Ethereum Price Prediction Market Launches on PancakeSwap with AI

With the 2024 US presidential election approaching, crypto prediction market PolyMarket is seeing a surge in activity. Meanwhile, PancakeSwap has announced the launch of an Ethereum price prediction market, incorporating AI for enhanced accuracy.

On Wednesday, decentralized exchange PancakeSwap introduced a new prediction market that lets users bet on Ethereum's price movements. These predictions will be guided by AI, adding a fresh twist to the platform.

"We're always exploring ways to create unique experiences for our users,” said PancakeSwap’s product manager Chef Gyoza. “Adding AI to prediction markets was a logical next step."

The new prediction market is based on Arbitrum and allows users to forecast ETH price changes every 10 minutes. Correct predictions will be rewarded from a 60,000 ARB prize pool (about $49,600), distributed over the next nine weeks.

PancakeSwap has partnered with decentralized AI network provider Allora, whose AI has shown 65% accuracy in testing. This launch coincides with heightened activity on PolyMarket and the anticipated launch of Ethereum spot ETFs in the U.S.

PolyMarket, the world's largest prediction market, supports a wide array of wagers and has seen record trading volume and active users. In June, PolyMarket achieved a record $93.55 million in monthly trading volume with 26,560 active users. The top prediction market currently revolves around the 2024 US presidential election, with over $185 million bet so far. Odds give Donald Trump a 60% chance of winning and Joe Biden 34%.

"Prediction markets gain significant attention around U.S. presidential elections due to their ability to focus market mechanisms on specific events,” said Allora co-founder Nick Emmons. “They're powerful tools for aggregating collective knowledge, especially when elections capture widespread attention."
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