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.”
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.
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.
“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.
Thus, the statement said:
“TRUMPWIN and TRUMPLOSE are based on the President 2020 Futures Contracts on FTX.”