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Revolutionary Cardano-Based Prediction Market Platform Foreon Network Set to Transform Blockchain Fundraising with Upcoming ISPO in August 2023
Foreon Network, a groundbreaking decentralized prediction market operating on the Cardano blockchain, is thrilled to announce its second-place finish at the Cardano EMURGO BUILD 2023 Hackathon, conducted in collaboration with DoraHacks. Foreon Network’s sterling performance placed it just behind MuesliSwap, a Cardano orderbook decentralized exchange.
The Cardano EMURGO BUILD 2023 Hackathon represents a monumental Cardano blockchain-focused Web3 competition, organized by a founding entity of Cardano. The hackathon presented a total prize pool of up to $2 million, earmarked for standout participants.
In an exciting development shared via its Twitter handle, Foreon Network provided a preview of its highly anticipated testnet and offered insights into its forthcoming ISPO.
About the Foreon Network ISPO
Scheduled for Epoch 433, 28th of August 2023, the Initial Stakepool Offering (ISPO) is an innovative fundraising model unique to the Cardano blockchain community.
Participating ADA holders delegate their staking power to Foreon’s pool. In return, instead of ADA rewards, they receive FRN tokens — the native utility token of the Foreon Ecosystem — proportionally to their stake.
A delegator staking 2000 ADA to Foreon’s ISPO pool will be eligible to get 1 $FRN reward per epoch.
The ISPO will run until all 2,500,000 $FRN tokens allocated for the ISPO are distributed.
Learn more about Foreon Network’s ISPO
As a cornerstone of the Foreon Ecosystem, the $FRN token will facilitate payment for fees on Foreon’s prediction platform. Additionally, users can look forward to future opportunities to stake these tokens to earn further $FRN rewards.
“What Foreon Network is building is genuinely unprecedented in the Cardano landscape,” said CardanoGPT CEO, Captain Plutu, commenting on a newly-minted strategic partnership with Foreon Network. “Their remarkable second-place finish at the Emurgo/Dorahacks Web3 hackathon stands as a compelling endorsement of the distinct value they are introducing to the Cardano Ecosystem. CardanoGPT and Foreon Network are aligned in vision, making our collaboration a natural synergy.”
Foreon Network is ambitiously targeting more than $15 million in Cardano stakes through its ISPO, setting a precedent for Cardano projects’ fundraising endeavors.
A New Milestone on Foreon Network’s Journey
This ISPO signals not just a fundraising innovation but also marks a significant milestone on Foreon Network’s extensive roadmap.
The initiative follows the successful minting of Foreon NFTs, now available on Jpg.store, and precedes the eagerly awaited launch of Foreon’s incentivized testnet.
To learn more about Foreon Network, visit the official website or join the vibrant community on Discord.
About Foreon Network
Foreon Network is a next-generation information market platform where users can trade on the likely outcomes of future events. Users can craft a share portfolio based on their predictions, earning returns based on the accuracy of their forecasts.
Foreon Network is poised to disrupt traditional betting platforms, notorious for exorbitant fees, stringent restrictions, and subpar accessibility.
Utilizing the superior capabilities of Cardano’s smart contracts, Foreon Network aspires to offer an unblemished, transparent, and trustless predictive market environment.
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