TRX owners can now access decentralized forecast markets and hedges with Prosper By CoinQuora

TRX owners can now access decentralized forecast markets and hedges with Prosper

TRON is improving its game and introducing a unique decentralized forecasting market network into its ecosystem. Thanks to a recently signed partnership agreement between TRON and Prosper, the cross-chain forecasting market will be added to the smart contract network, which will provide access to liquidity across all chains with which Prosper is interoperable.

This partnership offers many benefits, with additional access to liquidity and revenue generation for TRON users just the tip of the iceberg. TRON’s new DeFi application alone is cause for celebration for TRX owners, but Prosper is no ordinary application.

Prosperity is the development of the prediction markets

Prediction markets have been around for some time and use the collective knowledge of the crowd to predict the outcome of events with great accuracy.

Traditionally, these old markets would charge users a sizable fee, which is what decentralized prediction markets thought possible. You solved this problem, but assumed a whole new set of problems along the way.

The main disadvantage of these defi forecasting markets is that they suffer from a significant lack of liquidity. Even in the most popular network, the prediction markets could not achieve enough crowd participation to effectively predict the outcome of events.

With this in mind, Prosper has developed a cross-chain liquidity platform that enables easy integration into different chains. By making Prosper accessible on different blockchains but with a single pool of liquidity, the network can pull enough volume from fragmented markets to provide more reliable and robust predictions.

Since TRON is one of the most widespread decentralized smart contract platforms in this area, the integration should work for the benefit of both projects.

Introducing TRX into the Prosper ecosystem

Once integrated, TRX will become a base asset of Prosper, enabling trading between chains across different blockchain ecosystems. Using Prosper’s intuitive platform, TRX holders can also use their cryptocurrency to predict the outcome of events and be rewarded when correct.

Beyond gambling, Prosper offers traders a very powerful hedging tool that they can use. To protect your position on an asset, you can forecast the opposite price movement that you expect, reducing your losses if your price forecast is wrong.

Prosper also offers a great deal of protection for TRON users who choose to use their platform, and creates an insurance pool to repay users if there is a hack or malicious event that results in the loss of user funds or platform inventory. This should encourage users to join the platform, knowing that Prosper will protect their funds even in the worst of circumstances.

Justin Sun, TRON Founder and CEO of BitTorrent, summed up the new partnership: “The TRON DeFi ecosystem is growing and we are excited to be working with Prosper to bring the market for unsecured, cross-chain forecasting and hedging to our mainnet bring. Partnering with the top DeFi projects is an integral part of TRON’s initiative to be All In at DeFi and contributes to the rapid rise of our booming DeFi ecosystem. “

This article was first published on coinquora.com

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