Cryptocurrency market maker Wintermute announced on the 17th that it is using Chaos Labs' Edge Proofs Oracle to develop the U.S. presidential election prediction market OutcomeMarket. It plans to launch it on Ethereum, Base and Arbitrum next week, and will first launch TRUMP and HARRIS tokens. Betting market.
Wintermute said that unlike existing prediction markets that are limited to a single chain, multi-chain markets allow users to directly participate in the market without cumbersome asset bridging. The market may integrate DeFi in the future, such as providing users with benefits or leverage.
Wintermute also plans to list TRUMP and HARRIS tokens on trading platforms such as Bebop, WOO, and Backpack to provide liquidity and will expand to more markets. Wintermute's trading pool will receive liquidity injection, and when one party wins, it will be paid The winning side bets money.
dYdX also launches prediction market
At the same time, according to CoinDesk, dYdX will also enter the prediction market. Charles d'Haussy, CEO of the dYdX Foundation, predicted in an interview that dYdX will launch perpetual futures in the prediction market because DeFi needs to provide some special functions in order to It is different from centralized exchanges.
dYdX’s prediction market is part of its major upgrade, dYdX Unlimited , which is expected to be launched later this year. It is considered the most important blockchain upgrade to date since the birth of dYdX. The biggest highlight of this upgrade is that users can operate without permission. case, list any new token trading market.
The dYdX Unlimited upgrade will also launch the MegaVault function to ensure that all markets have sufficient liquidity. Users who want to launch new markets on dYdX can just deposit a certain amount of USDC into MegaVault. In the future, dYdX also plans to expand to foreign exchange, index trading and other fields.
Extended reading: dYdX Chain previews the biggest upgrade in history: allowing the creation of any token trading market. How to do it?
CFTC eyes decentralized prediction markets
However, it is worth noting that the U.S. Commodity Futures Trading Commission (CFTC) has set its sights on the decentralized prediction market. The startup Kalshi was banned by the CFTC from opening election prediction contracts last year, but last week it was ruled by the Federal District Court of the District of Columbia to have exceeded its authority. The CFTC An appeal was immediately filed.
CFTC Chairman Rostin Behnam said on Tuesday that the CFTC will continue to advocate that Kalshi’s election chain betting is illegal. If you want to have on-chain election betting, it should be done under the gaming system of each state, rather than at the federal level. Currently, in some states in the United States, It is illegal to gamble on political events, and he also said that the CFTC will pay close attention to overseas prediction markets.
This means that Polymarket, which has been popular in recent election betting, may become a target. Unlike Kalshi, which is headquartered in the United States, Polymarket does not operate in the United States. The CFTC reached a settlement with Polymarket in 2022 over non-registration charges. Polymarket agreed to pay a fine of US$1.4 million. and leave the United States.
Rostin Behnam mentioned that if institutions such as Polymarket engage in illegal behavior, the CFTC will use its civil enforcement powers to ensure that this behavior stops.
