Foreon Development Update: Episode 14 🚀
We’re back with another exciting development update, and this week’s edition is packed with groundbreaking updates that push us closer to a fully decentralized and user-driven prediction market on Cardano.
From user-created markets and liquidity mechanisms to major UI upgrades and our submission to the Cardano Foundation’s Venture Hub, the Foreon Network team is making huge strides leading up to the testnet V2.
Let’s dive in! 🚀
🌎 Empowering the Foreon Community: User-Created Markets
We are thrilled to introduce a game-changing feature on our V2: User-Created Markets on Foreon Network!
With this update, users who hold and stake a minimum of 25,000 $FRN will have the ability to create markets on the Foreon platform.
But we’re taking a step further to ensure high-quality markets creation and fair participation.
Here’s how it will work:
1️⃣ Market Creation:
- Users with at least 25,000 $FRN will be able to create markets.
- The market creation feature will be integrated into the user interface, giving users a seamless experience.
2️⃣ Community Approval & Voting Mechanism:
- Before a market goes live, it will need community approval through an on-platform voting system for $FRN token holders.
- Only stakers holding at least 25,000 $FRN will be eligible to vote.
- If a market receives more “Agree” votes than “Disagree” votes, it will be automatically published for trading.
- If votes are tied, a super admin (The Foreon Team) will make the final decision,.
3️⃣ Voting System & Weighting:
- Every 25,000 $FRN held = 1 vote (e.g., holding 100,000 $FRN = 4 votes).
- Voting will be off-chain (for now) to make participation seamless and gas-free.
This feature will significantly decentralize Foreon’s governance, ensuring that only high-quality, community-approved markets go live!
💰 Ensuring Liquidity for User-Created Markets
To make sure every market has enough liquidity, we’re implementing a creator-funded liquidity model.
🔹 Market creators should / must provide initial liquidity to kickstart trading.
🔹 They can do this in two ways:
- Balanced Liquidity: Buying equal amounts of shares in both outcomes.
- Directional Liquidity: Buying more shares in the outcome they believe in.
This approach ensures every new market is tradable from day one while also allowing market creators to take a position in their predictions.
We are also researching on the possibility of Liquidity providers to provide LP to markets and earn a % of the fees.
📢 Major Announcements & Integrations
✅ Application Submitted to Cardano Foundation’s Venture Hub 🎯
Foreon Network has officially submitted its application to the Cardano Foundation’s Venture Hub!
This initiative could help propel us to new heights through strategic support and investment opportunities.
✅ Dark Mode & Light Mode UI Now Live 🎨
We’ve completed the Dark Mode and Light Mode UI versions, making Foreon Network more user-friendly than ever before.
Whether you prefer light or dark themes, you can now personalize your experience!
✅ Lace Wallet Now Supported 🔥
We’re expanding wallet compatibility!
Lace Wallet is now supported on Foreon Network, giving users even more options to interact with the platform effortlessly.
🔧 What’s Next?
🔹 2025 Roadmap Release 🚀
Our updated roadmap for 2025 is almost ready! This will outline our development plans, marketing expansion, and ecosystem growth strategies for the year ahead.
🔹 Finalizing Market Creation Flow & Liquidity Provisioning
We’re working on seamless user onboarding for market creators and enhanced liquidity mechanisms. Expect an intuitive and optimized experience when setting up new markets.
🌍 The Road to a Fully Decentralized Prediction Market
With community-created markets, governance voting, and robust liquidity mechanisms, Foreon Network is taking a massive leap toward full decentralization.
We’re building the future of prediction markets, powered by the Cardano blockchain and fueled by the Foreon community.
🚀 Get ready. The best is yet to come!
Stay connected:
🔗 Website: foreon.network
📜 Litepaper: docs.foreon.network
🐦 Twitter/X: @foreonnetwork
💬 Discord: Join Now
📢 Telegram: t.me/foreonnetwork
