The first debate in the 2020 US presidential election did not have a clear winner Cryptocurrency prediction platforms are enjoying great success.
Choice futures on the FTX futures exchange are booming;; the CEO of the platform reported More than $ 4 million in open interest to determine the winner between Democrat Joe Biden and Republican Donald Trump. At FTX, Trump’s brazen debate was very successful, causing the futures contracts that supported his re-election to drop by 10%..
The volume in FTX is increased through leverage. More modest six-digit volumes have been recorded on forecast platforms that do not offer leverage. Polymarket recorded more than $ 100,000 in volume of flow in its market “Will Trump win the US presidential election in 2020?” on September 30th, whereby the mood against the incumbent president also changes in the course of the debate. Almost 55 percent believe Trump won’t win the election.
In conversation with Cointelegraph, the founder of Polymarket, Shayne Coplan said the platform was designed to find answers to the problems “that people really want to know about, not just the things they want to speculate about”..
“The beauty of markets, in my opinion, is their ability to aggregate information and summarize it into an accurate forecast. That is exactly what pricing is, where all views and knowledge are combined and combined into a metric.” And that can have incredible social and informative value. “
Polymarket builds on Ethereum (ETH), but is investigating Matic as a scaling solution for the meantime that will lead to the introduction of ETH 2.0. Transactions executed on the platform are free of charge and Polymarket has no custody.
The platform uses an Automatic Market Maker (AMM) for pricing and all market participants effectively trade against the AMM’s liquidity pool.. Polymarket users can submit ideas for markets, and company executives are curated to ensure that the terms and conditions are “clear” for specific markets.