dYdX Launches Trump Prediction Market Perpetuals

Zug, Switzerland, October 14th, 2024, Chainwire

The dYdX Foundation is pleased to announce the launch of Trump Prediction Market Perpetuals on dYdX, offering traders the unique ability to apply advanced order types on Donald Trump's chances of winning the 2024 U.S. Presidential Election.

This innovative market was added through a governance process by the dYdX Community on October 9th. It allows users to take trading positions on the U.S. election outcome in a fully decentralized and non-custodial environment, giving them the ability to amplify their positions and gain increased exposure to one of the most highly anticipated political events of the year. Traders bullish on Trump’s chances can take long positions, while those with a bearish outlook can short the market, leveraging their insights on election dynamics for potentially greater returns.

Key Features of the Trump Perpetual Prediction Market:Perpetual Leverage Trading: Users can take advantage of leverage in a perpetual market, allowing them to hold positions without expiration and adjust trades based on changing election dynamics.Advanced Risk Management: The platform supports key risk management tools like stop-loss and take-profit orders, helping traders navigate high-stakes political markets with greater control.Real-Time Settlement: The underlying TRUMPWINYES market on Polymarket is expected to settle to $1 if Trump wins on November 5th and $0.00001 if he does not.Why Trade Perpetual Prediction Markets?By combining perpetuals with prediction markets, dYdX offers a new way for traders to engage with narrative-driven events, such as the U.S. election. Perpetual markets allow users to hold positions over extended periods, providing flexibility as new developments emerge. The ability to amplify trades with advanced order types provides further opportunity for higher returns, though traders should always consider the associated risks.

How to Get Started:Visit dYdX: Visit https://dydx.trade/trade/TRUMPWIN-USD to explore the new Trump prediction market perps.Connect Your Wallet: Connect your Wallet and Deposit USDC to fund your account.Place Order: Decide whether to go long (Trump wins) or short (Trump loses) depending on what you think Trump's odds are for the election.For those unfamiliar with trading perpetuals, this educational step-by-step tutorial for the Trump perp market is available, guiding users through the entire process.

What’s Next?In addition to the Trump Prediction Market Perpetuals, the dYdX Community may permissionlessly introduce more leveraged prediction markets on various real-world events, including sports, global elections, and cultural events. This expansion would provide the dYdX Community with a broader range of trading opportunities, all supported by the platform’s decentralized infrastructure.

Disclaimer:None of this is investment advice. Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets. dYdX is not available in the U.S. or to U.S. users, as well as in other restricted jurisdictions.

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This article was originally published on Chainwire

Source: Investing.com