As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by Wintermute’s foray into the on-chain prediction market, specifically focusing on the U.S. presidential elections. This move could potentially shake up the current landscape dominated by players like Polymarket, which has amassed a whopping $1 billion in election-related wagers.
Wintermute intends to venture into the decentralized forecasting markets, launching their initial wagering pool centered around the upcoming U.S. Presidential Elections.
Wintermute Crypto Trading Firm and Market Maker shares updates about their in-progress project, OutcomeMarket – an on-chain betting platform. This decentralized system will leverage Oracle technology from Chaos Labs for managing pricing and risk factors.
As per the announcement, Wintermute’s prediction platform is set to debut with two coins: TRUMP and HARRIS, symbolizing the Republican and Democratic nominees for the U.S. presidency respectively.
OutcomeMarket is anticipated to launch on prominent blockchain platforms such as Ethereum (ETH), Coinbase’s Base, and layer-2 network Arbitrum (ARB). This web3 company also mentioned that tokens will be available in various decentralized finance environments and exchanges to enhance the trading process.
Tokens issued through OutcomeMarket can be utilized within Decentralized Finance (DeFi) and will be made available on various exchange platforms. This expansion of functionality and increased accessibility caters to a wider range of users.
Wintermute on new U.S. election prediction platform
Take control of your results with OutcomeMarket! We’re introducing a permissionless smart contract for a revolutionary new US presidential election prediction market. This market can be accessed on Ethereum, Base, and Arbitrum networks, powered by @chaos_labs’s Edge Proofs Oracle. Coming soon are two tokens designed to offer an engaging and transparent experience!
— Wintermute (@wintermute_t) September 17, 2024
Wintermute eyes Polymarket’s arena, but CFTC oversight looms
Wintermute’s recent business endeavor may potentially challenge Polymarket’s dominance as a leading on-chain bettling platform for events, boasting more than a billion dollars in wagers related to elections.
Bloomberg has added Polymarket’s election data to its platform, enhancing the credibility of decentralized prediction markets. This partnership took place even though there are restrictions in the U.S. that prohibit individuals from betting on Polymarket.
The Commodity Futures Trading Commission has made it clear they oppose bets on election results, believing that large financial stakes could potentially sway the final outcome.
Initially, attorneys representing the Commodity Futures Trading Commission (CFTC) sought to postpone the listing of Kalshi’s prediction market, but their request was denied by a judge. Despite this, the CFTC persists in contesting Kalshi in legal proceedings.
During a speech at Georgetown University on September 17th, Rostin Behnam, chair of the Commodity Futures Trading Commission (CFTC), stated that the agency will not only examine offshore betting platforms used by Americans, but also take action against them. Behnam underlined that the CFTC’s proposed prohibition on prediction markets is an effort to combat what they perceive as illicit activities and market manipulation.
Read More
Sorry. No data so far.
2024-09-17 20:30