#What is Ankr's new Forge rewards platform?
Ankr has introduced a rewards platform known as Forge, which departs from the conventional approach of simply allowing users to stake tokens and receive more tokens in return. This unique design links rewards not to the minting of new $ANKR tokens, but rather to the revenue generated from Ankr’s pre-existing infrastructure operations.
#How does Forge operate?
The functionality of Forge is quite clear. Users are required to convert their $ANKR holdings and participate in a series of tasks. These tasks involve on-chain transactions and interacting with applications, which helps users accumulate Forge Points. These points are crucial as they dictate the amount of the forthcoming "Forge Drops" allocated to each user.
Furthermore, obtaining Forge Points grants users access to token generation events linked with Ankr’s partner projects. Essentially, active engagement on the blockchain leads to tangible rewards, rather than relying on inflated token emissions.
The platform was officially launched on July 15, and eligible users have begun to collect Forge Points. Although Ankr has not confirmed the exact date, participants can expect the first Forge Drop to be issued shortly.
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#What sustains the incentive structure?
Ankr boasts extensive blockchain infrastructure support across more than 80 distinct chains, processing over 1 trillion Remote Procedure Call (RPC) requests each month. For clarity, RPC requests serve as the API calls facilitating communication between wallets, decentralized applications (dApps), and blockchains. Whenever you check your balance in MetaMask or perform a token swap on a decentralized exchange, an RPC request is seamlessly functioning in the background.
The impressive volume of these requests translates into substantial revenue, which Ankr intends to use to fund the Forge rewards initiative. Ankr's Chief Technology Officer emphasized that this launch represents a significant shift in the utility of the $ANKR token, heralding a beneficial outcome for holders, partners, and the Ankr ecosystem at large.
#What implications does Forge have for $ANKR holders?
This platform introduces a competitive edge within an increasingly crowded blockchain infrastructure sector, with companies like Infura, Alchemy, and QuickNode also striving for developer engagement. Notably, most of these competitors do not possess a native token, limiting their ability to provide similar user-oriented incentives.
The first Forge Drop will serve as a critical benchmark, determining whether Ankr’s revenue from its infrastructure can indeed convert into enough rewards to effectively motivate user behavior on a broader scale.