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Prediction markets use the “wisdom of the crowd” philosophy to make decisions on future events or outcomes. The events predicted can be extremely diverse, such as - elections, sales of a company, price fluctuations of commodities, etc. In this article, we will talk about DeFi prediction markets. These are prediction markets that use the advent of decentralized finance to drive the prediction systems.
So, first thing’s first….
Balancer is an automated market maker (AMM) for multiple tokens. It enables portfolio owners to create Balancer Pools where traders can then trade against these pools. Balancer is still a relatively new liquidity provider (LP) in the decentralized finance (DeFi) space. It only launched in March 2020.
Those looking into the DeFi field will likely come across the term "yield farming". Yield Farming is the process of putting crypto tokens to productive use in a decentralized finance (DeFi) market to earn interest. Yield Farming takes place on the Ethereum blockchain, and yes, it is a way to earn passive income on Ethereum. But “hodling” ETH tokens is not the same thing as Yield Farming.
Anyone keeping an eye on the blockchain sector will know that the field of Decentralized Finance, commonly known as DeFi, is growing at a rapid pace. More and more banks and institutes are kickstarting Decentralized Finance projects in order to remain competitive and evolve their businesses. As such, it can be hard to keep track of the growing list of DeFi projects.
Anyone keeping an eye on the DeFi sector will likely have come across the term “dYdX”. However, what is dYdX - and what is it used for? dYdX is a powerful, decentralized exchange (DEX) that supports spot, margin, and perpetuals trading. It is a permissionless platform powered by smart contracts on Ethereum that supports lending, borrowing, and most importantly, margin trading.
Despite its recent upswing in popularity, blockchain is still a relatively new technology that can be hard for some people to grasp. Bitcoin is probably the reason why most people know what blockchain is. However, Bitcoin as a currency relies on its vibrant community and underlying blockchain capabilities to keep growing and attracting users.
Decentralized finance (DeFi) continues to make waves in the crypto space with $7.22 billion in total value locked in, according to DeFi Pulse. Amazingly, over $6 billion of those funds have entered the market since June 2020! And throughout this year, DeFi continues to be the prime-mover driving the upcoming bull market.
Decentralized marketplaces are a fascinating use case of blockchain technology. These crypto marketplaces allow users to deal directly with each other, instead of using a centralized point of contact. Traditional marketplace platforms may provide a system and platform that’s familiar. However, they lack transparency and charge high fees.
Decentralized finance, or DeFi, is rapidly opening up new opportunities through democratising finance. Have you ever dreamed of starting a hedge fund but thought it was too expensive? If that is the case, you might want to consider starting a DeFi hedge fund instead. That is now possible through using solutions such as Melon. This is a decentralized asset management platform that allows anyone to set up and manage a hedge fund. But, before we get into all the things Melon can do, let’s look at how a traditional hedge fund operates.
