OpenOcean to open up FORE Predict to millions of holders

FORE Predict is a global, decentralized predictions ecosystem powered by people. People can create prediction markets on any event, participate in markets against others with better odds and lower fees, and validate market outcomes themselves.  

Prediction markets are making a resurgence in 2024, with BitwiseInvestments predicting that more than $100 million will be staked in decentralized prediction markets this year as the battle commences for the new “killer prediction market”. In a bid to capture a significant portion of that growing market share and bring decentralized predictions to millions of prospective users, FORE is integrating OpenOcean MultiChain API V3 into its decentralized predictions platform.

‘Meta-aggregator’ OpenOcean currently pulls from over 1,000 liquidity sources to support thousands of assets across 35 chains, driving $3 billion in yearly trading volume from 1 million users. OpenOcean MultiChain API V3 will enable users to participate in predictions via a variety of assets, helping to facilitate the accessibility and adoption of FORE Predict. Initially, leading assets on the Arbitrum network such as USDT, ETH, and ARB will be supported, while additional assets and chains will be enabled based on user demand. As OpenOcean supports gasless trading via its API, this will not result in any additional fees for users.

FORE token is the deflationary utility platform underpinning FORE Protocol, and is used for all actions on FORE Predict: market creation, participation, settlement, and validation. This ensures the token remains strictly deflationary, as a percentage of FORE is burned with every single translation. To retain the deflationary tokenomics of FORE token while opening up access to users outside of the FORE ecosystem, additional assets accepted via OpenOcean will be auto-converted to FORE token via a market buy. This ensures that, regardless of the asset used to participate, all markets will be settled in FORE.  Retaining FORE for market settlement will increase trading volume, liquidity, and deflation of the FORE token underpinning the protocol.

“I see the integration of OpenOcean as a huge win for FORE Predict, our existing user base, and newcomers seeking alternatives to traditional prediction markets.” says Timothea Horwell, Co-Founder of FORE Protocol. “Enabling other assets to be used on the platform will drastically increase accessibility to millions of potential users, resulting in greater protocol volume via a new audience of users outside of the FORE ecosystem. As user rewards are tied to protocol activity, this will make for a more profitable and sustainable predictions ecosystem for all.”

To ensure liquidity of markets as FORE Predict continues to integrate more blockchains, OpenOcean will enable users across different blockchains to participate in markets with other users on different chains to build a chain-agnostic predictions ecosystem. This interoperability will not only broaden the accessibility of FORE Predict, but also position the platform as a frontrunner in the decentralized predictions space.

Join us for an AMA with OpenOcean on Feb 15, 2024 at 12:00PM UTC to learn more!