Wintermute Launches Multi-Chain Prediction Market for Elections

With the 2024 US presidential election approaching, market maker Wintermute is preparing to launch its multi-chain prediction platform.

This platform will incorporate decentralized finance (DeFi) features, allowing participants to place wagers on election results across multiple blockchain networks.

Prediction Platforms Gain Momentum as the US Election Approaches

Wintermute’s platform boasts multi-chain capabilities that enable users to engage directly from their preferred blockchain. This method alleviates the technical hurdles often associated with single-chain prediction markets, streamlining the process by negating the necessity to transfer assets among different chains, thus lowering costs and complexity.

Additionally, Wintermute enriches token functionality with the TRUMP and HARRIS tokens, symbolizing US election candidates—Donald Trump and Kamala Harris. These tokens can be utilized for prediction bets as well as in DeFi applications. They are tradable on various decentralized and centralized exchanges, providing new liquidity avenues — a significant enhancement compared to traditional prediction markets, where token usage tends to be more limited.

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Wintermute also adopts a permissionless listing approach, allowing any trading platform to offer tokens without the need for minting or transaction fee restrictions. This strategy enhances accessibility and facilitates participation from users across various ecosystems in election-related prediction markets.

Prominent partners like Bebop, WOO X, and Backpack are supporting Wintermute’s prediction platform. Moreover, Wintermute has collaborated with Chaos Labs to ensure data integrity across these networks for this platform. Chaos Labs’ Edge Proofs Oracle provides real-time, tamper-proof data that serves as the foundation of Wintermute’s prediction engine.

“What differentiates our market and data integrity engine is the unique combination of advanced AI and LLMs with risk models. […] Edge Proof’s multi-chain framework guarantees seamless delivery of price, risk, and proofs across ecosystems, embedding trust in prediction markets,” said Omer Goldberg, CEO of Chaos Labs, in a recent statement.

Wintermute’s launch comes at a time of increasing interest in election-related prediction markets. BeInCrypto previously reported that Polymarket’s election-related betting volume reached $926 million. As the US election approaches, this figure is expected to surpass $1 billion.

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Additionally, data from Dune Analytics indicates that nearly 70% of Polymarket’s weekly users focus on election betting. Since June, Polymarket’s total value locked (TVL) has surged by 277%, approaching $120 million, while the monthly active user count has grown by 50%, reaching 66,400.