Algorithmic buying and selling agency Wintermute has introduced the launch of OutcomeMarket, a decentralized prediction market platform that may initially give attention to the 2024 U.S. presidential election with tokens tied to candidates Donald Trump and Kamala Harris.
Launching subsequent week, the platform permits customers to take part immediately in prediction markets throughout Ethereum (ETH) and its layer-2 scaling networks Base and Arbitrum, and eliminates the necessity to bridge property between chains.
OutcomeMarket’s platform can be pushed by permissionless sensible contracts—which maintain the code that powers decentralized apps (dapps)—which means any buying and selling venue can record its tokens with out imposing minting or transaction charges.
In accordance to Wintermute CEO Evgeny Gaevoy, the platform goals to create a extra accessible and environment friendly market by lowering obstacles to entry. The preliminary token providing will characteristic TRUMP and HARRIS, permitting customers to vote on the candidates’ efficiency within the election whereas additionally utilizing the tokens in decentralized finance (DeFi) purposes throughout a number of exchanges.
“There was important curiosity from each centralized and decentralized buying and selling venues to record such prediction market contracts, however nobody had developed them in a permissionless method and with out imposing minting or transaction charges,” he wrote.
The platform will make the most of Chaos Labs’ Edge Proofs Oracle to make sure knowledge integrity and reliability throughout the chains. A number of buying and selling venues, together with Bebop, WOO X, and Backpack, have already dedicated to itemizing the OutcomeMarket tokens.
Political meme cash and prediction markets have gained traction in recent times, mixing cryptocurrency hypothesis with political forecasting. In 2020, the FTX derivatives alternate launched comparable prediction markets for the US presidential election, which noticed important buying and selling quantity. FTX, in fact, then collapsed amid fraud allegations.
Prediction markets like PredictIt and Polymarket have additionally confronted regulatory scrutiny, with Polymarket paying a $1.4 million civil financial penalty in 2022 to settle CFTC fees. Polymarket has surged in recognition and buying and selling quantity over the course of 2024 due primarily to curiosity in election betting swimming pools.
Edited by Andrew Hayward
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