Crypto

US Presidential Election Attracts High Wager Volumes on Catnip.Exchange

As the US Presidential elections keep the entire world engaged, now is a good time to explore prediction markets. Catnip.exchange has recently introduced its US election betting. Unsurprisingly, there are plenty of people willing to put a wager on this outcome. 

Catnip.exchange Raises the bar

For the time being, it is still early in the vote tallying. No one knows who the next US President will become. While Donald Trump already declared a moral victory, the end result may prove otherwise. Until certainty is achieved, the US Presidential elections will remain a common talking point around the world. 

What makes this US Presidential election so intriguing today are the prediction markets. Catnip.exchange, for example, leverages the best of Augur and Balancer. As such, the team offers a way to “bet” on the outcome of the elections. More specifically, the users can place their bet on who will win this election exactly.

This option was introduced a few weeks ago. It is evident that a lot of people want either Trump or Biden to win. The number of unbiased people is very limited this time around. Whether that is a good sign or not, will always be a matter of debate. 

Participating in this US Presidential election prediction market is not difficult. Users can obtain yTrymp and nTrump tokens. yTrump tokens will pay out one DAI is Trump wins, but nTrump will reward nothing in this case. If Biden wins, the nTrump tokens are worth 1 DAI. A very simple and approachable concept for everyone interested in cryptocurrencies and prediction markets. 

US Presidential Election Volume Spikes

As one would expect, the volume pertaining to this US Presidential election is increasing rapidly. On November 1, it was reported how the market had nearly $1 million in 24-hour volume. At the time, this helped push the market’s volume well past $3 million overall. A further indication of how popular this prediction market is. It also shows how people are eager to see the outcome of the election itself. 

Fast forward to a few hours ago, and the volume keeps rising. Catnip.exchange even noted $1.2 million in volume yesterday, which is impressive. As votes are now tallying up, the volume is likely to keep increasing further. 

One positive side effect is how Catnip is now the 5th biggest pool – volume-wise – on Balancer. Additionally, it has the highest Total Value Locked as an Augur market. A lot of people are eager to wager on the US Presidential election. An interesting sight to behold, albeit the outcome remains uncertain.


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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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