This new prediction market from Wintermute will feature support for Chaos Labs' Edge Proofs Oracle, but will likely not be available in the US.
Algorithmic cryptocurrency trader and LP Wintermute is launching the U.S. presidential election prediction market OutcomeMarket with the support of Chaos Labs’ Edge Proofs Oracle. Its HARRIS and TRUMP Token are expected to be available on multiple chain starting the fourth week of September.
Using a permissionless smart contract developed by Wintermute , this new prediction market will be accessible on Ethereum, Base, and Arbitrum, eliminating the need for users of those chain to connect their assets to participate.
The Token will be tradeable on any centralized or decentralized DeFi application and usable. Bebop, WOO, and Backpack will be the first crypto exchanges to list HARRIS and TRUMP. Wintermute CEO Evgeny Gaevoy said in an announcement :
“There has been significant interest from both centralized and decentralized exchanges to list such prediction market contracts, but none have developed them in a permissionless way and without imposing Mint or transaction fees.”
Chaos Labs’ oracle is “a unique integration of advanced AI and LLM with risk models,” said Omer Goldberg, CEO of Chaos Labs, “providing a tamper-proof, highly accurate data feed with real-time risk assessment directly into the protocol.”
Prediction markets allow people to bet on whether a certain statement will prove true or an event will take place in the future by purchasing tokens representing the outcome they expect. They are susceptible to manipulation, the U.S. Commodity Futures Trading Commission (CFTC) has alleged.
The CFTC proposed a rule in August to ban event contracts — prediction market tokens — under pressure from U.S. lawmakers. The CFTC’s order preventing CFTC-regulated prediction market Kalshi from betting on the outcome of the U.S. presidential election was overturned in court. However, the court later ruled that Kalshi could not conduct election betting. Market leader Polymarket does not allow U.S. users.
“It will be up to the exchanges that list the market how they manage risk in the U.S., but I’m pretty sure most of them, if not all, don’t allow U.S. clients,” Gaevoy told Bloomberg , referring to OutcomeMarket.
Stay tuned to Coin Moi for the latest market news!
The articleWintermute launches OutcomeMarket and US election prediction Token appeared first on CoinMoi .
