PAID Network is partnering with PlotX, a one-of-a-kind crowdsourced intelligence prediction market for projects that have yet to launch. We’re excited to bring this amazing opportunity to our community!
Prediction markets are speculative investments where participants bet on outcomes of future events. Prediction markets differ from gambling as the outcome depends on information. As such, smart investors will do their research to come out on the right side of the outcome.
In essence, prediction markets serve as aggregators of information, which is why they’re picking up steam with various services like Augur and Polymarkets which are gaining traction.
PAID Network, through Ignition, is the launchpad for multiple, promising new projects. PlotX aims to enhance the IDO experience for all stakeholders by creating prediction markets for these startups pre-launch.
Project Teams: Launching a prediction market ahead of the IDO serves multiple purposes for projects. Not only does it attract many new investors to the project, it also gives the team access to on-chain opinions about their project, helping them chart the most effective strategy for the project. Projects may also integrate PlotX within their dApps to gather crowd intelligence from their community on important decision points.
Investors: Investors can signal their belief in their project publicly without appearing ‘shilly’ — while gathering information about the project they’ve invested in. They can also demystify the potential of multiple IDO markets by getting a real-time evenhanded comparison.
Crypto Media: Crypto media and Key Opinion Leaders (KOLs) can get validated crowd opinion on various IDOs, similar to exit polls for elections. They also get a list of curated upcoming IDOs.
Ish Goel, Founder & CEO of PlotX, on the partnership:
“We are excited to launch pre-IDO prediction markets for IDOs in the PAID Ignition program. These markets help all stakeholders involved in the token launch with crowd intelligence that is otherwise impossible to gather”
Kyle Chasse, CEO of PAID Network, on the partnership:
“I’ve been a big fan of Ish and what PlotX has been building for a long time, we’re extremely aligned — we both like to build and work with great projects that put the customer first. Couldn’t be more pumped for our partnership and what’s to come.”
PAID Network’s partnership with PlotX is set to offer maximum exposure to our community. PAID’s network of over 65,000+ institutional and retail investors, 100+ partners, 50+ top crypto influencers, and more than 35k Community Members can use PlotX today.
PlotX is a cross-chain Prediction Market protocol built by the ex-CTO of Nexus Mutual (>$900m mcap).
Markets are focused on the most exciting crypto-assets like BTC, ETH, MATIC, BNB, DOGE & SHIB and are automatically created in intervals of 1 hour, 1 day, and 1 week.
Dubbed as the Uniswap of Prediction Markets due to its simplicity, PlotX uses an Automated Market-Making algorithm to settle markets and distribute rewards without counterparty risk.
The PlotX v2 Mainnet was launched on the Polygon Network on 14th May with a multitude of interesting features like gasless prediction experience. The v2 app has seen significant traction from crypto traders since launch.
PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.
PAID technology leverages Plasm to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building SMART Agreements through smart contracts to execute DeFi transactions and business agreements seamlessly.
PAID streamlines backend legal operations with SMART Agreements, so that projects can focus on making their brand bigger and better.
For any questions for the PAID network, please feel free to reach out to us on
Meme-based cryptocurrency Dogecoin gets hit the hardest among the top 10 coins and saw its second-worst day of the year on June 22 by plunging down over 36% to $0.17, the lowest level since Apr. 23.
Dogecoin Gets Hit the Hardest Among Top 10 Coins
On May 19, joke cryptocurrency Dogecoin shed over 55% within a single day, but it managed to climb back to almost half of the losses before the daily close.
The meme-based coin is currently trading 77% lower since May 8, from its current all-time high of $0.74 on May 8. The market cap, which was $34.97 billion on June 21, has now slid down to $27.22B in just the last 24 hours.
Dogecoin is currently the biggest loser among the top 10 cryptocurrencies, plunging over 20%, despite major altcoins like XRP, Binance Coin, and Polkadot experiencing double-digit losses.
The value of popular cryptocurrencies remained weak on June 22 after the crypto market witnessed a massive crash a day earlier, following China’s intensified crackdown on Bitcoin.
Over the bigger picture, Dogecoin looks weak that needs upside catalysts to rebound from current levels.
For instance, if Dogecoin declines below the support at $0.25, it will head towards the next support level at $0.2250. A successful test of the support at $0.2250 will push the cryptocurrency towards the next support at $0.2150.
