Coinbase-Backed Vega Gets Into Prediction-Market Race, Chasing Polymarket

Prediction markets are having a moment. After Joe Biden's halting debate performance last month led to speculation that he might drop out of the race, the blockchain prediction market Polymarket – where users had already been betting on the incumbent's election odds – became a

Now, the Coinbase Ventures-backed Vega network is joining the competitive fray with its own betting-focused upgrade. Vega, a blockchain and decentralized exchange that uses the, is one of a number of crypto platforms focused on perpetual futures – a tool for speculating on future asset prices. At least initially, Vega's prediction market will differ from Polymarket's in that it will be more of an open framework than a fully fleshed betting app. Vega will continue to look like a conventional decentralized crypto exchange: Users will be able to trade assets like normal, with the only difference being that some of those assets will now proxy as prediction bets.

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