Wintermute plans to foray into the on-chain prediction market, with its first betting pool targeted on the U.S. presidential elections.
The crypto buying and selling agency and market maker Wintermute disclosed ongoing work on an on-chain betting platform, OutcomeMarket. The decentralized protocol will make the most of Oracle expertise from Chaos Labs to deal with pricing and threat administration.
In response to the announcement, Wintermute’s prediction platform will launch with two tokens: TRUMP and HARRIS, representing the Republican and Democratic U.S. presidential candidates.
OutcomeMarket is alleged to debut on main blockchain networks like Ethereum (ETH), Coinbase’s Base, and layer-2 chain Arbitrum (ARB). The web3 startup added that tokens will seem throughout decentralized finance ecosystems and exchanges to higher the buying and selling expertise.
Tokens by way of OutcomeMarket can be usable in DeFi and listed on a number of buying and selling venues, increasing utility and bettering accessibility for a broader viewers
Wintermute on new U.S. election prediction platform
Wintermute eyes Polymarket’s enviornment, however CFTC oversight looms
Wintermute’s newest enterprise might look to take market share from Polymarket, one of many largest on-chain end result betting platforms, with over $1 billion in election-related wagers.
Bloomberg built-in Polymarket’s election information into its terminal, additional legitimizing decentralized prediction markets. This collaboration occurred regardless of rules stopping U.S. bettors from utilizing Polymarket.
The Commodity Futures Buying and selling Fee has taken a agency stance in opposition to election betting contracts, arguing that big-money wagers could affect outcomes.
CFTC attorneys tried to delay Kalshi from itemizing its prediction market, however a decide overruled it. Nonetheless, the regulator continues to problem Kalshi in courtroom.
In a Sept. 17 speech at Georgetown College, CFTC chair Rostin Behnam stated the watchdog would additionally scrutinize offshore betting platforms with U.S. customers. Behnam emphasised that the company’s proposed ban on prediction markets is a part of a combat in opposition to what it views as criminality and market manipulation.