The brand new characteristic is a part of Cosmos-based Vega’s newest Colosseo II improve.
Cosmos-based decentralized change Vega Protocol is searching for to emulate Polymarket’s success by launching its personal prediction market as a part of its newest improve.
The brand new platform’s predominant differentiator is its extra versatile market design in comparison with Polymarket’s absolutely built-out platform. Customers may also take lengthy or quick positions with potential binary (0 or 100) or non-binary (any worth between 0 and 100) settlements. The platform additionally presents reside sport scoring for real-time updates and extra cross-chain capabilities.
“The launch of prediction markets on Vega is a significant step in our evolution,” said Barney Mannerings, co-founder of Vega Protocol, in a statement shared with The Defiant. “While platforms like Polymarket have shown the appetite for prediction markets, Vega offers a fully decentralized, permissionless alternative. The only limit is our imagination!”
Vega’s native token, VEGA, rallied 35% on the news to $0.19. The team hopes that tapping into the popularity of prediction markets will pique investors’ interest, with the protocol’s market cap down 66% to $12 million from $36 million in early May.
Bettors that have been flocking to Polygon-based Polymarket are now seeing similar platforms pop up across the ecosystem, which indicates that crypto-focused gambling has found product-market fit.
Crypto’s most popular prediction market tripled its monthly volume in July to $387 million from $111 million in June. Monthly active users also soared, with a 50% uptick to 65,013 bettors in the past thirty days.
Polymarket’s popularity is also a testament to how accurate these markets have become. Users are increasingly looking to prediction markets to gauge sentiment, especially in politics, as the U.S. presidential race between Donald Trump and Kamala Harris continues to heat up.
For the first time ever, Harris has inched ahead of Trump in terms of who will be elected in the upcoming November elections.
Vega, a perpetual futures platform that allows users to bet on the future value of digital assets, unveiled its Colosseo II upgrade less than a month after its Colosseo I launch. The primary improve, which passed off on July 16, added spot markets, an Arbitrum bridge for settling markets in Arbitrum-based belongings, and cross-chain deposits through Axelar.
