PancakeSwap launches AI-powered predictions market on Arbitrum

PancakeSwap, a decentralized multi-chain trading protocol, has officially announced a new AI-powered prediction market.

The DeFi protocol announced on Wednesday, June 26 that its prediction market is now on the Ethereum Layer-2 network Arbitrum. PancakeSwap’s Prediction Market on Arbitrum will feature a price feed powered by the decentralized AI network Allora.

“Following the success of our Swap, Yield Farming, Syrup Pools, Perpetual Assets and Options Trading features, this expansion signifies our commitment to delivering a broad range of functionality to our diverse user base at Arbitrum,” Protocol said in a blog post.

Predict price movements to earn token rewards

PancakeSwap’s prediction market will allow users to predict the price movements of cryptocurrencies like Ether (ETH) every 10 minutes.

Users will bet either in line with or against the AI’s prediction. At the end of each round, participants will earn coin rewards from a specific prize pool.

According to the PancakeSwap team, artificial intelligence will not bet against users. In this case, tracking betting means that the user trusts the AI ​​prediction. The opposite means that the user chooses to trust his own judgment about whether the price will fall or not.

🐰PancakeSwap’s AI Prediction Market is now live @Arbitrumpowered by @AlloraNetwork

🔮 Prediction $ETH Price movements to gain a share of the prize pool

🎁 9-week campaign with 60,000 ARB rewards
🛡️Up to 100% Fund Protection

👉Guess, compete and win at PancakeSwap… pic.twitter.com/wYjDfCy8Tu

— PancakeSwap v4🥞 (@PancakeSwap) June 26, 2024

PancakeSwap offers 60,000 ARB promotion

Following the successful launch, PancakeSwap announced a 9-week campaign that will offer a prize pool of 60,000 ARB tokens. These tokens come from the 450,000 ARB grant the project received through the Arbitrum Long-Term Incentive Pilot Program.

As mentioned, the first tokens supported are ETH and a 3% fee will be applied to the total pool. PancakeSwap plans to use some of these fees in its buyback and burn program, while the rest will go to the treasury to be used in future marketing and development initiatives.