Polymarket Predictions wager in opposition to Cardano Sensible Contract Launch October 1st – Crypto Information Flash
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- A market forecast by Polymarket shows that the odds for Cardano’s smart contract to be released by October 1, 63-37 are on the other hand.
- Prediction markets allow betting on real events such as elections and sports.
The odds on Cardano, which includes smart contract functionality through October 1, 2021, is slim, according to a Thursday forecast market from Polymarket. Notably, Cardano’s smart contract stocks traded at $ 0.37 for “yes” and $ 0.63 for “no” on Polymarket, with the most expensive bets most likely considered correct. Additionally, the trading volume of the market exceeded $ 157,000 at press time. The market is therefore more of the opinion that Cardano will not bring smart contracts to the market as planned.
Meanwhile, the market participants are now waiting to see which of the bets become reality. The correct answer can be redeemed for USD 1 in the form of USDC stablecoin.
Over time, global tech schedules have been observed to be quite unreliable and more of a hit and miss. Nonetheless, the Alonzo Testnet made significant progress with the launch of Alonzo Blue 2.0 in mid-June. This debut was the first stage of development towards the introduction of smart contract functions, as described in Cardano’s 90-day roadmap. The three stages of development – blue, white and purple – should take place in this order in a 30-60-90 day window.
In addition, Alonzo started the second hard fork of the “White” phase on Wednesday. The testnet underpins the key features of Cardano’s smart contract development for the expected third-era goguen. Cardano began its second era, Shelley, in July 2020. The third phase on the road to smart contract functionality, known as Alonzo Purple, is on day 90 of Cardano’s plan.
Continue reading: IOHK Announces Successful Hard Fork of Cardano’s Alonzo Test Network to Alonzo White Node
Cardano and Polymarket prediction markets
Prediction markets like Polymarket allow people to place their bets on real events. This includes elections and sports games. Event advocates advertise with attendees to get an impression of expert opinions. With money at stake, such predictions are trusted quite a lot compared to the free opinion of experts. The latter have nothing to lose if reality and their point of view do not match.
So far, centralized platforms like PredictIt have dominated most of these prediction markets. However, as decentralized technologies are increasingly adopted, newer markets have started to work in blockchain networks. Examples are Augur, which is based on Ethereum, and Polymarket, which is based on the Polygon sidechain.
Currently the largest market with a trading volume of USD 315,000 on Polymarket relies on Ethereum Improvement Proposals (EIPs). Specifically, it is about whether EIP-1559 will go live by the end of July.
Cardano was founded in 2015 by Charles Hoskinson, who is also the co-founder of the original smart contract chain Ethereum. The network was established by the research and development company Input-Output Hong Kong (IOHK), also founded by Hoskinson. Cardano’s native ADA token went into operation in 2017 and, according to our data, is now the fifth largest cryptocurrency with a market capitalization of $ 38.9 billion.
In response to news of a prediction market on Cardano, Hoskinson tweeted “You guys make me laugh”. However, it was not clear whether his cynicism was focused on the trends in the market or the very existence of the market.
You guys really make me laugh https://t.co/f0W1hULrBw
– Charles Hoskinson (@IOHK_Charles) July 15, 2021