Dogecoin-Branded NASCAR Crashes Like DOGE
Stefan Parsons’ car emblazoned with the Dogecoin logo crashed into the wall during Stage 2 at Nashville Superspeedway on June 19th. Fans of meme-based cryptocurrency fans pushed the hashtag #dogecar trend on Twitter.
The car was sponsored by Springates, a manufacturer of auto parts whose CEO is a DOGE enthusiast. Parson escaped unhurt but the value of the cryptocurrency did not.
DOGE has a long history on the NASCAR tracks. In April 2014, for instance, Dogecoin fans raised 68 million DOGE worth about $42,000 at the time, via a Reddit campaign to sponsor Josh Wise’s Ford Fusion car. Interestingly, Wise raced in the same team as Stefan Parsons’ father Phil.
Global investment manager VanEck has recently filed an introductory prospectus to launch a mutual fund that put its money into BTC Futures through its Cayman Islands-based subordinate. Rest, it has been revealed that the fund may also put some of its unsettled assets into the United States treasuries.
VanEck to Initiate a Mutual Fund That Invests in BTC Futures
The Bitcoin Strategy Fund is not going to have any exposure to the spot price of the top crypto asset and it said:
“The Fund seeks to achieve its investment objective by investing, under normal circumstances, in bitcoin futures contracts (“Bitcoin Futures”), as well as pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Futures, “Bitcoin Investments”). The Fund does not invest in bitcoin or other digital assets directly.”
In addition to this, it has already been reported that the global investment manager VanEck has filed requisitions for both Bitcoin and Ethereum ETFs earlier this year.
However, the United States Securities and Exchange have not approved any of them as of yet.
Moreover, the SEC has initiated the process of looking for additional comments to affirm whether or not it should checklist the Bitcoin ETF proposal of VanEck.
Mike Novogratz Comments on China Crypto Crackdown
The CEO of Galaxy Digital, Michael Novogratz has recently released a statement sharing his opinion on the effect of the ongoing China crackdown on crypto.
Novogratz took it to Twitter and said:
“China news isn’t good. Xi is an authoritarian leader who wants control over things. $BTC is the opposite of authoritarianism. Chinese citizens will always find a way to move assets outside the system but they are making it harder. Will take some time to play out. Keep the faith.”
Novogratz is sure that the Chinese Crypto owners will be able to shift their assets outside China, but it will take some time.
The dollar recorded a slight dip and remained largely stable, while cryptocurrencies continued their downward slide as traders anticipated more hints from Fed chair Jerome Powell. Last week, investors across the world were left scrambling after a change in the central bank’s outlook for interest rate hikes.
Dollar Continues Its Steady Run As Cryptocurrencies Stumble After Fed Announcement
The greenback rose sharply in value after the Federal Reserve announced sooner-than-expected twin rate hikes in 2023. However, on Monday, it returned some of those gains when it lost 0.4% against Euro and 0.5% against Yen.
On Friday, the index which tracks the dollar against six major currencies also fell by 0.2% to reach 92.074 from a peak of 92.405, a level that was last observed on April 13.
According to Imre Speizer, a currency analyst at Westpac, the drop in the greenback could be a temporary repositioning, before the currency is once again headed to the top. He said, “We’ve had a bit of a positioning cleanout – the whole world was mega short the U.S. dollar, and that’s in good part probably been cleaned out already – and now we take a wee breath before the next move up.”
Bitcoin and Ether Record Double-Digit Losses
Meanwhile, cryptocurrencies continued their downward trajectory as Fed expressed concerns over inflation. This development coupled with ominous reports from China relating to crypto mining caused the flagship digital asset to drop by 11%.
Bitcoin’s rival Ether also fell by 15% and recorded its highest sell-off in a month. While both the digital currencies maintained prices above their May lows, the overall sentiment around them was sluggish.
Many experts were upbeat about a Bitcoin comeback earlier this month when the currency briefly soared above $40,000 — a level considered vital for the asset to stabilize. But BTC prices soon found themselves in the red and the currency has been on a downward trend since June 15.
The Fed announcement had taken both stock and crypto markets by surprise and triggered a wide sell-off that impacted even traditional assets like gold.