Wintermute Develops Smart Contract for Multi-Chain US Election Prediction Market utilizing Chaos Labs’ Edge Proofs Oracle
17 SEP 2024 | NEWS
London – Wintermute, the leading global algorithmic trading firm and liquidity provider in digital asset markets, today announced the development of a smart contract for a new US presidential election prediction market. The market features TRUMP and HARRIS tokens and will utilize Chaos Labs’ Edge Proofs Oracle to guarantee the highest precision in data delivery across multiple chains.
Set to launch next week, the market will be accessible on multiple chains, including Ethereum, Base, and Arbitrum, each supported by Chaos Labs’ Edge Proofs Oracle. Edge Proofs Oracle is a multi-chain outcome oracle that mitigates the risks associated with prediction markets by providing reliable, tamper-proof data feeds essential for maintaining trust and integrity. Unlike existing prediction markets confined to a single chain, the multi-chain approach allows direct participation from users’ native blockchain ecosystems without the need for cumbersome asset bridging.
“What sets our market and data integrity engine apart is the unique integration of advanced AI and LLMs with risk models. This combination delivers highly precise, tamper-proof data feeds while embedding real-time risk assessment directly into the protocol,” said Omer Goldberg, CEO of Chaos Labs. “Edge’s multi-chain architecture ensures seamless delivery of price, risk, and proofs of arbitrary information across ecosystems, enhancing trust and resilience in prediction markets.”
Bebop, WOO, and Backpack will provide the trading opportunity for this market, with additional venue listings to follow. The TRUMP and HARRIS tokens can be utilized within decentralized finance (DeFi) and listed on multiple centralized and decentralized exchanges, a feature not seen in other existing prediction markets which often restrict token usage in DeFi applications or limit listings on trading venues.
“There has been significant interest from both centralized and decentralized trading venues to list such prediction market contracts, but no one had developed them in a permissionless manner and without imposing minting or transaction fees,” said Evgeny Gaevoy, CEO of Wintermute. “Once launched, users can participate directly from their native blockchain ecosystems, removing barriers to entry and improving accessibility, making it easier and more efficient for everyone to get involved. The tokens will be usable in DeFi applications and listed on multiple trading venues, significantly expanding their utility and setting a new standard for how prediction markets operate.”
Willy Chuang, COO of WOO X, commented: “Decentralized smart contracts that expand the applications of cryptocurrency technology are crucial for the continued advancement of our industry, and WOO X is excited to support them. By creating markets for these tokens at launch, we empower our users to engage with significant events in a fair and transparent manner.”
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