With the 2020 presidential elections in the United States imminent, the crypto currency exchange, Poloniex, has added a way to bet on the outcome.
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„TRUMPWIN and TRUMPLOSE are the first new assets to join our Innovation Zone today,“ said Poloniex in a recent statement.
Assets valued according to election results
The inclusion of Poloniex comes several months before the U.S. presidential elections, which will be held in November 2020.
As ERC-20 tokens, electoral assets are worth USD 1 or USD 0, depending on the results of the event. Having 10 TRUMPWIN tokens is worth $10 if President Trump wins the November election. Conversely, having 10 TRUMPWIN tokens falls to a value of USD 0 if the candidate wins the election.
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The assets allow the public to bet on the outcome of the coming event, with the value of each token linked to the probability of its outcome occurring. „The market price of TRUMPLOSE should be approximately equal to 1 minus that probability,“ the exchange explained.
The assets are based on a similar FTX model
Poloniex’s product comes after a similar model launched by the FTX exchange in May, which allows its users to trade futures based on the presidential elections. „TRUMPWIN and TRUMPLOSE are based on the President’s 2020 futures contracts on FTX,“ the release said.
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Binance is another exchange that shows quotes for similar innovative products in recent months. The giant cryptomoney exchange launched leveraged FTX products, only to remove them before adding its own branded leveraged assets.