Ferrum Network Joins Efforts Against Blockchain Maximalism: Looks To Secure Parachain With “We Bought DOT” Initiative

Image credit: Ferrum Network
There seems to be a trope in the blockchain space that a single blockchain network is necessary and must rule. This blockchain maximalism is harmful to the entire blockchain ecosystem, which is why projects like Polkadot are about ending it. Now Ferrum Network wants to join Polkadot’s efforts against blockchain maximalism by creating an environment where developers can deploy multi-chain Dapps by leveraging Substrate.

The maximalist blockchain argument is well known: the “X” network is destined to carry the blockchain space on its shoulders. While long gone are the days of Ethereum and Bitcoin being the only “viable” networks out there, it’s not uncommon to hear every major network being evaluated based on its potential to be an Ethereum or Bitcoin “killer.”

Polkadot was born from former Ethereum CTO Gavin Woods’ belief that interoperability should be the foundation of Web3, a term Mr. Wood coined himself. As such, Polkadot aims to become the “blockchain of blockchains” with their Layer 0 network framework. By creating their parachains using Substrate, developers can ensure complete and seamless compatibility with Polkadot and other Substrate-based chains.

Finding Polkadot’s vision of the network close to its own, the Ferrum Network looks to enable the same level of seamless compatibility between substrate-based chains and both EVM and non-EVM compatible networks. Powered by the Quantum Portal engine and secured by Value Constrained Multichain Rollups (VCMR) and Multichain Validator Staking (MVS), Ferrum Networks mainnet nodes and associated infrastructure aim to bring value, data and functional interoperability to every chain in the industry.

To achieve this, something they call Interoperability 2.0, the Ferrum Network will look to secure both the Kusama and Polkadot parachains. Once achieved, these two slots will allow the project to run the Ferrum X Network as a Kusama parachain and the Ferrum Network InfinityLayer mainnet as a Polkadot parachain.

In recent years, many projects have joined the Kusama and Polkadot ecosystems. However, most of these projects were born in the DotSama (Polkadot-Kusama) ecosystem. On the other hand, Ferrum seems to be starting a new trend of older projects migrating to Substrate.

Ferrum Network will certainly face challenges when transitioning to Substrate. Not only will the development team have to take the necessary steps to ensure that this old project is fully operational in Substrate, but it will also adapt tokenomics to ensure that the currency and the growth of the network are not negatively affected. Fortunately, the team already has a clear strategy to deal with both challenges, ensuring a smooth transition.

The Ferrum Network team launched their “We Bought Dot” initiative earlier this month. Ferrum plans to allocate a significant portion of its earnings to cashing in well into the 6-figure DOT in the coming weeks and months. This will facilitate the project’s efforts to acquire the Polkadot parachain slot by financing the auction largely on its own. The Kusama track will be achieved through the more traditional approach of an entirely crowd-funded crowdfunding loan.

“Apart from having one of the best communities in the space supporting us, Ferrum is a well-established project that has been generating revenue for 3 years now. As a result, we are uniquely positioned to supplement a crowdfunding by funding much of the parachain auction self.” Nick Odio, EVP Partnerships & Growth at Ferrum Network said about the initiative. “This is something that pre-revenue projects don’t have the luxury of doing, forcing them to turn solely to crowdfunding to secure their slot.”

Ferrum Network’s decision to join the DotSama ecosystem reflects a growing trend in the blockchain space. As Web3 takes off, interoperability has become a priority for projects, investors, developers and users. Establishing projects like Ferrum that support leaders like Polkadot in the movement will help mass adoption become a reality, bringing benefits to all parties involved. And while legacy projects face some challenges in removing barriers to entry into the thriving DotSama ecosystem, there can also be some benefits, as evidenced by the efforts of the Ferrum Network.

The “We Bought DOT” initiative is just the beginning for Ferrum and their push towards Substrate and the DotSama ecosystem. They have a lot of exciting things going on. Ferrum will release MultiSwap this quarter, a multi-chain smart routing aggregator that enables cross-chain swaps by pooling liquidity across native DEXs on multiple networks. MultiSwap will also be one of the first Dapps on their mainnet. Stay tuned for their upcoming whitepaper and updated tokenomics.

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