Crypto-powered prediction market flourish during US presidential election
Ethereum’s co-creator Vitalik Buterin took to Twitter during the counting of votes to praise the success enjoyed by crypto-powered prediction platforms amid the election season, stating:
Traditional polls have shown Biden with an eight-point lead since the start of November. 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’s electoral college lead extended.
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:
Ethereum influencer Anthony Sassano noted the opportunity the election offered decentralized prediction platforms to attract users, stating:
The Matic-powered decentralized prediction platform Polymarket also saw significant trade, posting a new volume record of more than $10 million.
