Jupiter launches new prediction market beta

Solana DEX aggregator Jupiter has announced the beta launch of a new prediction market supported by Kalshi. Initial test markets include the Mexican Grand Prix.

In a recent post, Solana decentralized exchange Jupiter announced that it has launched its first prediction market beta. The platform’s first test market will allow users to vote for the F1 racer they think has the best chance of winning the Mexican Grand Prix.

“Max Verstappen or Lando Norris? Oscar Piastri or George Russell? Jupiter’s first-ever prediction market is now live (in beta),” Protocol wrote in its latest post.

The liquidity of this market is supported by Karshi, an American regulated prediction market that has been operating since 2021. At the moment, the platform is still in beta and has limited functionality, but users can start betting on their favorite F1 drivers with fixed starting limits of up to 100,000 for global contracts and up to 1,000 for position contracts.

Jupiter Prediction Market is currently in beta with users betting on F1 racers. Source: Jupiter Prediction Market

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According to the prediction market platform, Dutch-Belgian racing driver Max Verstappen is the favorite to win the Mexican Grand Prix, with betting odds of 47.61%. Meanwhile, in second place among the top picks was Britain’s Lando Norris, who won 27.3% of bets.

In third place is Australian racer Oscar Piastri, with odds of 23%. Overall, the newly launched test market garnered a trading volume of $52,290 within just a few hours of launch. According to the F1 website, the Mexican Grand Prix will be held from October 25th to October 27th, with the main race scheduled to start on October 27th.

This means that the Jupiter trading market will likely close once the winner is determined on race day at the end of October.

How will the Jupiter prediction market hold up?

According to the announcement, Jupiter’s prediction market works in much the same way as other established prediction markets such as Kalshi and Polymarket. All markets offer traders a set of choices that allow them to trade either “YES” or “NO”.

The price of a position changes based on the number of bets, and users can choose to sell their position at any time before the market officially closes. However, the protocol informed users that they would receive $1 for each “correct” position. On the other hand, if they are wrong, they cannot receive the funds.

At the moment, the platform is still in beta stage and there is no announcement as to when the full version will be released.

Prediction markets have become a staple of the cryptocurrency community as more traders participate in numerous prediction markets with outcomes ranging from the next bullish cycle to real-world events such as presidential election results.

According to DeFi Llama data, the prediction market protocol has amassed $241.9 million in total locked up. Over the past 7 days, Prediction Markets has earned $422,297 in fees and $396,466 in revenue.

As of this writing, the largest on-chain prediction market by TVL is Polymarket with $215.55 million, accounting for almost 90% of the total on-chain TVL prediction market. In second place is Gnosis Protocol v1 with $7.45 million, followed by Base’s sports prediction app Football.Fun with a TVL of $5.09 million.

Most recently, Polymarket is preparing to launch its native token. However, sources claim that deployment could be delayed until the prediction market platform re-enters the US market and is reinstated three years after deregulation in 2022.

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