Decentralized exchange (DEX) PancakeSwap has introduced a new Telegram bot that allows users to make price predictions for BNB, the native token of the BNB Chain. The bot, launched on September 11, brings PancakeSwap's existing prediction market functionality to the popular messaging platform.
This follows PancakeSwap launching its prediction market in June.
At the time, Pancakeswap's pseudonymous product manager Chef Gyoza told Decrypt that the team thought it had an edge over the competition because of its use of artificial intelligence. "We're always exploring ways to create unique experiences for our users. Adding AI to prediction markets was a logical next step," they said.
The PancakeSwap Prediction Telegram Bot enables users to forecast whether the price of BNB will rise or fall within 5-minute intervals, according to a press release shared with Decrypt. Participants can enter predictions with a minimum amount of 0.001 BNB—worth approximately $0.51 at the time of writing . If correct, they receive a share of the prize pool, which is enhanced by a round multiplier.
This move by PancakeSwap represents an effort to make decentralized finance (DeFi) more accessible to a broader audience, the DEX said. Telegram bots have become increasingly popular among cryptocurrency traders and enthusiasts in recent years. Some of the most popular bots provide services such as real-time price alerts, trading signals, and portfolio tracking.
The integration of prediction markets into a Telegram bot format could potentially streamline the user experience for PancakeSwap's community. Prediction markets in cryptocurrency have gained traction as a way for users to speculate on short-term price movements without directly trading the underlying assets.
PancakeSwap operates on multiple blockchain networks including BNB Chain (BNB) and Ethereum (ETH). The platform claims a total trading volume exceeding $1.2 trillion and over $1.6 billion in locked liquidity across its supported chains.
The team has also sweetened the deal by announcing a giveaway.
"In addition to launching this pioneering bot, PancakeSwap is sweetening the deal with a special giveaway of $4,444 in rewards," they wrote in the press release. "Every user who makes a prediction via the Telegram bot on September 22 will be entered for a chance to win a portion of the celebratory prize pool."
Blockchain-based prediction markets have emerged as decentralized alternatives to traditional forecasting platforms. Notable examples include Augur on Ethereum, Polymarket on Polygon, and Gnosis Protocol's conditional token framework.
These platforms leverage blockchain technology to ensure transparency and enable global participation in predicting outcomes across various domains, from politics to cryptocurrency prices. However, they often face challenges related to liquidity, user adoption, and regulatory uncertainties.
Edited by Stacy Elliott.