PancakeSwap's Ethereum Price Prediction Market with AI by Carding forum launches.
The crypto-based prediction market PolyMarket is seeing a lot of activity as the US presidential election in 2024 gets closer. On Wednesday, the decentralized exchange PancakeSwap announced the launch of a prediction market centered on a single question: Will Ethereum's value rise or fall?
Additionally, they will place wagers in support of or opposition to artificial intelligence (AI) predictions.
Pancakeswap's pseudonymous product manager, Chef Gyoza, stated to Decrypt, "We're always exploring ways to create unique experiences for our users." The next logical step was to incorporate AI into prediction markets.
According to the announcement, the PancakeSwap prediction market will be based on Arbitrum and allow users to predict ETH price movements every ten minutes. Over the next nine weeks, winners will receive prizes from a 60,000 ARB prize pool, or approximately $49,600 as of this writing.
Allora, a decentralized AI network, is providing the AI predictions for PancakeSwap, which the exchange claims have demonstrated 65 percent accuracy in testing.
PancakeSwap's AI prediction market goes live at the same time that the cryptocurrency market is waiting for the U.S. launch of Ethereum spot ETFs and record-breaking activity on PolyMarket, which claims to be the largest prediction market in the world.
PolyMarket supports numerous wagers on a wide range of topics, whereas PancakeSwap's platform is focused on a single question.
Polymarket has 26,560 monthly active users and a record monthly trading volume of $93.55 million as of June 27. More than $185 million has been staked on the platform's top prediction, which is the US presidential winner in 2024. Donald Trump has a 60% chance of winning, while Joe Biden has a 34% chance.
"Due to their ability to focus market mechanisms on specific events, prediction markets gain significant attention around U.S. presidential elections," Allora co-founder Nick Emmons told Decrypt. When elections receive a lot of attention, they are potent instruments for aggregating collective knowledge."
According to him, AI adds a significant new dimension to the space.
"A new type of trader to interact with these markets is introduced by AI's ability to efficiently process vast datasets,” Emmons stated.
The crypto community will be closely following the presidential debate between Joe Biden and Donald Trump tonight. A grassroots advocacy group that empowers crypto users called Stand With Crypto has collected signatures to ask CNN to ask the candidates about crypto during the debate.
Emmons stated that although polls of public opinion continue to be the primary method of gauging public sentiment, this could change.
"As election-related events unfold, prediction markets will likely see increased activity over the next six months. He stated, "This increased interest will familiarize a larger audience with prediction markets." As a result, these markets will come to be seen as a more reliable source of collective knowledge in a growing number of fields.
The crypto-based prediction market PolyMarket is seeing a lot of activity as the US presidential election in 2024 gets closer. On Wednesday, the decentralized exchange PancakeSwap announced the launch of a prediction market centered on a single question: Will Ethereum's value rise or fall?
Additionally, they will place wagers in support of or opposition to artificial intelligence (AI) predictions.
Pancakeswap's pseudonymous product manager, Chef Gyoza, stated to Decrypt, "We're always exploring ways to create unique experiences for our users." The next logical step was to incorporate AI into prediction markets.
According to the announcement, the PancakeSwap prediction market will be based on Arbitrum and allow users to predict ETH price movements every ten minutes. Over the next nine weeks, winners will receive prizes from a 60,000 ARB prize pool, or approximately $49,600 as of this writing.
Allora, a decentralized AI network, is providing the AI predictions for PancakeSwap, which the exchange claims have demonstrated 65 percent accuracy in testing.
PancakeSwap's AI prediction market goes live at the same time that the cryptocurrency market is waiting for the U.S. launch of Ethereum spot ETFs and record-breaking activity on PolyMarket, which claims to be the largest prediction market in the world.
PolyMarket supports numerous wagers on a wide range of topics, whereas PancakeSwap's platform is focused on a single question.
Polymarket has 26,560 monthly active users and a record monthly trading volume of $93.55 million as of June 27. More than $185 million has been staked on the platform's top prediction, which is the US presidential winner in 2024. Donald Trump has a 60% chance of winning, while Joe Biden has a 34% chance.
"Due to their ability to focus market mechanisms on specific events, prediction markets gain significant attention around U.S. presidential elections," Allora co-founder Nick Emmons told Decrypt. When elections receive a lot of attention, they are potent instruments for aggregating collective knowledge."
According to him, AI adds a significant new dimension to the space.
"A new type of trader to interact with these markets is introduced by AI's ability to efficiently process vast datasets,” Emmons stated.
The crypto community will be closely following the presidential debate between Joe Biden and Donald Trump tonight. A grassroots advocacy group that empowers crypto users called Stand With Crypto has collected signatures to ask CNN to ask the candidates about crypto during the debate.
Emmons stated that although polls of public opinion continue to be the primary method of gauging public sentiment, this could change.
"As election-related events unfold, prediction markets will likely see increased activity over the next six months. He stated, "This increased interest will familiarize a larger audience with prediction markets." As a result, these markets will come to be seen as a more reliable source of collective knowledge in a growing number of fields.
