According to cointelegraph.com on November 05.2020, the U.S. presidential election has driven eloquent action across crypto-powered predictive markets in 2020.
Ethereum’s co- founder, Vitalik Buterin, stated:
“Regardless of who wins from here, I definitely think that the prediction markets have proven themselves more accurate than the polls/models this time around.”
Traditional polls have shown Biden with an eight-point lead since the beginning of November.
In the past day, the election markets on major cryptocurrency derivatives exchange FTX saw wild volatility, with TRUMP futures spiking from $0.38 to $0.80 as votes began counting, before steadily crashing as Biden’s electoral college lead extended.
Almost $16 million worth of TRUMP tokens were traded on FTX, while BIDEN tokens pushed nearly $6 million. Also, FTX’s TRUMPWIN and TRUMPLOSE tokens also drove an additional $10 million in combined volume.
Ethereum-powered decentralized predictions platform Augur saw eloquent action, reporting $8.6 million in total election volume, and $4.75 million in open interest.
Ethereum influencer, Anthony Sassano noted:
“It seems that prediction markets finally found their stride because there was a market for people to bet on that they actually cared about.”