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Poloniex Exchange Launches New Trading Assets Tied To Trump
New token linked to Trump’s chances of winning elections
Two exchanges offer tokens related to Trump
Traders bet on Trump’s possible victory
Cryptocurrency exchange Poloniex has announced the launch of two new trading instruments that are tied to the chances of the victory of the current US President Donald Trump in the upcoming elections.
Victory or defeat
Trump Presidential Tokens are ERC-20 tokens that can be exchanged for $ 1 or $ 0 depending on whether Trump won or lost the presidential election.
These trading assets act as a predictive trades asset, where the market price of TRUMPWIN should be roughly equal to the probability that Trump will win the election, and the market price of TRUMPLOSE should be approximately -1 that probability. TRUMPWIN and TRUMPLOSE are based on President 2020 futures contracts on FTX.
One Token As the use of cryptocurrencies grows, new types of tokens.
They can represent value or something intangible like voices. Two…
More TRUMPWIN and TRUMPLOST equals $ 1. In case of Donald Trump’s victory in the upcoming elections, TRUMPWIN token holders receive double the amount. In case of loss, they receive nothing.
“Assets allow the public to place bets on the results of an upcoming event, and the value of each token is related to the likelihood of the specified event occurring,” explains Poloniex.
In the footsteps of FTX
Recall that earlier a similar project was launched by the FTX cryptocurrency exchange. The new TRUMP-2020 token will function as a futures contract, and traders can win back long (bet on Trump winning in the race to the presidency) and short (on Trump losing) positions.
As FTX [ftx.com] said in a statement, the value of the token reaches $ 1 if Trump wins, that is, equals 100% victory, and $ 0 if he loses.
At the moment, the token is trading at $ 0.62, which corresponds to a 62% forecast for the victory of the incumbent president. In other words, the value of the token is determined by Trump’s approximate chance of winning..
The launch of the token has caused a mixed reaction in the cryptocurrency community, as traders fear the possible financial risks associated with trading futures contracts. They assume that the risks associated with the volatility of the cryptocurrency market will be enormous. Representatives of the exchange reassured traders and said that the risk profile of TRUMP-2020 is different from Bitcoin, which regularly rises and falls in price, and the token has every chance of making a major move (from 0 to 1 dollar). Note that the risk price of one TRUMP contract is $ 5.
Recall that the US presidential elections will be held on November 3, 2020.
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