TRON Ushers in Prediction Markets after Partnering with Prosper
Iva Wisher, Prosper co-founder, notes that the partnership with TRON represents a milestone in Prosper’s efforts to “collaborate with the biggest players of the DeFi world.”
TRON users will soon access cross-chain prediction markets and hedging on the platform’s burgeoning DeFi ecosystem, according to a March 3rd release announcing a partnership with Prosper, a non-custodial, cross-chain platform.
TRON, already one of the world’s largest and most popular blockchain-based operating systems, is enjoying a rapidly-expanding DeFi ecosystem, leading founder Justin Sun to emphasize a mantra of being “all in on DeFi” by continuing efforts to partner with top projects in the space.
Development and integration steps are expected to be announced in the coming weeks, but TRON users are expected to be able to utilize the native TRX coin as the basic prediction token for all features and functionalities on Prosper. Collaboration between the projects is expected to enhance liquidity, a critical component of DeFi prediction markets, as any TRX holder can maximize yield or hedge positions.
Decentralized prediction markets have rapidly grown in popularity as users realize the peer-to-peer networks all but eliminate the potential for corruption, manipulation, and efforts by a centralized authority to impact participation and scalability.
All types of prediction markets rely on a ‘wisdom of the crowd’ philosophy to guide decisions on future events like elections, the sale of a company, or price fluctuations of assets like fiat currencies, cryptocurrencies, or commodities.
However, the unique aspects of DeFi prediction platforms lead some to speculate they could become a “mega-industry” and serve as a clearinghouse for predictions that could impact and influence the entire crypto ecosystem.
Prosper has made waves in the predictions market by developing unique technology to aggregate on-chain liquidity. According to the team, reliance on binary models for liquidity provision across blockchains, alongside a short-term market model enabling randomized results for custom pools, enhances the ability of its market to become more accurate at forecasting events. Prosper liquidity providers also have access to high APRs and a free maximum insurance fund.
Iva Wisher, Prosper co-founder, notes the partnership with TRON, who acquired BitTorrent in 2018, represents a milestone in Prosper’s efforts to “collaborate with the biggest players of the DeFi world.”
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