In response to the growing demand for prediction market goods, PancakeSwap released its first prediction bot.
In the lead-up to the US presidential election 2024, interest in prediction markets has been rising.
On September 11, the PancakeSwap prediction Telegram Bot went live in beta. It provides a practical means for mobile users to forecast the price of the BNB BNB$513 token in the future.
The PancakeSwap team said that the new prediction bot was introduced in response to the increasing interest in prediction markets:
“We decided to release our Prediction Telegram bot to tap into the growing interest in prediction markets and the popularity of Telegram bots among crypto enthusiasts, offering a convenient and mobile-friendly way to stay engaged with the market.”
Prediction markets are gaining more popularity as the November 5, 2024, US presidential election draws near. The election result may have significant regulatory ramifications for the bitcoin industry.
Leading up to the US elections, prediction markets are growing.
The world’s largest predictions market, Polymarket, has seen its value locked in growth, indicating a growing interest in betting markets.
DefiLlama data shows that on September 11, Polymarket’s total value locked (TVL) hit a new all-time high of $123.4 million.
Polymarket’s TVL, which was only $9.6 million on January 1, has increased by nearly 1,155% from the start of 2024 to $121 million today.
The PancakeSwap team said that although their Telegram bot is limited to making predictions about BNBs at launch, they plan to expand their support to include additional chains in response to user input and market conditions.
Just before PancakeSwap turns four, the launch takes place. Users can engage in Telegram bot predictions on September 22 and win a portion of the $4,444 awards to celebrate.
Telegram Mini Apps are bringing cryptocurrency a broader appeal.
Because of their ability to bring in new mainstream consumers to the Web3, Telegram-based Mini Apps are beginning to look like a net positive for the cryptocurrency market.
This is because, according to Justin Hyun, director of investments at The Open Network Foundation, onboarding the following 500 million users will necessitate the usage of straightforward apps with “actual usability,” like Telegram Mini Apps, which may serve as a “Trojan horse” for widespread adoption.
Hyun said:
“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.”
Yat Siu, co-founder and chairman of Animoca Brands, believes that Telegram and Telegram-based games like Hamster Kombat could help promote widespread blockchain usage.
In an interview Siu stated:
“With platforms like Telegram and TON [The Open Network], 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.”
