Wintermute Launches Prediction Market Ahead of U.S. Election

Crypto trading platform Wintermute is developing a predictions market as the U.S. election approaches in seven weeks. Utilizing Chaos Labs’ Edge Proofs Oracle, this new platform named OutcomeMarket will start with betting markets for TRUMP and HARRIS tokens.

Wintermute intends to launch the betting market next week across various networks, including the base layer Ethereum (ETH) and scaling layers Base and Arbitrum (ARB). The Edge Oracle will deliver “tamper-proof” data feeds.

According to the company, the multi-chain approach enables direct engagement from users’ native blockchain ecosystems, eliminating cumbersome asset bridging requirements. Wintermute also anticipates potential future DeFi integrations, such as offering users yield or leverage on their positions.

Prediction markets have gained traction in the crypto sector, moving beyond academic circles. Bettors are increasingly using platforms like Polymarket to bet on future events, with data from these platforms now frequently cited in mainstream media.

Evgeny Gaevoy, CEO of Wintermute, mentioned that there is a strong interest from both centralized and decentralized trading platforms to offer prediction market contracts, but no one has developed them in a permissionless way without minting or transaction fees.

Wintermute is collaborating with trading platforms Bebop, WOO, and Backpack to serve as market makers for these initial ERC-20 token markets, with plans for further expansion. Unlike certain memecoins, Wintermute’s trading pools will be supported by liquidity that pays out when one side wins.

Editor’s note (Sept. 17, 2024): Updates headline to clarify TRUMP and HARRIS are tokens.