Markets
Ethereum Price Prediction Market Launches on PancakeSwap, Powered by Artificial Intelligence
As the 2024 US presidential election approaches, cryptocurrency prediction market PolyMarket is experiencing a surge in activity. Decentralized Exchange Pancake swap announced on Wednesday the launch of a prediction market centered on one question: Will the price of Ethereum go up or down?
And they will bet for or against the predictions made by artificial intelligence (AI).
“We are always exploring ways to create unique experiences for our users,” said Chef Gyoza, pseudonymous product manager at Pancakeswap Decipher“Adding AI to predictive markets was the next logical step.”
PancakeSwap’s prediction market will be based on Arbitrum and will invite users to predict ETH price movements every 10 minutes, according to the announcement. Prizes for correct predictions will be distributed from a prize pool of 60,000 ARB (approximately $49,600 at the time of this writing) over the next nine weeks.
PancakeSwap Selects Decentralized AI Network Provider At that time to provide the AI predictions, which the exchange said showed 65% accuracy in tests.
PancakeSwap’s Debut Artificial Intelligence Prediction Market It presents itself as the cryptocurrency market awaits launch of spot Ethereum ETFs in the U.S. and coincides with record activity on PolyMarket, which calls itself the world’s largest prediction market.
While PancakeSwap’s platform focuses on a single question, PolyMarket supports countless bets on a myriad of topics.
As of June 27thPolymarket has reached a record monthly trading volume of $93.55 million and 26,560 monthly active users. The platform’s main prediction focuses on the winner of the 2024 US presidential election, with over So far, $185 million has been wageredDonald Trump’s current chances of winning are 60%, while Joe Biden’s are 34%.
“Prediction markets gain significant attention around the US presidential election due to their ability to focus market mechanisms on specific events,” said Quando co-founder Nick Emmons Decipher. They are powerful tools for aggregating collective knowledge, especially when elections capture widespread attention.”
He said that artificial intelligence brings an important new dimension to space.
“The ability of AI to efficiently process large data sets introduces a new type of trader to interact with these markets,” Emmons said.
The crypto community will be watching tonight’s presidential debate between Joe Biden and Donald Trump with keen interest. Support cryptocurrenciesa grassroots advocacy group that empowers crypto users, has collected signatures to urge CNN to ask candidates about cryptocurrencies during the debate.
While opinion polls continue to be the primary indicator of public sentiment, Emmons says that could change.
“Over the next six months, prediction markets will likely see increased activity as election-related events unfold. This increased interest will familiarize a broader audience with prediction markets,” he said. “As a result, people will increasingly view these markets as a more definitive source of collective knowledge across a growing set of domains.”
By Ryan-Ozawa.