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. It offers mobile users a convenient way to predict the future price of the BNB (BNB) token.
The new prediction bot was launched due to a growing interest in prediction markets, the PancakeSwap team told Cointelegraph:
“We decided to release our Prediction Telegram bot to tap into the growing interest in prediction markets and the popularity of Telegram bots among crypto enthusiasts, offering a convenient and mobile-friendly way to stay engaged with the market.”
Prediction Telegram Bot. Source: PancakeSwap
Interest in prediction markets has surged once again as the 2024 US presidential election, scheduled for Nov. 5, approaches. The election’s outcome could have significant regulatory implications for the cryptocurrency sector.
Prediction markets are booming ahead of US elections
The growing interest in betting markets is clear when looking at the growing 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.
Polymarket total value locked, 2024 year-to-date chart. Source: DefiLlama
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 only launching with BNB-related predictions, the team is looking to add support for more chains based on user feedback and market conditions, the PancakeSwap team told Cointelegraph.
The launch comes shortly before PancakeSwap’s fourth birthday. To celebrate, users who participate in Telegram bot predictions on Sept. 22 can qualify for a share of the $4,444 worth of rewards.
Telegram Mini Apps are popularizing crypto with the mainstream
Telegram-based Mini Apps are shaping up as a net positive for the crypto industry, thanks to their potential to onboard new mainstream users to the Web3 space.
This is because onboarding the next 500 million users will require simple apps with “actual usability,” like Telegram Mini Apps, which could be a “Trojan horse” for mass adoption, according to Justin Hyun, the director of investments at The Open Network Foundation.
Hyun told Cointelegraph:
“But bringing 500 million people on-chain by 2028 — which is our goal — is going to require use cases that interact with the blockchain without the user knowing that in the front end.”
Telegram and Telegram-based games like Hamster Kombat could also bolster mass blockchain adoption, according to Yat Siu, co-founder and chairman of Animoca Brands.
Siu told Cointelegraph in an interview:
“With platforms like Telegram and TON [The Open Network], you have the ability to boost that [Web3 adoption] because they don’t have those restrictions. Those clear games are the demonstration of the first generations of games that will bring us mass adoption into Web3.”
The Truth on Hamster Kombat: Revolution or Scam? Source: YouTube
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