Hyperliquid (CRYPTO: $HYPE) has announced plans to add decentralized prediction markets to its platform as it diversifies into new revenue streams.
Hyperliquid is a decentralized Layer-1 <a href="https://cryptoz7.com/xdc-network-adds-ntt-docomo-global-as-institutional-blockchain-validator/” title=”XDC Network Adds NTT DOCOMO GLOBAL as Institutional Blockchain Validator”>blockchain with an integrated decentralized exchange designed for spot and perpetual futures trading. It’s now getting into prediction markets.
Going forward, anyone will be able to offer a prediction market on Hyperliquid’s platform, subject to approval from validators.
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Prediction markets allow people to bet on the outcome of real-world events such as sports, elections and the weather. The sector is dominated by Polymarket and Kalshi.
Hyperliquid is entering the space as prediction markets grow in popularity. This year’s FIFA World Cup generated $50 billion U.S. in betting across multiple platforms.
The prediction market space is getting crowded as several other platforms also enter the space, notably crypto exchanges Coinbase (NASDAQ: $COIN) and Robinhood (NASDAQ: $HOOD).
Deployers will earn up to 50% of the revenue from trading fees on the new prediction market, said Hyperliquid in a written statement.
Hyperliquid’s HYPE token has nearly tripled this year (up 194%) to trade at $61.03 U.S.
