According to Cointelegraph, PancakeSwap has introduced its first prediction bot in response to increasing interest in prediction market products. The new PancakeSwap prediction Telegram Bot was launched in beta on Sept. 11, offering mobile users a convenient way to predict the future price of the BNB (BNB) token.
The PancakeSwap team stated that the bot was released to tap into the growing interest in prediction markets and the popularity of Telegram bots among crypto enthusiasts. This launch comes as interest in prediction markets has surged, particularly with the 2024 US presidential election approaching, which could have significant regulatory implications for the cryptocurrency sector.
The growing interest in betting markets is evident from the increasing value locked in Polymarket, the world’s largest predictions market. Polymarket’s total value locked (TVL) reached a new all-time high of $123.4 million on Sept. 11, according to DefiLlama data. Since the beginning of 2024, Polymarket’s TVL has skyrocketed over 1,155% to the current $121 million from just $9.6 million on Jan. 1.
While PancakeSwap’s Telegram bot is initially launching with BNB-related predictions, the team is looking to add support for more chains based on user feedback and market conditions. The launch coincides with PancakeSwap’s fourth birthday, and users who participate in Telegram bot predictions on Sept. 22 can qualify for a share of the $4,444 worth of rewards.
Telegram-based Mini Apps are emerging as a positive development for the crypto industry, thanks to their potential to onboard new mainstream users to the Web3 space. Justin Hyun, the director of investments at The Open Network Foundation, emphasized the importance of simple apps with actual usability for onboarding the next 500 million users. He suggested that Telegram Mini Apps could serve as a “Trojan horse” for mass adoption.
Yat Siu, co-founder and chairman of Animoca Brands, also highlighted the potential of Telegram and Telegram-based games like Hamster Kombat to bolster mass blockchain adoption. Siu noted that platforms like Telegram and The Open Network (TON) could boost Web3 adoption due to their lack of restrictions, with early games demonstrating the potential for mass adoption into Web3.
