dYdX Foundation Launches Trump Prediction Market Perpetuities Ahead of 2024 Election

The dYdX Foundation has launched Trump Prediction Market Perpetuals on its dYdX decentralized exchange. The latest move will allow traders to use forward order types to speculate on the likelihood of Republican candidate Donald Trump winning the 2024 US presidential election.

It aims to provide users with a decentralized and non-custodial environment in which to engage in trading related to the outcome of the US election. Traders can take long positions if they are optimistic about Trump’s prospects or short positions if they anticipate a less favorable outcome.

According to the official press release shared with CryptoPotato, this market was introduced on October 9 following a dYdX community governance decision.

With the Trump Perpetual Prediction Market, users can engage in perpetual leverage trading, allowing them to hold positions indefinitely while adjusting their trades in response to changing election dynamics.

The platform also incorporates advanced risk management tools, such as stop-loss and take-profit orders, which give traders greater control as they navigate the complexities of political markets.

In addition, the underlying TRUMPWINYES market on Polymarket will be set at $1 if Trump wins the election on November 5th and $0.00001 if he does not, providing clear and immediate results for traders based on the election results .

In the future, dYdX said it also plans to introduce more leveraged prediction markets without permission in various real-world events, including sports, global elections and cultural events. This expansion is expected to provide the dYdX community with a wider range of trading opportunities, all supported by the platform’s decentralized infrastructure.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!