BRKT, an app created by veterans of Google and Treasure DAO, has left stealth today to announce that it will deploy on Movement. BRKT is a decentralized competition management protocol. In essence, BRKT hosts bracket-style tournaments with real-time on-chain bet settlements – and all the security and speed advantages of Movement. What does this mean? Fully custom March Madness-style bracket tournaments with seamless hosting, betting, and distribution of prizes.
Though March Madness is probably the best-known example of this style of tournament, BRKT has the flexibility to go far beyond. Users can create their own brackets with up to 256 teams. They can design tournaments for soccer, American football, tennis, golf, and any sport they want. Users join tournaments that appeal to them, wager, and potentially collect winnings.
Additionally, BRKT supports wagering on binary options beyond even sports. Users will be able to wager on questions like, for instance, which of two candidates might win an election, or whether stock A or stock B will have a higher weekly close.
The Rise of Sports Betting, GambleFi, and BRKT
In recent years, sports betting has become a lucrative industry and cultural force. In 2023, Americans bet a record $120B on sports, up 28% from 2022. In Q1 2024, $23B was bet on the Super Bowl alone.
Now, sports betting is migrating to Web3.
BRKT carves out a new niche within the emerging Web3 category of GambleFi – apps that bring betting to blockchain. Launching BRKT on Movement’s Ethereum-based M2 empowers users to bet peer-to-peer, cutting out costly intermediaries while increasing transparency and security.
Moreover, BRKT offers a fair on-chain gaming experience. The platform is secured through its INVKR Oracles, which can be verified on-chain.
The Advantages of Launching on Movement
Building on Movement gives BRKT further advantages. Movement allows BRKT to deploy its app, which is coded in Solidity, to a Move-based chain. This is possible through Movement’s Fractal EVM interpreter, which creates backwards compatibility with Movement, allowing Ethereum projects to very easily deploy on the Movement Stack. Additionally, Movement’s localized fee markets and parallel execution position BRKT to run faster than on any other chain – a must for user experience.
Movement has been carefully designed to provide the kind of frictionless user experience that GambleFi and other Web3 apps need to securely scale to millions of users.
Broadly, Movement makes it easy for developers (and users) to benefit from Move, the best and most secure programming language for Web3 builders. Using its modular network of blockchains, Movement also unites the EVM and Move-based worlds, creating full composability between them for the first time. Movement is modular, but integrated – meaning composed of optimized modular blockchain elements from many vendors, all designed for security, performance, and furthering specific use cases.
What does this unlock for apps like BRKT? Better security. Better performance. Compatibility with more frameworks. Access to more liquidity. And the potential to scale to far more users.
What’s Next for BRKT and Movement?
The Movement devnet is currently live. Testnet will be out soon, with mainnet to follow. To help build the Movement, join our community.
BRKT has completed its first beta platform and will deploy to Movement’s testnet soon. A bunch of cool features are coming to BRKT in 2024, including leaderboards and gated brackets for private groups.
Want to sign up to try BRKT? Register on BRKT’s website, set to go live soon.
About BRKT:
BRKT is a groundbreaking decentralized on-chain competition management protocol that puts the power to create, manage, and distribute competition prizes in users hands. Our platform is secured through our INVKR Oracles that ensure outcomes of live events can be provably verified on-chain.
About Movement:
Movement is a network of Move-based blockchains, designed to combine smart contract security and parallelization with the liquidity and user base of the EVM. M2, the first MEVM (Move + EVM) ZK L2 on Ethereum, powered by Celestia, seamlessly integrates MoveVM with Ethereum, setting a new standard for blockchain interoperability and performance.
Join the Movement
Developers, researchers, and blockchain enthusiasts are invited to join Movement Labs on this transformative journey. Engage with the devnet, explore research papers and blog posts, build with the Movement SDK, and immerse in the Move programming language.
For more on Movement Labs and to explore the documentation, visit movementlabs.xyz