{"id":105241,"date":"2020-11-05T06:56:54","date_gmt":"2020-11-05T03:56:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-powered-prediction-market-flourish-during-us-presidential-election\/"},"modified":"2020-11-05T06:56:54","modified_gmt":"2020-11-05T03:56:54","slug":"crypto-powered-prediction-market-flourish-during-us-presidential-election","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-powered-prediction-market-flourish-during-us-presidential-election\/","title":{"rendered":"# Crypto-powered prediction market flourish during US presidential election"},"content":{"rendered":"

“# Crypto-powered prediction market flourish during US presidential election <\/strong>”
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The 2020 U.S. presidential election has driven significant action across crypto-powered predictive markets.<\/p>\n

Ethereum\u2019s co-creator Vitalik Buterin took to Twitter<\/a> during the counting of votes to praise the success enjoyed by crypto-powered prediction platforms amid the election season, stating:<\/p>\n

\u201cRegardless of who wins from here, I definitely think that the prediction markets have proven themselves more accurate than the polls\/models this time around.\u201d<\/p><\/blockquote>\n

Traditional polls have shown Biden with an eight-point lead<\/a> since the start of November. But presidential futures tokens have swung wildly in response to events. <\/p>\n

The election markets on major cryptocurrency derivatives exchange FTX saw wild volatility in the past day, with TRUMP futures spiking from $0.38 to $0.80 as votes began counting, before steadily crashing as Biden\u2019s electoral college lead extended. <\/p>\n

TRUMP tokens, which are redeemable for $1 each should the incumbent secure re-election, are now trading for less than $0.09 on FTX. <\/p>\n

Traditional centralized bookmakers also saw wide fluctuations during election day, with Trump spending much of the day as the favorite until Arizona was called in favor of Biden.<\/p>\n

Roughly $16 million worth of TRUMP tokens<\/a> were traded on FTX yesterday, while BIDEN tokens pushed nearly $6 million. FTX\u2019s TRUMPWIN and TRUMPLOSE tokens also drove an additional $10 million in combined volume.<\/p>\n

Ethereum-powered decentralized predictions platform Augur also saw significant action, reporting $8.6 million in total election volume, and $4.75 million in open interest. On Nov. 4, the project posted<\/a>:<\/p>\n

“This years election markets have surpassed Augur v1’s previous OI and trading volume records from the 2018 House market ($2.5M & $6M). Thanks to everyone who used or tried Augur for the first time, we hope you stick around!”<\/p><\/blockquote>\n

Ethereum influencer Anthony Sassano noted the opportunity the election offered decentralized prediction platforms to attract users, stating<\/a>:<\/p>\n

\u201cIt seems that prediction markets finally found their stride because there was a market for people to bet on that they actually cared about.\u201d<\/p><\/blockquote>\n

The Matic-powered decentralized prediction platform Polymarket also saw significant trade, posting a new volume record of more than $10 million. Polymarket allows traders to speculate on novel events such as whether The Associated Press will post a tweet calling the winner of the election before Nov. 6<\/a>.<\/p>\n

According to CoinGecko<\/a>, YTRUMP and NTRUMP tokens from the Augur and Balancer-powered Catnip Exchange drove around $1.3 million in speculative action over the past 24 hours. <\/p>\n<\/div>\n