A new token and a new chain

After more than six months of activity and a testing phase on the product through two tournaments, the team felt that additional changes needed to be made to best support the community. Spredict has always aimed to be open and accessible to anyone with ease of use as a priority.

By building our own proprietary and custom blockchain, Spredict has been able to succeed in this area, creating a robust Free-To-Play foundation.

The challenge has been building a sustainable Play2Earn model. As $DAOG is an ERC20, Ethereum mainnet based token, the increase in chain activity has made it economically impossible to provide rewards for Free-To-Earn.

That wasn’t acceptable for the team, so we have decided to shift from $DAOG on Mainnet to $SPI on Abstract chain, a layer 2 EVM (Ethereum Virtual Machine) which allows for microtransactions (winners in Free-To-Earn model to claim for very small amounts of cryptocurrency) and is being launched with a priority to connect Web2 and Web3 by serving as the consumer chain.

$SPI will launch on Abstract network

Furthermore, Spredict decided to increase incentives for $SPI liquidity providers, stakers, and holders by creating a more dynamic tokenomics structure to bring more investors to sustain and support the project over the long-term for lucrative rewards in $ETH. The staking platform will provide a pool for holders to stake their $SPI tokens to earn rewards by collecting a portion of the revenue generated by the platform and redistributing rewards to the $SPI stakers. More information can be found in the economic model section.

Operating on an L2 chain will considerably reduce costs for both the Spredict team to release smart contracts and features as well as reduce costs to claim and interact with contracts for the $SPI community.