- Prediction Markets Boom Ahead of US Elections
- Telegram Mini Apps and Crypto Expansion
- Industry Participants' Statements
PancakeSwap has launched its first prediction Telegram bot in response to the increasing interest in prediction market products.
Prediction Markets Boom Ahead of US Elections
The new PancakeSwap prediction Telegram Bot was launched in beta on September 11. It offers mobile users a convenient way to predict the future price of the BNB token. The PancakeSwap team stated that the release of this bot is due to the growing interest in prediction markets and the popularity of Telegram bots among crypto enthusiasts. Interest in prediction markets has surged again as the US presidential election scheduled for November 5, 2024, approaches. The election outcome could have significant regulatory implications for the cryptocurrency sector.
Telegram Mini Apps and Crypto Expansion
The growing interest in betting markets is evident when looking at the increasing total value locked (TVL) in Polymarket, the world's largest prediction market. According to DefiLlama data, Polymarket’s TVL reached a new all-time high of $123.4 million on September 11. Since the beginning of 2024, Polymarket's TVL has skyrocketed over 1,155% to the current $121 million from just $9.6 million on January 1. While PancakeSwap’s Telegram bot is launching only with BNB-related predictions, the team plans to add support for more chains based on user feedback and market conditions.
Industry Participants' Statements
Hyun told Cointelegraph: 'But bringing 500 million people on-chain by 2028 — which is our goal — is going to require use cases that interact with the blockchain without the user knowing that in the front end.' Telegram and Telegram-based games like Hamster Kombat could also bolster mass blockchain adoption, according to Yat Siu, co-founder and chairman of Animoca Brands. In an interview with Cointelegraph, Siu noted, 'With platforms like Telegram and TON, you have the ability to boost that [Web3 adoption] because they don’t have those restrictions. Those clear games are the demonstration of the first generations of games that will bring us mass adoption into Web3.'
The new bot launch from PancakeSwap comes shortly before the company's fourth anniversary. Users who participate in the Telegram bot predictions on September 22 can qualify for a share of the $4,444 worth of rewards.
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