In summary
- Decentralized exchange (DEX) PancakeSwap has introduced a new bot on Telegram that allows users to make price predictions for BNB.
- The bot, launched on September 11, brings the functionality of PancakeSwap’s existing prediction market to the popular messaging platform.
- Users can predict whether the price of BNB will rise or fall in 5-minute intervals, with a minimum stake of 0.001 BNB to participate.
Decentralized exchange (DEX) PancakeSwap has introduced a new bot on Telegram that allows users to make price predictions for BNB, the native token of the BNB chain. The bot, launched on Sept. 11, brings the functionality of PancakeSwap’s existing prediction market to the popular messaging platform.
This follows the launch of the PancakeSwap prediction market in June.
At the time, Pancakeswap’s pseudonymous product manager Chef Gyoza told Decrypt that the team thought it had an edge over the competition due to its use of artificial intelligence. “We are always exploring ways to create unique experiences for our users. Adding AI to prediction markets was a logical next step,” they said.
PancakeSwap’s Telegram Prediction Bot allows users to predict whether the price of BNB will rise or fall in 5-minute intervals, according to a press release shared with Decrypt. Participants can enter predictions with a minimum amount of 0.001 BNB, which is roughly equivalent to $0.51 at the time of writing. If they guess correctly, they receive a share of the prize pool, which is increased by a round multiplier.
“In addition to launching this pioneering bot, PancakeSwap is sweetening the deal with a special giveaway of $4,444 in rewards,” they wrote in the press release. “Every user who makes a prediction via the Telegram bot on September 22 will be entered into a drawing for a chance to win a share of the celebratory prize pool.”
Blockchain-based prediction markets have emerged as decentralized alternatives to traditional forecasting platforms. Prominent examples include Augur on Ethereum, Polymarket on Polygon, and Gnosis Protocol’s conditional token framework.
These platforms leverage blockchain technology to ensure transparency and enable global participation in predicting outcomes across a range of domains, from politics to Cryptocurrency prices. However, they often face challenges related to liquidity, user adoption, and regulatory uncertainties.
Edited by Stacy Elliott.
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