Value Network receives development grant form QTUM foundation
Dubai, United Arab Emirates, 16.03.2021
Value Network, a prediction markets platform and exchange, is migrating from the Ethereum mainnet to the Qtum smart contract and Dapp platform. Qtum is distributing one million dollars worth of grants to the DeFi ecosystem.
Qtum will fund Value Network with this grant money and provide technical support during and after the migration. Value Network users will continue to be able to trade options peer-to-peer, predicting future crypto prices and hedging using the prediction markets.
Prediction markets expire at a set date in the future with a yes/no resolution by paying out a fixed and predetermined sum (yes) or nothing at all (no). On Value Network, users purchase options based on asset pairs, winning the funds of their counterparty in the event of a successful bet.
Users will be able to trade these options back and forth before expiry. Value Network traders can even create their own markets by staking VNTW — the native platform token and facilitating trading, making VN a prediction market offering new derivatives correlated with crypto price action.
Value Network Founder Artem Levin stated that Ethereum’s high traffic in transactions and high fees were a factor in the migration.
“Users shouldn’t have to pay $50 per transaction,” said Levin. “That’s not what DeFi is about. By receiving a grant from Qtum, an established project helping to grow the DeFi ecosystem, we’re able to offer low-fee, decentralized derivatives trading to the wider market.”
Value Network will get price feeds from Chainlink or other trusted oracles to ensure accurate pricing information at all times. A major value offering is the decentralized nature of the platform — fiat platforms come with an inherent conflict of interest between the user and the broker because users are essentially betting against the broker, whereas on Value Network, trading is peer to peer and handled on smart contracts.
“On our platform, users can create their own markets based on whatever parameters they want,” said Levin. “If you think Bitcoin will go to $100k in three months, you can make a market for that, and users can trade bets with each other peer to peer. A winning bet becomes worth more as the market realizes that it’s accurate, allowing people to swing-trade markets as well as placing static wagers. We’re anticipating high volume, and that’s why we needed the fast, low-cost transaction capabilities of Qtum. Tokens will now be migrated through interoperability bridges on our platform. We will also receive technical and market support from Qtum.”
Qtum and Value Network will be hosting an AMA ahead of the migration, which is expected to take place in early Q2 2021.
Qtum’s Growth Director, Antonio Saaranen, stated that the migration was in the best interest of both projects.
“The fact is, we’re able to offer scalable and reliable blockchain solution that meet this project’s expectations. As a part of this trend, we’re investing one million dollars into the entire DeFi ecosystem, including our funding towards Value Network.”
“We’re passionate about building the DeFi space and fostering a community where everyone can participate,” added Saaranen. “We fund projects with ambitious developers full of potential, working on innovative solutions, and that’s exactly what excites us about the Value Network migration. By hosting Value Network, we expect a higher number of transactions on Qtum as well as more active wallets and active users on the platform, and we expect to see those metrics rise very soon.”
To contact Value Network — email@example.com
To contact QTUM foundation — firstname.lastname@example.org