Barely one month before the US Presidential elections, the listing on WOO X lets users worldwide express their views by trading candidate-related tokens, as candidates compete for crypto bros’ support
VICTORIA, Seychelles, Oct. 03, 2024 (GLOBE NEWSWIRE) -- WOO X, a leading centralized crypto futures and spot trading platform, is excited to announce the listing of $TRUMPWIN and $HARRISWIN ERC20 tokens of OutcomeMarket, a decentralized prediction market that allows users to mint and redeem tokens based on outcomes of specific events, such as the upcoming 2024 US Presidential election.
“By listing $TRUMPWIN and $HARRISWIN tokens, WOO X enables users to engage with the upcoming election outcome and explore new trading strategies within the DeFi ecosystem. This timely listing broadens access to decentralized prediction markets, attracting traders interested in innovative products tied to real-world events like the US election, just a month away on November 5, 2024,” said Willy Chuang, COO of WOO X.
Wintermute launched OutcomeMarket to address existing prediction market challenges, such as high fees and regulatory issues, by offering a permissionless platform for users to speculate on events like the 2024 US Presidential election. Chaos Labs’ Edge Proofs Oracle enhances the market's reliability by providing tamper-proof data feeds and real-time risk assessment through advanced AI and risk models.
After the election has been resolved, the token corresponding to the winning party will be redeemable via a smart contract for an equivalent amount of USDC, while the token of the losing party will be unredeemable. This should create interesting speculation options as the election date approaches, with fluctuation as votes are being counted in key regions.
Demand for decentralized prediction markets has surged, with total value locked (TVL) increasing 260% to $147 million since May, driven by events like the 2024 US Presidential election and the Federal Reserve rate decision. Major players like Wintermute and Gate Labs are entering the space, with Wintermute launching OutcomeMarket for election betting and Gate Labs backing DeFi app LogX to introduce prediction markets on the TON blockchain by late 2024.
“These developments highlight the growing interest and potential in combining prediction markets with cryptocurrency, paving the way for innovative financial interactions on a global scale. Crypto exchanges like ours support this trend by creating markets for these tokens at launch, allowing our users to engage with significant events fairly and transparently,” Chuang added.
Prediction markets like OutcomeMarket let users speculate on future events by purchasing tokens representing their expected outcome. Wintermute CEO Evgeny Gaevoy has noted that despite the demand from centralized and decentralized venues to list prediction market contracts, no one had previously developed them permissionless without minting or transaction fees.
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