dYdX Foundation Launches Trump Prediction Market Perpetuals Ahead of 2024 Election

The dYdX Foundation has launched Trump Prediction Market Perpetuals on its decentralized exchange dYdX. The latest move will enable traders to utilize advanced order types to speculate on Republican candidate Donald Trump’s likelihood of winning the 2024 US Presidential Election.

It aims to provide users with a decentralized and non-custodial environment in which to engage in trading related to the outcome of the US election. Traders can take long positions if they are optimistic about Trump’s prospects or short positions if they anticipate a less favorable outcome.

According to the official press release shared with CryptoPotato, this market was introduced on October 9th following a governance decision by the dYdX Community.

With the Trump Perpetual Prediction Market, users can engage in perpetual leverage trading, allowing them to hold positions indefinitely while adjusting their trades in response to evolving election dynamics.

The platform also incorporates advanced risk management tools, such as stop-loss and take-profit orders, which provide traders with greater control as they navigate the complexities of political markets.

Additionally, the underlying TRUMPWINYES market on Polymarket is set to settle at $1 if Trump wins the election on November 5th and at $0.00001 if he does not, offering clear and immediate outcomes for traders based on the election results.

Going forward, dYdX said that it also plans to permissionlessly introduce more leveraged prediction markets on various real-world events, including sports, global elections, and cultural events. This expansion is expected to offer the dYdX community a broader range of trading opportunities, all supported by the platform’s decentralized infrastructure.