Decentralised prediction markets are the new oil in crypto space. Since the evolution of Polymarket into an electoral prediction landscape, a growing number of platforms are now offering users the opportunity to forecast future events and make money from it. While Ethereum is often the choice of new ecosystems, Cardano now boasts of new emergent players.
Permissionless prediction markets now call Cardano home and one of the new players is Bodega Market. Below, we explore what makes Bodega different and how the platform works.
What is Bodega Market?
Bodega Market is a platform which is built to make predictions about real world issues. It is a permissionless, open-source prediction market operating on the Cardano blockchain. As per its capability, it allows anyone to create, participate, and trade in markets focused on forecasting the future outcome of real-world events. Think sports, elections, country’s policies, crypto assets, and so much more.
How Does It Work?
Users can explore the different prediction markets on offer and then pick one. Bets are placed using USDM, a Cardano-native stablecoin. Each prediction is represented as shares and users can buy and sell them during its active state. From there on out, users can adjust their predictions in real-time. Soon after the event is concluded, the winnings are distributed into the crypto wallets of the right bettors.
Key Features of Bodega Market
● Users can create and earn fees from betting markets directly on the Bodega platform. This makes the process even more transparent as Bodega democratises the entire betting experience.
● Betting positions are represented as shares. With this, users can buy and sell these shares (betting positions) during the stipulated duration.
● Holders of the $BODEGA token will be able to participate in the decentralized prediction marketplace through staking. Also, stakers will earn a 50% share of the revenue generated from betting on the platform.
● While platforms like Polymarket offer a limited payment vehicle, Bodega Market offers limitless betting currencies for users. By this, users can place bets using ADA or USDM stablecoin. Also, BTC integration is currently in the works and other prominent digital assets will be supported in the coming months.
● Users can also execute bets using fiat currencies like USD, EUR, and others directly on Bodega. This is all thanks to the platform’s integration with a prominent fiat on-ramp provider, Mercuryo.
Summary
Bodega market provides a platform where users can easily make predictions about real life events. It harnesses Cardano's key features (security and scalability) to give users the opportunity to make accurate predictions in the highly dynamic crypto space. Bodega market is one to watch in the coming years as it is tipped to play an important role in decentralized finance.
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