What are the best prediction markets in 2024? 🔮 Top onchai | UMA Protocol on Binance Square

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What are the best prediction markets in 2024?
🔮 Top onchain prediction markets
👀 Upcoming markets to watch
🧠 How to choose the best one for you
Read here:
https://blog.uma.xyz/articles/what-are-the-best-prediction-markets-in-2024

Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.

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The 2024 Presidential Election market on @Polymarket has just reached over $1B in volume 🔮 WP 🤝 @shayne_coplan

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How UMA's Optimistic Oracle Secures Prediction Markets 🧵 📝 The Optimistic Oracle plays a crucial role in securing and resolving prediction markets, like @Polymarket. Decentralized prediction markets face the hard problems of getting the outcomes of real-world events onchain and resolving market disputes when they occur. The Optimistic Oracle is designed to solve these problems by delivering this data to the Ethereum blockchain. There are three steps: 1. Proposal: When an event outcome needs to be determined, a proposal is submitted to the oracle. 2. Challenge Period: There is a set period during which the proposed outcome can be challenged. If no valid challenge is made, the proposed outcome is accepted. 3. Resolution: If challenged, a decentralized dispute resolution process is initiated, ensuring that the final outcome is as accurate as possible. This system ensures that the markets remain fair and trustworthy, as it relies on decentralized consensus rather than a single point of failure. UMA's Optimistic Oracle is the leading tool for resolving prediction markets onchain. It has resolved more than 10,000 markets for Polymarket and secures several other prediction markets including @poly_bet, @ForeProtocol, Bookies, and @predictdotfun Read more:

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These new markets on @predictdotfun are getting crazy 🔮 Will @Polymarket launch a token by the end of 2024? https://x.com/i/status/1838607450892832935/video/1

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What Exactly are Prediction Markets? 🔮 Prediction markets are online platforms where users wager on the outcomes of future events. In onchain prediction markets, users compete directly with each other in a peer-to-peer, trustless, and transparent manner. There are four main categories of prediction markets: 📈 Financial markets: Predict financial outcomes like stock prices, cryptocurrency movements, and economic indicators. 🏛️ Political markets: Focus on political outcomes, including elections, policy changes, and government decisions. 🐯 Exotic markets: Cover a wide range of topics, such as weather predictions, entertainment outcomes, and social or cultural phenomena, offering the greatest potential for crypto innovation. 🏀 Sports markets: Enable betting on the outcomes of sporting events, like the winner of a game, final score, or player performances. The most popular type of prediction market setup is the Binary Options model, which involves financial derivatives that allow participants to bet on yes/no or true/false event outcomes. Traders predict if a specific event will occur by a set time, receiving a fixed payout if correct or losing their investment if wrong. Binary options offer a fixed risk/reward structure and an all-or-nothing outcome, making them popular for quick, decisive speculation. These markets are often the easiest to resolve when there are clear market rules and a credible, easily-accessible outcome verification source.

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Collective wisdom, unleashed 🧠 @Polymarket share prices offer real-time insights into global events by aligning incentives with predictive accuracy. Remember when Polymarket almost perfectly predicted Joe Biden stepping down? 🔮

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