Forkast Prediction Market Set to Launch on Ronin in January 2025
Community Gaming has introduced Forkast, a prediction market focused on gaming, set to launch on Ronin, an Ethereum-based sidechain, in January 2025. The platform allows users to stake tokens, forecast outcomes of gaming and internet culture events, and receive rewards such as CGX tokens and loot boxes.
Prediction Markets are Coming to Ronin!
The first consumer dApp – powered by @CommunityGaming ⚔️
• @ForkastGG launching January 2025
• $CGX token and claim going LIVE around the same time
• Earn $CGX tokens, weekly loot boxes, and more
• Gasless transactions for Ronin… pic.twitter.com/6KzByXi60b— Ronin (@Ronin_Network) December 23, 2024
Integrating Forkast into Ronin, known for games like Pixels and Axie Infinity, signifies a significant development in blockchain gaming. Community Gaming CEO Chris Gonsalves noted Ronin's leadership in gaming, citing years of collaboration through CG Tournaments and the network’s resilient ecosystem.
“Ronin has proven to be the clear leader for gaming. Community Gaming has already been building on Ronin and supporting the community there for years with CG Tournaments. Their tooling is robust and they have demonstrated how resilient their ecosystem is through multiple cycles,” said Chris Gonsalves to Decrypt.
Forkast will use Ronin Waypoint, a universal account and wallet solution, to simplify user access while providing gasless transactions for actions such as reward claims. Users can earn through weekly loot boxes, leaderboard bonuses, and prediction credits, enhancing the platform's experience.
First Prediction Market to Launch on Ronin
For Sky Mavis, creator of Ronin, Forkast offers a new way to engage its audience. Jeff Zirlin, Sky Mavis’ co-founder and Chief Growth Officer, highlighted the compatibility of prediction markets with gaming:
“Prediction markets and gaming chains go hand-in-hand since there are so many potential outcomes, both in-game and IRL, to bet on. Community Gaming […] Now taking the next step with Forkast—Ronin’s first prediction market.”
Zirlin emphasized that this launch marks the start of new consumer applications on Ronin. The integration aligns with the network’s focus on innovative user engagement solutions.
Forkast’s CGX token will be available on Katana, Ronin’s decentralized exchange, coinciding with its launch. Early adopters of Ronin Waypoint will receive additional benefits, facilitating a smooth transition into this predictive gaming ecosystem.
Prediction Markets Surge 565.4% in Q3 2024
The launch of Forkast occurs during notable growth in prediction markets. A CoinGecko report from October 14 indicated that betting volumes increased by 565.4% in Q3 2024, reaching $3.1 billion across major markets, spurred by bets on the upcoming U.S. presidential election.
Forkast aims to leverage this trend by offering unique gaming-centric markets. Users can buy and sell tokens representing potential event outcomes and earn profits for accurate predictions. For example, a market might ask, “Will Pixels reach 2M DAU by Christmas?” Correct predictions would yield on-chain rewards.