Phemex, the first exchange to offer Prediction Markets

The Singaporean cryptocurrency exchange Phemex has developed and transformed into a complete platform for managing financial assets. Phemex moved quickly after observing that customer demand for crypto investment choices had expanded beyond the specialized area of perpetual contracts. Its Crypto Savings Accounts under its Phemex Earn product line offer the same level of safety and simplicity as banks but with much higher stablecoin APYs. With more than five million users across 200 countries, Phemex’s growth is representative of the overall blockchain growth and adoption trends we’re witnessing all over the world.

Just recently, Phemex is introducing an exciting new product to the cryptoverse called the Phemex Prediction Markets. Each market or pool allows you to make a prediction on the future outcome of an event. The topics of these markets can range from whether an event will occur at all or the future price of an asset by a given date. As a user, you can make a prediction by purchasing shares in any market you desire for the outcome that you believe will happen. Users can now predict various outcomes of an event and win large sums of rewards.

How does it work:

There are various types of prediction markets that users can participate in. Essentially, Phemex will select events with binary outcomes. For example, there could be a market for whether ETH 2.0 merge will fail. Outcomes would be YES or NO. Another market example could be if the price of ETH will reach $2000 by October 1st, and users can choose YES or NO as their prediction. Markets have a prize pool that is equal to the final amount of funds committed or shares bought of both outcomes. A user selects the market they want to participate in, then selects the outcome they predict will happen. Finally, they will buy shares for the market.

When it comes to shares, users can buy shares of a market for the specific outcome they believe will happen. Each market will likely have different limits on how many shares can be purchased. Shares basically represent the percentage of the prize pool that a user owns. If their prediction is correct, then all of the shares of people that choose the wrong prediction will be distributed to the winners.

A typical example may look like this:

You buy or commit 100 USDT for 100 shares (1:1) ratio. If you win, your shares represent a larger portion of the pool that you took from the losing parties, potentially a 1:1.2 ratio. So now you can exchange your shares back for USDT, but you get 1.2 USDT for every share you have.

In just 4 simple steps, all users have to do is select a market and predict an outcome, commit funds to get shares, wait for the result and redeem shares for rewards!

To begin your prediction journey, it is essential to know how the prediction markets work to aid you in predicting the most optimal outcomes.

First CEX to Offer Prediction Markets

Prediction markets have been growing tremendously on other platforms such as Polymarket and Pulse Markets. However, Phemex will be the first CEX to offer such products to all users.

It’s easy to use for all levels, and the Phemex Prediction Markets will not only be crypto-related. Phemex will introduce various interesting markets on news, politics, sports, and price targets. Users can earn crypto easily by predicting outcomes in areas of their interest. Phemex is a financial services company founded on the values of honesty, integrity, and trustworthiness. Phemex is the ideal solution for your crypto-financial needs, with a great vision, a devoted team, and a genuine interest in the interests of its consumers.

The prediction market is yet another way in which Phemex is revolutionizing how and what crypto is used for. Phemex’s evolution to become a full financial platform helps users to earn profit by predicting a political outcome, save some of those profits in high APY accounts and use another portion for leveraged trading all in one single exchange.

Phemex, led by Morgan Stanley executives, seeks to create the world’s most reliable cryptocurrency derivatives trading platform. As they continue expanding with their community, they put their clients first and never compromise on their solid commitment to providing the most outstanding quality products and services.

 

 

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