Ethereum
$528.20 -0.33%
ETH · 3w

$TRUMP zooms to top-performing prediction market crypto amidst US elections, $BIDEN falls 50%

Two Ethereum-based prediction markets on crypto exchange FTX saw activity reach record levels yesterday as the US elections went underway.

Millions of dollars changed hands for TRUMP and BIDEN, two ERC20 tokens that represent Donald Trump and Joe Biden respectively, allowing traders to go long/short on their picks for the next US president.

30) about 20m contracts have traded on FTX today between TRUMP, BIDEN, and tokens.https://t.co/FzWX2goXbo — SBF (@SBF_Alameda) November 4, 2020

At press time on Wednesday, TRUMP tokens posted near 100% gains and rose over 300% from June. On the other hand, BIDEN dropped nearly 50% as the odds went against Biden’s favor.

How do presidential crypto bets work?

As a futures contract, TRUMP expires at $1 if Donald Trump wins the 2020 US presidential general election, and $0 otherwise. Settlements are made after the results of today’s US election are out in the coming days, with the candidate garnering 270 electoral votes elected the US president.

On its website, FTX notes that ignoring fees, inefficiency, and spread, the price of such tokens is equivalent to the candidate’s expected chances of winning/reelection. For eg, as TRUMP trades at $0.72 at press time, traders are placing a 72% chance of Trump’s reelection — in line with other betting markets like Bet365.

“TRUMP” market on FTX. The token has jumped over 100% since yesterday. Image: TradingView

The Hong Kong exchange also increased the margin requirements for TRUMP earlier this week, as both demands grew and the elections came close.

Candidates earlier in the presidential race, such as Michael Bloomberg (BLOOMBERG) and Elizabeth Warren (WARREN) had similar tokens that represented the odds of them winning earlier this year, which have since expired as they dropped out.

The race so far

Meanwhile, the presidential race is at loggerheads with neither candidate securing the 270 electoral college votes needed to claim victory...

Continue on cryptoslate.com
medium.com

Introducing xSigma DeFi

Ethereum
$528.20
17
electric-candle.medium.com

The Future You Choose

Ethereum
$528.20
15
Recent news
ETH -0.33% · link.chtbl.com · 6h

"This is the golden age of crypto trading. This year I expect institutional involvement in crypto to rise from 5% to 10% and maybe even 20%. It took crypto 10 years to get to 5% and I think it's going to take a year to double that" - Podcast interview with Konstantin Richter, CEO of Blockdaemon

Host Tomer Federman is a Stanford-educated entrepreneur, angel investor, and ex-Facebook executive. Join Tomer as he talks with the most prominent entrepreneurs and investors who are building companie...
ETH -0.33% · electric-candle.medium.com · 12h

The Future You Choose

I hold my hands up. I admit it. I do like to take the path of least resistance. I have neglected items off shopping lists just because the aisle was a bit crowded. I have told white lies to negate…
15
ETH -0.33% · read.cash · 12h

The Future You Choose

I hold my hands up. I admit it. I do like to take the path of least resistance. I have neglected items off shopping lists just because the aisle was a bit crowded. I have told white lies to negate arg...
ETH -0.33% · en.cryptonomist.ch · 12h

The governance of Idle Finance is here

The team of Idle.Finance, a DeFi protocol known for managing several stablecoins, announced that the governance of its platform has been activated.