Subscribe to Our Newsletter
Thursday May 26, 2022
Bitcoin (BTC) $29,348.00   Ether (ETH) $1,821.80
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
No Result
View All Result
Swap USDT (TRC20) Instantly
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
Changelly
CryptoNinjas
Home Vendor Technology dApps

Decentralized prediction market Omen app launches on the xDai network

Gnosis-powered decentralized prediction markets come to xDai Ethereum sidechain for smooth, cost-efficient user experience...

Published by CryptoNinjas.net
02/10/2021
Decentralized prediction market Omen app launches on the xDai network

Decentralized prediction market platform Omen, developed and maintained by the DXdao, and powered by the Gnosis conditional tokens framework, has now launched on the Ethereum sidechain xDai, to enable faster transactions with significantly lower gas fees.

“With the deployment of Omen on xDai we increase its usability. On Ethereum mainnet, only markets with +$100k in funding are currently viable now. On xDai this can be reduced between $100 to $1000 due to extremely low transaction costs, which will hopefully open up new use cases for prediction markets on Omen,” said Stefan George, CTO of Gnosis.

Most recently, crypto prediction markets were deemed ‘unready’ for the opportunity presented by the US election, with high gas fees cited as a stumbling block for those based on Ethereum – the move to xDai solves that issue and paves the way for more successful adoption of decentralized prediction markets.

Market creation, trading, and liquidity provision on Omen all stand to benefit from its deployment on xDai, which specializes in fast, inexpensive transactions that avoid the need for hefty Ethereum gas fees.

“DXdao is proud to launch Omen on the xDai network. With drastically reduced transaction fees, Omen users can now enjoy near-instant transactions. It is exciting for Omen to expand to multiple networks, illustrating DXdao’s commitment and leadership in scaling decentralized applications, “said a spokesperson from the Omen Guild, a collective within DXdao.

Omen was launched by the DXdao in July 2020, to enable anyone to create a prediction market and trade on outcomes using an automated market maker, contributing to Uniswap-like liquidity pools.

Omen’s features are powered by the open source conditional tokens framework, which was developed by Gnosis and enables minting of conditional tokens, an event-based asset class with an ‘if this, then that’ logic for tokens – this framework provides the building blocks for liquid prediction markets for information discovery and forecasting.

Omen’s reach and potential through its availability on xDai have already opened new opportunities such as oracle integration with API3 data feeds that allow users to create prediction markets for prices of the most traded cryptocurrencies and settle them with a single API call.

FacebookTwitterLinkedinRedditE-MailTelegram
Source: omen.eth.link

Related News

Streamr moves DATA token framework to xDai sidechain

03/17/2021
Streamr moves DATA token framework to xDai sidechain

Streamr Network, a layer-0 protocol for real‑time data, today announced that its Data Unions 2.0 upgrade is now live on Ethereum mainnet and xDai chain, and all-new Data Unions deployed via the Streamr Core...

Read more

Prediction market platform Omen to integrate crypto data oracles from API3

01/22/2021
Prediction market platform Omen to integrate crypto data oracles from API3

API3, a provider of decentralized and blockchain-native APIs, has announced that its proposal to integrate API3 data feeds to Omen prediction markets on xDAI has passed unanimously in the DXdao. This means that API3...

Read more

Seed round completed for stablecoin-based ecosystem, xDai

08/26/2019
Seed round completed for stablecoin-based ecosystem, xDai

NGC Ventures, a leading blockchain investment firms, announced it has contributed to xDai, the stablecoin-based payment ecosystem’s $500,000 USD seed round. Development of xDai Stable Chain, the first-ever USD-stable blockchain, was initiated by POA...

Read more

POA Network launches xDai USD-stablecoin blockchain with MakerDAO

10/18/2018
POA Network launches xDai USD-stablecoin blockchain with MakerDAO

POA Network, an open Ethereum sidechain with Proof of Authority (PoA) today announced it has launched the first-ever blockchain where the native asset of the chain is USD based. xDai Chain, an Ethereum compatible...

Read more
Load More

Discussion about this post

Where to Exchange

Crypto services suite in Spanish Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
America's first regulated bitcoin exchange Visit
  • Trending
  • Latest
Kiln completes $5 million funding round to grow blockchain staking platform

Kiln completes $5 million funding round to grow blockchain staking platform

05/19/2022
Crypto transaction monitoring platform Merkle Science adds support for 1,200+ ERC-20 tokens

Crypto transaction monitoring platform Merkle Science adds support for 1200+ ERC20 tokens

05/20/2022
Legion Network launches app with crypto wallet, NFTs, play2earn, watch2earn, launchpads, rewards and more

Legion Network launches app with crypto wallet, NFTs, play2earn, watch2earn, launchpads, rewards and more

05/24/2022
TRON network integrated with blockchain infrastructure provider Ankr

TRON network integrated with blockchain infrastructure provider Ankr

05/23/2022
Cosmos creator and co-founder of Tendermint Jae Kwon launches NewTendermint

Cosmos creator and co-founder of Tendermint Jae Kwon launches NewTendermint

05/25/2022
Polygon forms a multi-million dollar fund to assist Terra projects in migrating

Polygon forms a multi-million dollar fund to assist Terra projects in migrating

05/25/2022
Fairmint launches new tokenized equity platform for startups

Fairmint launches new tokenized equity platform for startups

05/25/2022
Japan exchange Coincheck lists SAND, the crypto asset of The Sandbox metaverse

Japan exchange Coincheck lists SAND, the crypto asset of The Sandbox metaverse

05/24/2022
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

Go to mobile version