Introduction to Jupiter’s Prediction Market
Jupiter, a Solana decentralized exchange (DEX) aggregator, has announced the launch of a beta version of its new prediction market, powered by Kalshi, a regulated American prediction market. The first test market allows users to place bets on the outcome of the upcoming Mexican Grand Prix, with the platform’s liquidity provided by Kalshi.
The beta version of Jupiter’s prediction market is now live, enabling users to vote on their favorite F1 drivers, with starting limits set at a maximum of 100,000 for global contracts and 1,000 for position contracts. According to the platform, Dutch-Belgian racing driver Max Verstappen is currently the top choice to win the Mexican Grand Prix, with a betting odds of 47.61%, followed by Brit Lando Norris with 27.3% of bets, and Australian racing driver Oscar Piastri with 23%.
How Jupiter’s Prediction Market Works
Jupiter’s prediction market operates similarly to other established prediction markets, such as Kalshi and Polymarket. Each market offers traders a range of options where they can trade either YES or NO, with prices changing depending on the number of bets. Users can sell their positions at any time before the official end of the market and will receive $1 for each correct position, while incorrect positions will not receive any money.
The platform’s prediction market has reached a trading volume of $52,290 within a few hours of launch, with the Mexican Grand Prix scheduled to take place from October 25-27. The market will likely close once the winner is determined on race day in late October.
Prediction Markets in the Crypto Community
Prediction markets have become increasingly popular in the crypto community, with more traders participating in various prediction markets, including outcomes such as the next bull cycle and real-world events like presidential election results. According to data from DeFi Llama, prediction market protocols have reached a total value of $241.9 million, with $422,297 in fees and $396,466 in revenue generated over the past seven days.
Polymarket is currently the largest on-chain TVL prediction market, with a total value of $215.55 million, accounting for nearly 90% of the total on-chain TVL of prediction markets. Other notable prediction markets include Gnosis Protocol v1 and Base’s sports prediction app Football.Fun, with TVLs of $7.45 million and $5.09 million, respectively.
Conclusion and Future Developments
Jupiter’s prediction market is still in beta, with no announcements on when the full version will be released. As the sector continues to grow, it will be interesting to see how Jupiter’s prediction market fares and whether it can compete with established players like Polymarket. For more information, visit the source link.
Jupiter Prediction Market beta is currently live and users are betting on F1 racers | Source: Jupiter Prediction Market
