With the upcoming 2020 Unites States presidential election looming, renowned cryptocurrency exchange Poloniex has added a way to bet the result.
Poloniex revealed within a recent statement adding, “TRUMPWIN & TRUMPLOSE are the primary new assets to hitch our Innovation Zone today.”
Election Assets Valued At $1 USD Or $0 USD
The Poloniex listing comes several months before the November 2020 United States presidential election.
As ERC-20 tokens, the election assets value $1 USD or $0 USD, counting 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 worth of $0 USD if the candidate wins.
The assets let the general 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 value of TRUMPLOSE should be roughly adequate to 1 minus that probability,” the exchange added.
Poloniex’s New Product – FTX
Poloniex’s product comes after an identical model released by the FTX exchange earlier in the month of May, letting users trade futures supporting the election. “TRUMPWIN and TRUMPLOSE are linked to the President 2020 Futures Contracts on FTX,” the statement revealed.
Similarly, Binance is another exchange showing similar innovative product listings in recent months. Recently, the cryptocurrency exchange giant launched leveraged FTX products, only to delist them before adding its own branded leveraged assets.