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Betting on Cardano’s Smart Contract launch is on rise

source-logo  thecoinrepublic.com 16 July 2021 11:35, UTC

The betting has been in full swing among the people on the Cardano smart contracts. The speculation is rife on whether the Cardano Blockchain will launch the smart contracts by October 1. 

Speculation on the Cardano smart contracts is on the rise. As the markets open on Thursday, people are starting betting on whether the Cardano Blockchain will launch the smart contracts by October. The token’s trading volume is noted to be more than $157,000. The shares were trading at $0.37 for yes and $0.63 for no. Hence, whatever the answer is, the  correct one will be given $1 in the USDC stablecoin. 

The more expensive the bet is, the more likely it is to be correct. Hence, the market presently is entirely working on the prediction that smart contracts will not be live on Cardano in October. The technology development timings are considered to be very unpredictable, notorious and unreliable. 

However, the Alonzo testnet shows positive signs. It is supporting key features of smart contract development for Cardano’s forthcoming Goguen era. The second hard fork launched on Wednesday will enter the white phase. 

The nature of the prediction market

Prediction markets have become very common. It allows people to bet on outcomes of real-world events. These predictions can be used for any event, such as elections, games, financial events, etc. people see them as a better way to gauge sentiments among experts, since money is involved. 

Many risk enthusiasts serve these markets because the largest such market was served by centralized platforms like Predictit, novice ones run on blockchain networks, including Augur (on Ethereum) and Polymarket (on the polygon sidechain). 

The home chain of ADA is Cardano. In terms of market value, it is the fifth-largest cryptocurrency. Cardano has developed a roadmap under which it has been mentioned that smart contracts will be up and live only when Cardano will enter the third era, Goguen. Shelley is the second era which started in July 2020. 

Betting continues on EIP-1559

Similarly, the Ethereum proposed upgrade is also witnessing the betting season. The most traded market in the cryptocurrency category on Polymarket. Presently it is on a bet whether the proposed upgrade of Ethereum, EIP-1559, will launch by the end of July. 

Ethereum was co-founded by Charles Hoskinson, one of the original co-founders of Ethereum, the original smart contract chain. Cardano blockchain was developed by the company IOHK and was up in 2017. 

Hoskinson in his tweet recently announced incredulity about the betting on Polymarket. However, it was not clear if he was scoffing at the higher price for ‘no’ shares or the market’s very existence. 

thecoinrepublic.com