Cardano has recently launched Bodega, a decentralized prediction market platform built on the Cardano blockchain. In its beta phase, Bodega is currently focused on the 2024 U.S. Presidential Election, allowing users to place bets on the election outcome. This entry into the prediction market space positions Bodega as a competitor to established platforms like Polymarket and PredictIt.
Polymarket has a market for the 2024 U.S. Presidential Election with a total volume of $3.1 billion, while Bodega’s odds for the leading candidates show a slight favoritism towards Trump. However, Bodega’s “all or nothing” market structure means that participants can only place bets on a single outcome, without the ability to hedge or balance their positions across multiple outcomes, unlike Polymarket.
As Bodega continues to develop, it will be interesting to see how it positions itself within the broader prediction market landscape, especially given its integration with the Cardano blockchain, which emphasizes security and transparency.
