Singaporean cryptocurrency exchange Phemex has evolved and transformed into a complete platform for managing financial assets. Phemex quickly sprang into action after noticing that customer demand for crypto investment choices had expanded beyond the specialized field of perpetual contracts. The Crypto savings accounts under the Phemex Earn product line offer the same level of security and simplicity as banks, but with much higher stablecoin APYs. With over five million users in 200 countries, Phemex’s growth is representative of the overall blockchain growth and adoption trends we see around the world.
Recently, Phemex is introducing an exciting new product to the cryptoverse, the Phemex Prediction Markets. Any market or pool allows you to make a prediction about the future outcome of an event. The topics of these markets can range from whether or not an event occurs or the future price of an asset on a particular date. As a user, you can make a prediction by buying shares in any desired market for the outcome you think will happen. Users can now predict different outcomes of an event and win huge sums of rewards.
How does it work:
There are different types of prediction markets that users can participate in. Essentially, Phemex selects events with binary outcomes. For example, there may be a market for the ETH 2.0 merger to fail. The outcome would be YES or NO. Another market example could be if the price of ETH will reach $2000 on October 1, and users can choose YES or NO as their prediction. Markets have a prize pool equal to the final amount of funds committed or shares purchased from either outcome. A user selects the market he wants to participate in and then selects the outcome he expects to happen. Finally, they will buy stock for the market.
When it comes to stocks, users can buy shares of a market for the specific outcome that they believe will happen. Each market will likely have different limits on the number of shares that can be purchased. Shares basically represent the percentage of the prize pool that a user owns. If their prediction is correct, all shares of people who choose the wrong prediction will be divided among the winners.
A typical example might look like this:
You buy or commit 100 USDT for a ratio of 100 shares (1:1). If you win, your shares will represent a larger share of the pool you took from the losing parties, possibly a ratio of 1:1.2. So now you can exchange your shares back for USDT, but you will get 1.2 USDT for each share you hold.
In just 4 easy steps, users just need to select a market and predict an outcome, commit money to get shares, wait for the result and exchange shares for rewards!
To start your prediction journey, it is essential to know how the prediction markets work to help you predict the most optimal results.
First CEX to offer prediction markets
Forecasting markets have grown tremendously on other platforms such as Polymarket and Pulse Markets. However, Phemex will be the first CEX to offer such products to all users.
It is easy to use for all skill levels, and the Phemex Prediction Markets will not just be crypto related. Phemex will introduce several interesting markets in the fields of news, politics, sports and target prices. Users can easily earn crypto by predicting results in their areas of interest. Phemex is a financial services provider based on the values of honesty, integrity and reliability. Phemex is the ideal solution for your crypto-financial needs, with a great vision, a dedicated team and a genuine interest in the interests of its consumers.
The prediction market is yet another way Phemex is revolutionizing how and what crypto is used for. The evolution of Phemex to become a full-fledged financial platform helps users make profits by predicting a political outcome, storing some of those profits in high APY accounts and using another for leveraged trading , all in a single purse.
Phemex, led by Morgan Stanley executives, aims to create the world’s most trusted cryptocurrency derivatives trading platform. As they continue to expand with their community, they put their customers first and never compromise on their solid commitment to providing the most outstanding quality products and services.