Opportunity for 1Hive: Prediction Markets on xDAI

Proposal Title

Prediction Markets (i.e., platforms to bet on stuff) on xDAI

Proposal Information

With these US elections TRUMP-BIDEN there were some big expectations, in the “prediction market” community, for large liquidity. Project such as Augur have improved a lot (vs 2016) and were ready for this event.

Fact: This has been a disappointment. Total open interest on decentralized prediction markets is still below $5 million.

The question is… why?
The answer is… certainly it has to do with Ethereum fees. Nobody wants to pay 10usd in fees on a 100usd bet!

PROPOSAL: The proposal is to invest some HNY and resources to bring (or fork if necessary) Augur, the largest decentralised prediction market, to xDAI.

Proposal Rationale

With Fiat–>xDAI onramps coming to xDAI-Network, a prendiction market with very low fees would be a very large opportunity for xDAI-Network in general and for 1Hive in particular:

  • xDAI network would get more usage/users, which is good.
  • 1Hive would get the betting fees, potentially a huge market if successful.

GOAL of THIS POST: With this post I am just trying to start a discussion on this topic. Do you fellow bees think that:

  • this is potentially interesting? Worth thinking about?
  • how difficult is this, from a technical point of view (question for the devs)
  • how long would it take to see this done? How long for measurable profits?
  • etc
3 Likes

Very dope.

UI could be the same as Honeyswap, check out what catnip did using Augur and Balancer: https://catnip.exchange/

off topic: could DM me about that fiat onramp?

2 Likes

I’ll answer here since this might be of public interest:

This screenshot is taken from the xDAI discord channel, and Igor Barinov is the xDAI Tech and Operations Lead (see: https://www.xdaichain.com/media/xdai-dev-team)

Yeah , catnip looks very good UI as well as fee is very cheap.

1 Like

nice! maybe we could venture into the lending business as well, seems like a natural progression

1 Like