Gaming Prediction Market Forkast to Launch on Ronin with $CGX Rewards

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As a seasoned analyst with a penchant for blockchain and gaming, I find myself thoroughly intrigued by the forthcoming launch of Forkast on Ronin. With years of experience observing the dynamic interplay between these two spheres, I can confidently state that this development represents a significant stride in the evolution of blockchain-based gaming.

Community Gaming is set to debut Forkast, a gaming-centric prediction market, on the Ronin sidechain linked to Ethereum, starting from January 2025. Users can deposit tokens, make predictions about gaming and online culture events, and earn rewards such as CGX tokens and loot boxes.

Ronin is set to welcome Prediction Markets, with the debut of the first consumer app coming in January 2025. This innovative application will be backed by Community Gaming, as announced by Forkast.GG. Alongside this launch, the $CGX token and its claim mechanism are also scheduled to go live around the same time. Users can look forward to earning $CGX tokens, weekly loot boxes, and additional perks. Moreover, transactions within Ronin will be gasless, enhancing user experience.

— Ronin (@Ronin_Network) December 23, 2024

Connecting Forkast with Ronin, a network that houses popular games like Pixels and Axie Infinity, signifies a significant advancement for blockchain gaming. The CEO of Community Gaming, Chris Gonsalves, highlighted Ronin’s strong influence in the gaming sector, referencing years of partnership through CG Tournaments and the sidechain’s solid, adaptable infrastructure.

Chris Gonsalves told Decrypt that Ronin has clearly established itself as the leading platform in gaming. For quite some time, Community Gaming (CG) has been working on and backing the community within Ronin, hosting CG Tournaments. Their tools are robust and their ecosystem’s ability to withstand various phases has been shown,” said Chris Gonsalves.

Forkast plans to streamline user access and eliminate gas fees for certain transactions such as reward collection, by integrating Ronin Waypoint – a versatile account and digital wallet system. Additionally, users have opportunities to earn rewards through features like weekly loot boxes, leaderboard incentives, and prediction credits, enhancing the overall platform experience.

First Prediction Market to Launch on Ronin

For Sky Mavis, the creator of Ronin, Forkast represents a fresh opportunity to engage its audience. Jeff Zirlin, Sky Mavis’ co-founder and Chief Growth Officer, highlighted the synergy between prediction markets and gaming: 

Prediction markets and gaming platforms often complement each other due to the numerous possibilities, both within games and real life, that can be wagered upon. Now, Community Gaming is advancing further with Forkast – the inaugural prediction market for Ronin.

Zirlin underscored the far-reaching consequences of the launch, stating that it marks “the start of a fresh wave of consumer apps on Ronin.” Integrating Forkast into the network supports its primary objective and keeps users hooked with cutting-edge solutions.

Forkast’s CGX tokens will become accessible on Katana, the decentralized exchange by Ronin, at around the same time as its debut. Early users of Ronin Waypoint can look forward to extra benefits, creating a smooth transition for users into this predictive gaming environment.

Prediction Markets Surge 565.4% in Q3 2024

Forkast’s introduction coincides with an extraordinary expansion in the field of prediction markets. As per a CoinGecko report dated October 14, 2024, betting volumes skyrocketed by an impressive 565.4%, reaching a staggering $3.1 billion in Q3, contrasted with $463.3 million in Q2. This surge can be attributed to heightened bets on the upcoming U.S. presidential election.

Forkast intends to leverage the current trend by providing distinct markets focused on gaming, where users can trade tokens that symbolize possible event results and earn profits from accurate forecasts. For example, a hypothetical market could pose the question, “Will Pixels surpass 2 million daily active users by Christmas?” Those who correctly predict would receive rewards in the form of on-chain transactions.

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2024-12-23 21:06