The brand new function is a part of Cosmos-based Vega’s newest Colosseo II improve.
Cosmos-based decentralized change Vega Protocol is searching for to emulate Polymarket’s success by launching its personal prediction market as a part of its newest improve.
The brand new platform’s most important differentiator is its extra versatile market design in comparison with Polymarket’s totally built-out platform. Customers may also take lengthy or quick positions with potential binary (0 or 100) or non-binary (any worth between 0 and 100) settlements. The platform additionally presents dwell sport scoring for real-time updates and extra cross-chain capabilities.
“The launch of prediction markets on Vega is a big step in our evolution,” mentioned Barney Mannerings, co-founder of Vega Protocol, in a press release shared with The Defiant. “Whereas platforms like Polymarket have proven the urge for food for prediction markets, Vega presents a completely decentralized, permissionless different. The one restrict is our creativeness!”
Vega’s native token, VEGA, rallied 35% on the information to $0.19. The workforce hopes that tapping into the recognition of prediction markets will pique traders’ curiosity, with the protocol’s market cap down 66% to $12 million from $36 million in early Could.
Bettors which were flocking to Polygon-based Polymarket at the moment are seeing related platforms pop up throughout the ecosystem, which signifies that crypto-focused playing has discovered product-market match.
Crypto’s hottest prediction market tripled its month-to-month quantity in July to $387 million from $111 million in June. Month-to-month energetic customers additionally soared, with a 50% uptick to 65,013 bettors prior to now thirty days.
Polymarket’s recognition can also be a testomony to how correct these markets have turn out to be. Customers are more and more trying to prediction markets to gauge sentiment, particularly in politics, because the U.S. presidential race between Donald Trump and Kamala Harris continues to warmth up.
For the primary time ever, Harris has inched forward of Trump by way of who shall be elected within the upcoming November elections.
Vega, a perpetual futures platform that enables customers to guess on the long run worth of digital belongings, unveiled its Colosseo II improve lower than a month after its Colosseo I launch. The primary improve, which befell on July 16, added spot markets, an Arbitrum bridge for settling markets in Arbitrum-based belongings, and cross-chain deposits by way of Axelar.
