Poloniex Adds US Election-Based Trades

Blockchain

With the 2020 U.S. presidential election looming, crypto exchange Poloniex has added a way to bet on the outcome.

“TRUMPWIN and TRUMPLOSE are the first new assets to join our Innovation Zone today,” Poloniex said in a recent statement.

Assets valued according to election results

The Poloniex listing comes several months prior to the November 2020 U.S. presidential election.

As ERC-20 tokens, the election assets value $1 or $0, depending on the event’s results. Holding 10 TRUMPWIN tokens value $10 USD if President Trump wins the November election. In contrast, holding 10 TRUMPLOSE tokens plunge to a value of $0 if the candidate wins.

The assets let the public wager on the results of the upcoming event, with each token’s value tied to the likelihood of its denoted event occurring. “The market price of TRUMPLOSE should be roughly equal to 1 minus that probability,” the exchange explained.

Assets modelled the product after FTX

Poloniex’s product comes after a similar model released by the FTX exchange back in May, letting users trade futures based on the election. “TRUMPWIN and TRUMPLOSE are based on the President 2020 Futures Contracts on FTX,” the statement said.

Binance is another exchange showing similar innovative product listings in recent months. The crypto exchange giant launched leveraged FTX products, only to delist them prior to adding its own branded leveraged assets.

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