PancakeSwap Launches Prediction Market on Arbitrum

PancakeSwap, a decentralised exchange (DEX), has unveiled an AI-powered prediction market built on the Arbitrum network. As PancakeSwap launches prediction market, reactions have been flowing in. According to officials, this innovative feature leverages advanced machine learning models from Allora Network, aiming to empower users and potentially reshape the game for crypto enthusiasts.

“Over the last three years, models built by the Allora Labs team (formerly known as Upshot) have effectively produced price predictions for more than 400 million assets with a 95–99% confidence for the most accurate predictions,” explained Chef Gyoza, product manager at PancakeSwap, in a recent interview with Cointelegraph. These impressive numbers highlight the potential of AI to guide users towards informed trading decisions.

PancakeSwap Launches Prediction Market with AI-Functionality

PancakeSwap’s groundbreaking prediction market harnesses the power of Allora’s artificial intelligence (AI) model. This sophisticated tool provides AI-driven price feed data, enabling users to forecast Ether (ETH) price movements on the Arbitrum network. Chef Gyoza elaborated,”Users can follow or oppose the AI’s prediction. With the AI’s performance and record in our tests achieving close to 65% accuracy, users must choose when to oppose the AI, which will naturally have higher odds.”This approach offers traders a significant edge in predicting market trends with greater accuracy. By offering such insights, PancakeSwap empowers users to make informed decisions and potentially optimize their trading strategies.

PancakeSwap launches Prediction Market: A Step-by-Step Guide

Allora’s AI model predicts the likelihood of price movements for various crypto assets, functioning as a valuable tool for users to inform their trading choices. Here’s a step-by-step breakdown of using the new prediction market:

1. Access the Prediction Market: Navigate to PancakeSwap Prediction and ensure you’ve selected the Arbitrum Chain.
2. Choose a Prediction Round: Select the specific prediction round you wish to participate in and decide whether to align with the AI’s forecast or strategically go against it.
3. Place Your Bet: Once you’ve chosen “Follow” or “Against,” enter the desired amount for your prediction (minimum 0.00001 ETH). Confirm and sign the transaction in your wallet.
4. Wait for the Outcome: Each prediction round lasts 10 minutes. Monitor the ETH price movement and see if your prediction aligns with the actual market trend.
5. Collect Winnings: If your prediction aligns with the AI’s forecast and is ultimately correct, you can collect your share of the prize pool once the round ends. Remembering that the AI prediction model’s performance directly influences payout accuracy is crucial. The system adapts over time to ensure a fair and user-centric experience.

 

Benefits and Unique Features: Beyond the Algorithm

As PancakeSwap launches prediction Market, it is hoped that this goes beyond simply integrating AI. It is expected to offer a compelling blend of AI technology and user-centric features to foster a dynamic and rewarding experience, including the following:

• Daily Rewards and Special Tasks: Users should be encouraged to participate daily by completing tasks and engaging with the community. This continuous engagement unlocks opportunities to earn additional rewards. “We believe in fostering a vibrant community around the prediction market,” stated Chef Gyoza, emphasizing PancakeSwap’s commitment to user engagement.
• Frequent Giveaways: PancakeSwap understands the power of incentives. The platform will host regular giveaways to keep the excitement alive and encourage ongoing participation.
• Social Interaction: Players can broaden their in-game network by inviting friends and earning additional rewards for each successful recruitment. Building a network enhances the gameplay experience and presents earning opportunities.
• Upgradeable Hamsters: Earned rewards can be used to enhance the capabilities of players’ virtual hamsters, ultimately increasing their earning potential within the system. This gamified approach adds a layer of fun and incentivizes long-term engagement.

The Future is Now! Celebrate with PancakeSwap’s 60,000 ARB Prediction Market

PancakeSwap Launches Prediction Market to mark this groundbreaking launch, PancakeSwap is hosting a 9-week campaign featuring a substantial 60,000 ARB reward pool.

 This initiative is funded by a 450,000 ARB grant from the Arbitrum Long-Term Incentive Pilot Program, with 60,000 ARB specifically allocated to boost the prediction market campaign. Participants can join the campaign and compete for a share of the reward pool by actively making predictions on the Arbitrum network. Weekly tasks provide additional opportunities to earn rewards, including loss protection, top prediction bonuses, random draws, and net winning bonuses.

While concerns about potential market manipulation are present, PancakeSwap prioritises transparency. Users can track round history, price feed history, and AI prediction history on-chain via their prediction v2 contract. As PancakeSwap launches prediction market, observers hope it will facilitate informed decision-making and help ensure a fair and trustworthy environment for all participants.