SuperUMAns #67 - About Fore Protocol Players, Analysts And Market Creators

0 128

Written by

#Club1BCH

10 months ago

Topics: Across, FORE Protocol, Across Protocol, Forefluencer, FORE, ...

Earn a share of 15,000 $FORE with the Fore Protocol zealy quest! Over the next two months, community members will be able to earn a share of 15,000 FORE through various activities that support the growth of the FORE ecosystem.

A simple, fun & creative way to join trendy communities, make an impact and earn rewards.

https://zealy.io/c/foreprotocol/invite/Mob54yGBlSJtedKVTOHwq

Join the Fore Protocol discord for updates and extra XP.

Check out the FORE Protocol community on Discord - hang out with 19285 other members!

https://discord.gg/Wkq8vcpq

UMA offers Universal Market Access, promoting the crypto decentralization and implementing blockchain technology in the Cryptoverse. DeFi protocols and DAOs can use the tools UMA and implement financial or governance solutions. Join the UMA Discord to get the latest oSnap updates during the weekly Community Calls.

Online bookies are bullies, charging high fees and even blocking successful players from betting. Online betting companies will enforce low maximum limits to customers and play any card in their sleeves to make profit. This changed with Fore, the prediction ecosystem where the house doesn't win... you do!

Fore Protocol integrated the UMA Optimistic Oracle and created a truly decentralized peer-to-peer predictions ecosystem powered by people. The users can create prediction markets, determine market odds, participate in markets against each other, and validate the market outcomes.

Any user with a web3 wallet can bet on events and receive fair rewards if the bet is correct. UMA's Optimistic Oracle – the only oracle which validates natural language statements – is perfect for resolving prediction markets. You can be a player, a creator or an analyst... or all!

The platform fees are redistributed to users for all productive activities like creating and validating prediction markets, creating a self-regulating and self-sustaining ecosystem!

You can burn 1000 $FORE to mint the Fore Analyst NFT. The analysts on FORE Predict will participate in market resolution by confirming market outcomes, contributing to a decentralized and trustless environment. For their contribution, they are rewarded with 2% of the total market size, ensuring that analysts have an incentive for correct validation.

You can be a market creator, using as little as 10 $FORE to create your predictions. The creator will receive 0.5% of the market volume, no matter the outcome! What are you waiting for?

Fore is unique because it is totally user controlled – users create markets, participate in them, and resolve them, without centralized intervention. The markets are automatically settled, unless a dispute is raised. Fore uses UMA for security and disputed market outcomes will be submitted to UMA's Optimistic Oracle for resolution.

How does it works? The funds are locked in smart contracts, so traders who predict correctly receive instant payouts. Decentralized prediction markets don’t ask for KYC details, as the users will only need a Web3 wallet to participate. Everything is transparent as all data gets recorded on-chain and the participants can see where the funds are going.

One of the first markets ever created on Fore was is UMA's total value secured will hit $500,000,000 in 2023? It had even odds for both Yes or No, and an initial market size of 5,000 tokens. At that point the creator had guaranteed 25 $FORE!

The market got even bigger and only two days later UMA's TVS hit half billion. I was late to the party! Early bird catches the worm, and I wasn't that late! The $FORE token can be bought from the Arbitrum side of Uniswap, where the gas fees are not that high as mainnet.

I was ready to dive into Fore Predict, and got my tokens ready. The plan was to explore the platform as a player, then create few markets, and who knows... maybe mint the Analyst NFT.

Had a look and found the right market. Will Bitcoin cross $40,000 before the third of December? It was a safe prediction, with $BTC price in decline and less than two hours to go.

The market size was 60 $FORE, equally split between the choices. Took NO as my position, adding 250 $FORE, and hoped that Bitcoin will not suddenly spike before midnight.

Raised the market size to 310 $FORE, and waited for the validation to start. My prediction flipped the market to 90% for NO, and raised the odds for BTC over $40,000 at an amazing 9.33!

At this point I was curious about my profit, thinking that my gains will be really small! I was wrong!

The settlement process is straight-forward. Once the market is closed, the validation window will start. If no disputes are raised, the players will be able to claim their rewards.

If users think the market was incorrectly validated, they can raise a dispute. The fee is 1000 $FORE, which will be refunded if the dispute was correct ... plus a reward on top. If the dispute was incorrect, the tokens are burned.

The decentralized ecosystem onboarded thousands of users, and implemented their feedback. The validation window was reduced to 12 hours, and resolved market positions were added in the users portfolio.

Was no issue with my market, and I was able to claim my rewards! The total $FORE claimed was 262,94 tokens, 13 on top of my bet. It was a safe way to try the system, and a small gain on top of that.

I looked for the next prediction, and I found what I hoped! Will 1000 Analyst NFTs be minted by 20th of December? The market size was 3,800 $FORE, and my NO prediction took it over 4000 tokens.

My bet was a calculated risk, as 220 analyst NFTs were minted when the market was created. The minting burned 220,000 $FORE and 1000 NFTs was in reach if the same rate was maintained.

However, my choice was NO because every great start will have a slow-down period, before things taking off again. It's a pattern that happens in 99% of scenarios, and I was hoping I didn't go all-in in that rare 1% case.

Checked the Portfolio dashboard for the latest UI upgrades, and everything is smooth. I can check my in-play predictions, settled markets, and check any details with one click.

The summary page will inform the players about their profits, average profit per market and even their place in the leaderboard. I was ranked 92nd after the Bitcoin market, and hopefully will jump some spots after the Analyst NFTs market will settle. Try Fore Predict and let me know what you think about it!