The markets for crypto exchange Poloniex’s “President” tokens is suggesting that the users buying those tokens are feeling bullish on Joe Biden winning this Tuesday’s U.S. presidential election.
On July 24, Poloniex announced that it had added support for two new digital assets — issued by crypto derivatives exchange FTX — to its Innovation Zone.
According to Poloniex, President tokens are “ERC-20 tokens that will be redeemable for either $1 or $0 based on if Trump wins or loses the Presidential election,” with the markets for these tokens acting as “tradeable prediction markets where the market price of TRUMPWIN should be roughly equal to the probability that Trump will win the election and the market price of TRUMPLOSE should be roughly equal to 1 minus that probability.”
Poloniex went on to say that TRUMPWIN and TRUMPLOSE are “based on the President 2020 Futures Contracts on FTX.”
The exchange has made the following trading pairs available
On Friday (October 30), Justin Sun, who is the Founder and CEO of TRON Foundation, sent out a tweet to show what these prediction markets were telling us about the likely outcome of the U.S. presidential election:
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