CEFIDEFI

Wintermute and dYdX announce launch of prediction market platform to compete for Polymarket market share

share
Wintermute and dYdX announce launch of prediction market platform to compete for Polymarket market share

With Polymarket shining brightly this year, market maker Wintermute and exchange dYdX have announced plans to launch their own prediction markets.

Wintermute Launches OutcomeMarket Prediction Market

According to the announcement, OutcomeMarket will focus on this year's U.S. presidential election, launching on Ethereum, Base, and Arbitrum, with tokens TRUMP and HARRIS for user participation in predictions.

Wintermute emphasizes that OutcomeMarket operates across multiple chains, allowing users of various chains to directly participate in the prediction market without the need for complex cross-chain operations. In addition, TRUMP and HARRIS will integrate with DeFi protocols in the future, enabling users to earn profits or leverage through holdings while participating in predictions.

TRUMP and HARRIS will be listed on exchanges such as Bebop, WOO, and Backpack to provide liquidity for the prediction market.

dYdX Launches Perpetual Contract Prediction Market

In addition to Wintermute, dYdX revealed that the upcoming upgraded version, dYdX Unlimited, will also include a perpetual contract prediction market this year, allowing users to make leveraged bets on predictive events. They hope that this will differentiate them from centralized platforms and attract more users to the DeFi space.

The dYdX Unlimited upgrade also includes a mainstream liquidity pool called MegaVault, which will provide real-time liquidity for the prediction market. dYdX plans to expand its business in areas such as prediction markets and forex trading to attract more traders' attention.

The Rise of Prediction Markets and Regulatory Concerns

Prediction markets have performed well in past elections and have been particularly successful this year. Polymarket's election odds and political data have been integrated into Bloomberg terminals, highlighting the growing importance of prediction markets in political analysis.

Enhancing Political Analysis Predictions! Bloomberg Integrates Polymarket U.S. Election Data into Terminals

However, with increased attention, prediction markets also face more regulatory challenges. Polymarket was fined $1.4 million by the U.S. Commodity Futures Trading Commission (CFTC) in 2022, and recently, another prediction market, Kalshi, is facing litigation with the CFTC on allegations of election manipulation risks.

Could Polymarket be Affected? CFTC Appeals Kalshi Prediction Market Ruling, Pursuing Concerns of Election Market Manipulation