- September 17, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Wintermute announced the creation of a smart contract for a new US presidential election prediction market called OutcomeMarket on Sept. 17.
The market, set to launch next week, will operate on several chains, including Ethereum (ETH), Base, and Arbitrum (ARB). Additionally, it will debut two new tokens called TRUMP and HARRIS.
OutcomeMarket aims to increase liquidity, efficiency, and accessibility by removing intermediaries and eliminating minting or transaction fees, allowing seamless participation across chains and multiple trading venues
OutcomeMarket
Unlike current prediction markets, which are typically confined to a single chain, Wintermute’s new model allows users to engage directly from their native blockchain ecosystems, eliminating the need for complex asset bridging.
The platform will utilize Chaos Labs’ Edge Proofs Oracle to ensure precise data delivery across multiple blockchain ecosystems. The oracle will help mitigate the inherent risks in prediction markets by delivering reliable, tamper-proof data feeds, a critical component for maintaining trust and market integrity.
Chaos Labs CEO Omer Goldberg:
“What sets our market and data integrity engine apart is the unique integration of advanced AI and LLMs with risk models. This combination delivers highly precise, tamper-proof data feeds while embedding real-time risk assessment into the protocol.”
Meanwhile, the two new tokens, TRUMP and HARRIS, will be tradable on DeFi applications and on multiple centralized exchanges and DEXs.
Bebop, WOO, and Backpack will provide the tokens’ initial trading venues, with additional listings expected post-launch. This approach differentiates Wintermute’s market by enabling broader utility for the tokens, a feature absent in many other prediction markets.
Wintermute CEO Evgeny Gaevoy said:
“There has been significant interest from both centralized and decentralized trading venues to list such prediction market contracts. However, no one had developed them in a permissionless manner and without imposing minting or transaction fees.”
Rise of Prediction Markets
Wintermute’s launch comes as prediction markets have seen a resurgence in popularity, driven in part by platforms like Polymarket.
The decentralized prediction market has seen incredible growth in recent months amid the 2024 US presidential race between former President Donald Trump and Vice President Kamala Harris, with bets on various outcomes recently surpassing $1 billion.
The rise of Polymarket highlights the broader trend toward decentralized prediction markets, where blockchain technology ensures transparency, security, and fairness. Wintermute’s new multi-chain prediction market builds on this momentum, offering a more scalable and inclusive solution for users across multiple blockchain ecosystems.
The post Wintermute to launch multi-chain prediction market amid election betting craze appeared first on CryptoSlate.
