CandleFocus Backpack Launches US Election Prediction Tokens
2024-10-01
Author: Content Editor
Crypto exchange Backpack has launched prediction tokens, TRUMPWINS and HARRISWINS, which allow traders to bet on the outcome of the US presidential election. The tokens' values will fluctuate based on market sentiment and the likelihood of each candidate winning. If a trader believes Trump has a 60% chance of winning, TRUMPWINS tokens may trade at around $0.60 USDC, while HARRISWINS tokens may trade at around $0.40 USDC if the market believes Harris has a 40% chance of winning. The tokens can be redeemed for $1 USDC per token if the corresponding candidate wins or $0.5 USDC per token if neither wins. The project uses Wintermute's OutcomeMarket smart contract and Chaos Labs' decentralized oracle called Edge Proofs for settlement.
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