Solana DEX aggregator Jupiter announces the launch of a beta version of its new prediction market supported by Kalshi. The first test market involves the Mexico Grand Prix.
Summary
- Jupiter has introduced the beta version of its first-ever Prediction Market, allowing users to place bets on the outcome of the upcoming Mexico Grand Prix.
- While Jupiter’s market remains in beta, the sector continues to grow rapidly, with total value locked across prediction market platforms reaching $241.9 million.
In a recent post, the Solana decentralized exchange Jupiter announced that has launched the beta version of its first prediction market. For the platform’s first test market, users can vote on F1 racers they believe have the highest chance of winning the Mexico Grand Prix.
“Max Verstappen, or Lando Norris? Oscar Piastri or George Russell? Jupiter’s first ever Prediction Market is now LIVE (in beta),” wrote the protocol in its latest post.
The market’s liquidity is powered by Kalshi, the American regulated prediction market that has been operating since 2021. For now, the platform is still in its beta version and has limited features, but users can start betting on their favorite F1 drivers with starting limits pinned at a maximum of 100,000 for global contracts and 1,000 for position contracts.
Jupiter Prediction Market’s beta version is currently live with users betting on F1 racers | Source: Jupiter Prediction Market
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According to the prediction market platform, Dutch-Belgian race car driver Max Verstappen is the leading pick to win the Mexico Grand Prix, with betting odds at 47.61%. Meanwhile, in second place for top pick is the U.K’s Lando Norris with 27.3% of the bets.
In third place is Australian racer Oscar Piastri with 23% odds. Overall, the newly launched test market has garnered a trading volume of $52,290 within just a few hours after launching. According to the F1 website, the Mexico Grand Prix is set to commence from Oct. 25 to Oct. 27, with the main race scheduled to commence on Oct. 27.
This means that the Jupiter trading market is likely to close once the winner has been determined on race day at the end of October.
How will Jupiter Prediction Market hold up?
According to the announcement, Jupiter’s prediction market functions more or less the same way as other established prediction markets such as Kalshi and Polymarket. Every market provides traders with a series of choices where they can trade on either YES or NO.
The prices of the positions change based on the number of bets and users can choose to sell them at any time before the market officially ends. However, the protocol informed users that they would receive $1 for every “correct” position. Meanwhile, if they are wrong, they do no receive any funds.
For now, the platform is still in its beta phase with no announcements indicating when it will unveil the full version.
Prediction markets have become a staple in the crypto community as more traders take part in numerous prediction markets with outcomes ranging from the next bull cycle to real-world events such as presidential election outcomes.
According to data from DeFi Llama, prediction market protocols have accumulated $241.9 million in total value locked. In the past seven days, prediction markets have garnered $422,297 in fees and $396,466 revenue.
At press time, the largest on-chain prediction market by TVL is Polymarket with $215.55 million, which accounts for nearly 90% of the total on-chain TVL from prediction markets. In second place is Gnosis Protocol v1 with $7.45 million, followed by Base’s sports prediction app Football.Fun with a TVL of $5.09 million.
Most recently, Polymarket has been preparing to launch a native token. However, sources claim that the roll-out may be delayed until after the prediction market platform has re-entered the U.S market, making a comeback three years after its regulatory exit in 2022.
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