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Citizen Daily Brief

The Prediction Market Pickle ($)

gm Bankless Citizen, as the election spectacle kicks into high gear, more people are placing their bets on Polymarket. Can the prediction platform keep the action going?
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Jul 9, 2024 • 3 min read
The Prediction Market Pickle
Published on July 9, 2024
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Sponsor: Mantle — Mass adoption of decentralized & token-governed technologies.

Visit mantle.xyz to Learn More
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NEED TO KNOW
GOP Goes Full Crypto
  1. 🐘 GOP Make Combating Crypto Crackdown an Official Stance. Trump's pro-crypto stance makes it onto the party's official 2024 platform.
    Read more on Bankless.com
  2. 🗿 BlackRock's BUIDL Fund Surpasses $500M AUM. The tokenized megafund is only getting larger.
    Read more on Bankless.com
  3. 👩‍⚖️ FTX Execs Who Testified Against SBF Set to be Sentenced. Nishad Singh and Gary Wang will both be sentenced this fall.
    Read more on Bankless.com
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MARKET VIBES
Overcorrection?

📸 Daily Market Snapshot: Traders seemed to signal a lull in the selloff Tuesday as the majors saw small bumps, while a number of previously over-performing altcoins rebounded after weeks of unrelenting capitulation. TIA climbed 18% on the day, while SEI pushed up 16% and SUI climbed 9%.

Prices as of 5pm ET 24hr 7d
Crypto $2.12T ↗2.1% ↘7.8%
BTC $57,865 ↗2.6% ↘6.6%
ETH $3,061 ↗1.6% ↘10.4%
TIA $7.07 ↗17.9% ↗20.4%
🟣
New Token Rating: Celestia had been decimated, closing last week down 80% off February highs. Is 5 days of decent price action enough to turn the tide for TIA?
See TIA on Token Hub
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ANALYSIS
The Prediction Market Pickle
Bankless Author: Jack Inabinet

Interest has never been higher in the Polygon-based prediction market Polymarket.

The platform, which allows traders to create markets around an infinite number of “yes” or “no” outcomes, has caught fire amid a chaotic and volatile U.S. Presidential election. Traders seeking to make a buck off their conviction in which candidate will come out on top have placed hundreds of millions of dollars in bets on the platform over the past several months, pushing Polymarket's business metrics and its name recognition to new all-time highs.

Today, we’re discussing what the post-election future holds for crypto's buzziest prediction platform 👇

Read the Full Analysis
FRIEND & SPONSOR: MANTLE

Mantle kickstarts Season 1 of Methamorphosis. Building on the success of their Liquid Staking Token, mETH, Mantle LSP announces plans for a new Liquid Restaking Token, cmETH, along with a governance token, COOK. With Methamorphosis, participants can now farm Powder for future COOK tokens and position themselves early for upcoming cmETH release.

Visit mantle.xyz to Learn More
.  .  .
PREMIUM FEED
Animal Spirits x Bankless

It's Ryan and David's turn to get interviewed.

In this crossover episode, the Animal Spirits co-hosts Michael Batnick and Ben Carlson interview Ryan and David to discuss crypto cycles, Bitcoin versus Ethereum, crypto entering politics, and much more!

Listen to the full Citizen-only episode 👇

Watch the Episode
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LEARN
What We're Reading

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

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