse would offer great symbiosis, also bringing together great teams and friendly communities.

Sol

1 Like

@FerrumNetwork

Nick, thanks for the comprehensive grant proposal. There’s lots to read and research. We’ll be discussing this in the DAO over the next week and will get back to you soon.

Rob B
FuseDAO

1 Like

I would fully support this Grant Proposal, the Ferrum Network team continue to be thought leaders within the crypto space bringing next generation solutions to resolve real challenges, while ensuring quality, security and community engagement.

As the proposal identifies, Ferrum Network is uniquely position to readily integrate Fuse within existing solutions, these products are tried and battle tested.

Ferrum Network not only comes with a technically excellent team, but with an active community that is engaged and supportive.

For me this is a great opportunity for Fuse and Ferrum Network going forward.

1 Like

Hey Rob! Thanks for the prompt response. Looking forward to hearing back from you and let me know if you have any questions. Talk soon.

Best,
Nick

Hi @FerrumNetwork Nick, apologies for the delay. we’ve discussed this in the DAO and want to move to a vote.

To confirm, we pay grants in Fuse token on Fuse Network. We use a 3+current day average price from coingecko to calculate the $dollar value in Fuse tokens.

Please could you DM on Telegram @fuseprime to set up a Ferrum<>Fuse group.
Thanks,

Rob

Hey Rob! Glad to see things moving forward! That’s exciting. Just fyi, we have a group with Fuse already if you’d like to just use that. Would you like me to add you there? If so, please add me to your contacts so it will allow me to. I DM’d you as well.

Username: (@)cryptodio

Looking forward,
Nick