Predictions on Sushi

We want Sushiswap to remain a premiere DEX — a place where people can go to earn high yields, trade their favorite cryptocurrencies and have fun while they do it. But having fun isn’t quite as easy in a bear market as it is in a bull. That’s why we’d like to discuss the possibility of featuring a prediction market built by PRDT Finance.

Quick notes:

  • Bear markets are challenging. Sushiswap needs to increase its revenue so that they can continue building. Simultaneously, SUSHI stakers need higher APYs to compensate for a volatile market
  • We would like to start a discussion about the possibility of featuring a prediction market on the Polygon blockchain built by PRDT Finance
  • PRDT has experience building such platforms. We built a groundbreaking markets for Venus on BNB and Quickswap on Polygon along with Niob finance — just to name a few
  • We have already begun building the prediction platform and it will be ready to launch it if the community votes in favor
  • Please read through this entire post carefully before forming an opinion

Fellow Sushi lovers, today we’re introducing a discussion about something that we believe will greatly benefit Sushiswap and the Sushiswap community. We would like to feature a prediction market that we here at PRDT Finance are building. We believe this platform provides many advantages and next-to-no disadvantages for the DEX and community.

What is PRDT Finance?

PRDT Finance is the first fully decentralized multi-chain prediction platform.
It enables users to predict the future price of an asset and get rewarded for their correct predictions. PRDT is currently available on Polygon, BSC and Tron.

Predictions rely on Binance APIs to pull the most up-to-date and accurate asset prices for all crypto markets. PRDT Finance has been dual audited by Certik.

What is a Prediction Market?

Prediction markets are exchange-traded markets created for the purpose of speculating on the outcome of events. Prediction markets rely on crowdsourced information to aggregate beliefs on the probability of an unknown future outcome. Although prediction markets are most commonly associated with political elections and the stock market, they can also be used to speculate on which direction crypto assets are heading and reward those who accurately predict the future.

How do predictions work?

Upon placing any bets with PRDT, the user will pay a 3% fee regardless of the outcome of the bet.
If this governance vote passes, we will provide a detailed tutorial about how it works when it launches.

Revenue Estimation

Please keep in mind that we have no real way of knowing how much revenue the predictions market might bring in. What follows is merely a conservative estimate based on recent data.

Currently, Sushiswap’s volume is lower than normal. Over 24 hours, the trading volume is approximately $1.5 million. If 3% of the daily swap volume is played on PRDT

($1.5 million x 3%) = $45,000

$45,000 x 30 days in a month = $1,350,000

$1,350,000 x 3% fees = $40,500

Note: This is a conservative estimate. A previous partner of PRDT with significantly lower volume than Sushiswap did orders of magnitude more than this; however, cryptocurrency is currently in a bear market. It is also possible that the revenue will be significantly lower than this estimate.

Weighing the Pros & Cons

Every decision has advantages and disadvantages. As a users of Sushiswap, we believe that featuring the predictions market PRDT built offers lots of advantages with almost no downside.

  • Increased user engagement
  • Website becoming more fun to use and appealing to a broader user base
  • Increased revenue for stakers
  • Increased revenue to enable the team to expand
  • An extra tool for users
  • Stronger partnership with PRDT Finance — a group of veteran builders
  • No change to UI/UX for users who choose not to use the predictions market

Both PRDT and Sushiswap strongly encourage users to do their own research (DYOR) and never speculate with funds they can’t afford to lose.

How would Sushiswap featuring a prediction market affect me?
That’s the greatest part: this prediction market doesn’t have to impact you at all! Because we PRDT Finance are building the market, Sushiswap’s development would be able to focus on any ongoing work. If you don’t want to use the prediction market, you don’t have to. Everything you do on Sushiswap now will remain unchanged by the existence of this market. If the community votes in favor of this proposal, you stand to lose nothing and gain everything.

  • Let’s do it! I would like to see predictions on all Sushiswap chains and would appreciate the extra revenue
  • Let’s try it! I would like to see predictions on Sushiswap, Polygon first and would appreciate the extra revenue
  • I don’t like it. I don’t want to see predictions on Sushi, we don’t want the extra revenue

0 voters

1 Like

What’s the cost of getting this built out? Why is PRDT choosing to build on Sushi? Beyond Certik, how do we know that the protocol is secure?

PRDT covers all development cost. PRDT aims to collaborate with only the most reputable dapps in the field, we firmly believe Sushi is part of it. Dual Audited & trusted by leaders in defi.

The goal being to launch the same dapp under different branding across defi? How would the Sushi version be different than say QuickSwap?

Is this forum post to then just Sushi community views? If so then I am definitely interested as the more people building on Sushi the better

Exactly, it would be similar to the predictions on Quickswap, we would build a custom predictions for Sushi. Revenue of course in this case would go to Sushi instead as well.

Absolutely! No downside to Sushi users as they would appreciate the extra revenue stream created

Are you requesting a rev share from fees or does all rev go to Sushi?

2 Likes

I need some more time to review this. Everyone loves a prediction market, except US regulators. Feel like we need to discuss this with our legal counsel before running full steam ahead.

I’d love to see Sushi get revenue from prediction markets. But here is a prediction market recently shut down by CFTC (at least in the US). If this is applicable to all of our users outside the US… probably worth exploring more.

This sounds great! I used to play on the Pancakeswap Predictions version but got tired of losing when the rounds ended in a draw, Im 100% about Sushiswap and have been for some time now, I would really like to see this happen.

My suggestion from a legal standpoint (which needs vetting from legal) would be to segregate this product into a sub-DAO (gaming) and make it a standalone product that feeds rev back to an isolated treasury, still benefiting Sushi overall. If needed, the frontend could geofence restricted jurisdictions. Sushi could likely incentivize this without much capital expense, if any, from its brand status.

1 Like