Poloniex, the cryptocurrency exchange, has added crypto assets with the 2020 US presidential re-election.
Poloniex said in a recent statement:
“TRUMPWIN and TRUMPLOSE are the first new assets to join our Innovation Zone today.”
It has been reported that the Poloniex listing comes several months prior to the November 2020 US presidential election.
However, as ERC-20 tokens, the election assets value $1 or $0 depending on the event’s results. By holding 10 TRUMPWIN tokens value is $10 USD if President Trump wins the November election. Whereas, holding 10 TRUMPLOSE tokens plunge to a value of $0 if the candidate wins.
Trading is now open for #TRUMPWIN & #TRUMPLOSE 👇 TRUMPWIN: https://t.co/AjnokBp2z4 TRUMPLOSE: https://t.co/tAERiTpnWj https://t.co/GRC4zda8w9 — Poloniex Exchange (@Poloniex) July 24, 2020
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.
Poloniex explained:
“The market price of TRUMPLOSE should be roughly equal to 1 minus that probability.”
It has been analyzed that Poloniex’s product comes after a similar model released by the FTX exchange back in May, by letting users trade futures based on the election.
#Traders can wager on #President #Trump’s re-election via @Poloniex tokens, @benjaminpirus reports https://t.co/P9B3HsbOGG — Cointelegraph (@Cointelegraph) July 24, 2020
Thus, the statement said:
“TRUMPWIN and TRUMPLOSE are based on the President 2020 Futures Contracts on FTX.”
Source: Cointelegraph | Image: Brainscape