Foreon Network’s ISPO kicks off on Epoch 433, you can start staking your ADA from today to participate in the very first snapshot and start accumulating $FRN Tokens
Foreon ISPO Details:
- Pool name: Foreon Stake Pool
- Pool ticker: FRN
- Pool ID: 10ecebfb1bbb0d1132c41952f9de613431d4fef626b2de8050e1a80b
- Pool Owner: Foreon Network
- Pool margin: 99%
- Start Date and Duration: The ISPO begins on Cardano epoch 433 (28th August 2023) and will run until all the 2.5 million allocated $FRN tokens are distributed.
- Reward formula: 1 $FRN for every 2000 ADA staked (excluding boosted rewards per epoch)
- Distribution: 2.5 million $FRN tokens (25%) will be earned during the Foreon ISPO.
To participate in the very first snapshot, you should delegate your stake before epoch 433 starts on 28th August 2023.
Introduction to Foreon Network
Foreon Network is an information market platform, where users can trade on the likely outcomes of future events, crafting a share portfolio based on their predictions to earn a return.
Foreon Network offers an alternative to traditional betting platforms known for high fees and restrictions.
Utilizing Cardano’s smart contracts, Foreon Network aims to deliver a seamless, transparent, and trustless prediction environment.
What is an ISPO?
An Initial Stake Pool Offering (ISPO) is a fundraising mechanism that is popular within the Cardano blockchain community. Participants forgo their ADA staking rewards to receive a proportionate share of a specific Cardano native token — in this case, $FRN, the utility token of the Foreon Network.
Foreon Roadmap Highlights
- Q2 2023 — Foreon Project Announcement, AMAs, Initial Foreon NFT Bonds Offering, Strategic Partnerships
- Q3 2023 — Foreon ISPO Launch, Announcing Second Batch Of Foreon Ambassadors, Awareness & Marketing Campaigns, Foreon Network MVP (Version 0.1 Launch On Testnet)
- Q4 2023 — Incentivized Testnet & Main-net Launch
$FRN has a fixed supply of 10 million tokens and will have multiple utilities on the Foreon Network, such as payment of fees and token staking. $FRN will be exchangeable on the open market after our ISPO.
How to Delegate
Delegate your ADA to the Foreon Stake Pool via your preferred Cardano wallet. Search for the “FRN” ticker and double-check its pool ID.
Our ISPO includes a boosted reward bonus for Foreon NFT holders, and the longer you stake with the Foreon ISPO, the more $FRN tokens you will receive.
This means that if you hold a Foreon NFT on the same wallet you are using to stake on Foreon ISPO, you will be eligible to earn bonus rewards.
So for example, if you stake 200,000 ADA to Foreon ISPO pool for the entire duration of the ISPO and you have 1 Foreon NFT in the wallet, you will receive a 5% boost to your original staking rewards. So if you have 5 NFTs in the wallet, you will be entitled to a 25% boost to your original staking rewards.
Non NFT holders who stake for the entire duration of the ISPO will also be eligible for a 15% bonus.
This means that if you hold a Foreon NFT and stake for the entire Duration of the ISPO, you will be entitled to a 20% boost as the longer that you stake with the Foreon ISPO, the more $FRN token rewards you will receive.
The reward distribution is straightforward: 1 $FRN token for every 2000 ADA staked per epoch.
How to Claim Your $FRN Tokens
The process to claim Foreon Network ISPO rewards will be an easy and straightforward process, which we will detail closer to the distribution date.