Ethereum price prediction market launched on PancakeSwap — with AI

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As the 2024 US presidential election approaches, crypto-based prediction market PolyMarket is experiencing a surge in activity. Decentralized exchange Pancake Variation announced on Wednesday that it is launching a prediction market that focuses on one question: Will the price of Ethereum go up or down?

And they will be betting for or against predictions made by artificial intelligence (AI).

“We're always looking for ways to create unique experiences for our customers,” said Chef Gyoza, Pancakeswap's pseudonymous product manager. Decrypt. “Incorporating AI into prediction markets was a logical next step.”

PancakeSwap's forecast market will be based on Arbitrum, and invites users.o ETH price movement forecast every 10 minutes Announcement. Prizes for correct predictions will be distributed over the next nine weeks from a 60,000 ARB prize pool (approximately $49,600 in writing).

PancakeSwap has tapped decentralized AI network provider Allora to provide AI predictions, which the exchange said has shown 65% accuracy in testing.

PancakeSwap's first movie AI prediction market Comes as the crypto market awaits the launch of Ethereum spot ETFs in the US, and That coincides with record-breaking activity on PolyMarket, which bills itself as the world's largest prediction market.

While PancakeSwap's platform is focused on one question, PolyMarket supports countless bets on many topics.

As June 27, Polymarket has achieved a record monthly trading volume of $93.55 million and 26,560 monthly active users. The platform's top prediction focuses on the winner of the 2024 US presidential election, with more $185 million bet so far. Current odds give Donald Trump a 60% chance of winning, while Joe Biden stands at 34%.

“Prediction markets have gained significant attention around the US presidential election because of their ability to focus market mechanisms on specific events,” said Allora co-founder Nick Emmons. Decrypt. They are powerful tools for gathering collective knowledge, especially when elections gain widespread attention.”

AI brings an important new dimension to the space, he said.

“AI's ability to efficiently process vast data sets introduces a new type of trader to interact with these markets,” Emmons said.
With tonight's presidential debate between Joe Biden and Donald Trump, the crypto community will be watching with keen interest. Stand with crypto.A grassroots advocacy group empowering crypto users has collected signatures to urge CNN to ask candidates about crypto during debates.

While opinion polls remain the primary measure of public sentiment, Emmons said that could be changing.

“Over the next six months, prediction markets will see increased activity as election-related events unfold. This increased interest will introduce a wider audience to prediction markets.” They said. A more definitive source of collective knowledge across a growing set of domains.”

Edited by Ryan Ozawa.

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