dYdX announces Donald Trump Prediction Market perpetuals 
Cryptocurrency Oct 15, 2024 Share
The dYdX Foundation, a decentralized governance platform, has announced the launch of a Trump Prediction Market perpetual on the dYdX platform, according to the information disclosed to Finbold on Tuesday, October 15.
Approved by the dYdX community on October 9, the new market allows traders to speculate on Donald Trump’s odds in the upcoming US Presidential Election.
dYdX Trump Prediction Market
The new dYdX market lets users speculate on the outcome of the upcoming US election in a decentralized, non-custodial environment.
Picks for you
R. Kiyosaki advises how to 'survive and thrive' in US high inflation 1 hour ago Sui ‘infrastructure partner’ to dump $20 million more amid selling spree 1 hour ago MicroStrategy outpaces S&P 500 and tech giants with Bitcoin strategy 2 hours ago Binance publishes a major overview of global stablecoin regulation 3 hours ago
Those optimistic about Trump’s chances can take a bullish stance and go long, while those predicting a different outcome can go short.
In addition, users can leverage advanced order types to amplify their positions and, potentially, their returns.
Namely, the market features perpetual leverage trading, enabling users to hold positions indefinitely and adjust trades in order to promptly respond to relevant election developments.
Enhanced risk management features, such as stop-loss and take-profit orders, likewise allow for high-stakes trading with added control features.
Reflecting the definitive outcome of the election, the underlying TRUMPWINYES market, hosted on Polymarket, will settle at $1 if Trump wins the election on November 5, or at $0.00001 if he does not.
Trading Trump Prediction perpetuals and the road ahead
Traders interested in joining the market can explore the Trump prediction perpetuals on the dYdX website.
Users need to connect their wallets and deposit USDC to fund their account, after which they can take a position based on their outlook for Trump’s election chances.
For newcomers to perpetual trading, a detailed tutorial is available to guide them through the process.
Looking ahead, the dYdX Community might introduce more similar prediction markets, potentially covering events in sports, global elections, and various cultural phenomena.
This expansion would offer traders a more diverse array of opportunities, all underpinned by dYdX’s decentralized framework.