Wintermute to launch prediction market with Trump and Harris tokens
Algorithmic trading firm Wintermute is set to introduce OutcomeMarket, a decentralised prediction market platform focusing on the 2024 U.S. presidential election.
The platform will feature tokens tied to candidates Donald Trump and Kamala Harris, allowing users to participate in prediction markets across Ethereum (CRYPTO:ETH) and its layer-2 networks, including Base and Arbitrum (CRYPTO:ARB).
Scheduled for launch next week, OutcomeMarket aims to streamline asset trading by eliminating the need to bridge assets between chains.
OutcomeMarket will operate using permissionless smart contracts, enabling any trading venue to list its tokens without imposing minting or transaction fees.
Wintermute CEO Evgeny Gaevoy emphasised the platform's goal of creating a more accessible and efficient market by reducing entry barriers.
The initial token offerings, TRUMP and HARRIS, will allow users to speculate on the candidates' chances in the upcoming election and use these tokens in decentralised finance (DeFi) applications on various exchanges.
“There has been significant interest from both centralised and decentralised trading venues to list such prediction market contracts, but no one had developed them in a permissionless manner and without imposing minting or transaction fees,” Gaevoy explained.
To ensure the reliability and accuracy of data, the platform will utilise Chaos Labs' Edge Proofs Oracle.
Several trading platforms, including Bebop, WOO X, and Backpack, have already agreed to list OutcomeMarket tokens.
Political meme coins and prediction markets have been gaining popularity, combining cryptocurrency speculation with political forecasting.
During the 2020 U.S. presidential election, similar markets launched by FTX (CRYPTO:FTT) saw substantial trading volumes, though FTX later collapsed amid fraud allegations.
Regulatory scrutiny has also impacted prediction markets like Polymarket, which paid a $1.4 million penalty in 2022 to settle charges from the Commodity Futures Trading Commission (CFTC).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VeChain Revolutionizes NFT Access with Free PofP Badge Tool
21Shares Polkadot Trust Hints at ETF Possibilities for Investors
ETH breaks through $3,400
Flockerz Vote-to-Earn ICO Raises $7.4 Million – Next 25x Crypto Gem?