WOO X Prediction Markets: Will Fed have the first Interest rate cut before May 1, 2024?

With UBS expecting the Fed to cut rates by as much as 275 basis points by the end of 2024, many institutions and investors alike are proclaiming an end of interest rate hikes and an expectation towards interest rate cuts early next year.

Will we finally see the Fed have its first interest rate cut before May 1, 2024? 

Send in your bets now and profit on the outcomes, now available exclusively on WOO X Prediction Markets!

Introducing WOO X Prediction Markets 📊

WOO X Prediction Markets is our newly-launched marketplace that allows users to engage in speculative activities pertaining to the anticipated outcomes of future events. 

Periodically, WOO X will introduce prediction tokens representing 2 possible outcomes of a future event, ranging from politics, finance, sports, and more. The valuation of each token is denominated between 0 USDC and 1 USDC, serving as a reflection of the marketplace's perception of the event's likelihood. 

Users will be able to trade these 2 prediction tokens within the prediction period to speculate on the outcome of the event. Upon the conclusion of the event, an airdrop will occur to distribute the winnings to users who got the prediction correct. 

To learn more about how to access and use WOO X Prediction Markets, head over to our support center article.

How WOO X Prediction Markets will work ✅

• Users can buy and sell prediction tokens representing the potential outcomes of the US Federal Reserve’s decision to have the first interest rate cut (from Nov 27, 2023 to May 1, 2024) before May 1, 2024.
• There will be 2 tokens on WOO X’s Prediction Market listed i.e. FEDNOCUT / USDC and FEDCUT / USDC. 
• These 2 tokens will be listed in the Prediction Market tab, and will be part of the innovation zone.
• The value of each token will be the prediction market’s perceived probability of the occurrence of a particular event. E.g. if the probability of Fed raising or maintaining rates winning is 0.6, the FEDNOCUT token will be 0.60 USDC.
• The value of each token will range from $0 to $1.00.
• Users can transfer the FEDNOCUT and FEDCUT tokens between sub-accounts and vaults, as per any other token. However,
  • no deposits or withdrawals are allowed for these two prediction tokens;
  • these two prediction tokens cannot be used as collateral, and cannot be borrowed or shorted.
• FEDNOCUT and FEDCUT Trading Period:
  • WOO X has full discretion to determine and change the prediction tokens trading period and close its trading function without prior notice to the users. 

• Case 1: If the Fed has the first interest rate cut before May 1, 2024, 23:59 (UTC)
  • Should the interest rates get cut before May 1, 2024, trading will be halted for both FEDNOCUT / USDC and FEDCUT / USDC markets within 24 hours.
  • Within 14 working days after the event concludes, an airdrop will be conducted for users who hold FEDNOCUT or FEDCUT tokens.  
  • Users who win will have a USDC-equivalent airdrop of the winning token. For example, if the Fed cut rates, a user who bought 300 FEDCUT tokens will be airdropped 300 USDC.
  • Users who lose will not receive anything. For example, if the Fed does not cut rates, i.e. increases or maintains rates, a user who bought 300 FEDCUT tokens will lose his/her USDC amount that was used to buy the tokens.
  • All FEDNOCUT and FEDCUT tokens will have zero value after the airdrop is concluded and will remain in users’ wallets as a commemorative token.

• Case 2: If Fed does not have the first interest rate cut by May 1, 2024, 23:59 (UTC)
  • If the Fed does not reduce interest rates for the entire period starting from Nov 27, 2023 to May 1, 2024, then FEDNOCUT is the winning token.
  • Trading will be halted for both FEDNOCUT / USDC and FEDCUT / USDC markets within 24 hours after May 1, 2024.
  • Users who win will have a USDC-equivalent airdrop of the FEDNOCUT token. In this scenario, a user who bought 300 FEDNOCUT tokens will be airdropped 300 USDC. Users who bought 300 FEDCUT tokens will lose his/her USDC amount that was used to buy the tokens.
  • All FEDNOCUT and FEDCUT tokens will have zero value and will remain in users’ wallets as a commemorative token.
• WOO X will be entitled to all trading fees derived from the trading of the tokens in either case.
• Users will receive achievement badges based on the final event outcome, and for their participation too.

FAQ

1. Can I trade prediction tokens? 

Eligible users are free to buy and sell the prediction tokens as they see fit during the prediction period. Trading will be halted within 24 hours after the prediction period ends. For list of eligible users, please refer to FAQ #10. 

2. Can I deposit/withdraw the prediction tokens?

Deposit/Withdraw of prediction tokens are prohibited. 

3. Can I transfer the prediction tokens to sub-accounts/vaults? 

Users are able to transfer prediction tokens between sub-accounts and vaults.

4. Can I use the prediction tokens as collateral?

Prediction tokens cannot be used as collateral, and cannot be borrowed or shorted.

5. What is the minimum/maximum amount of Prediction tokens that can be bought? 

The minimum amount is 1 token and the maximum amount is 100,000 tokens per order. WOO X reserves the right to adjust the minimum/maximum amount without prior notice.

6. Are there any trading fees?

WOO X will be entitled to all trading fees derived from the trading of the tokens in either case. Please refer to Spot-Margin Trading Fees for more details. WOO X reserves the right to move the tokens to zero fees or any other structure without prior notice. 

7. When will the winnings be distributed? 

Within 14 working days after the event concludes, an airdrop of USDT or USDC will be conducted for users who hold the winning Prediction token with a 1 to 1 ratio.

8. How do I view previous participations?

Please refer to your account Orders for the detailed history. Also, users can check their participation badge for previous events. 

9. Will prediction tokens have any value after the prediction period ends? 

Prediction tokens will have no value after the prediction period ends and will remain in users’ wallets as a commemorative token.

10. Is Prediction Markets available to all users? 

Users from the Unsupported Jurisdiction as listed in the WOO X Terms of Service or any of the following countries are not eligible to participate in Prediction Markets: Afghanistan, Canada, China, Cuba, Democratic Republic of Congo, Hong Kong, Iran, Libya, Mali, Myanmar, North Korea, Poland, South Sudan, Sudan, Syria, Seychelles, Taiwan, the United States and its territories, and temporarily occupied territories of Ukraine.

If you have any other questions, kindly contact our customer support by submitting a ticket under “Events”. 

Terms and Conditions for Prediction Market Service

1. By using this Service, users are bound to and must abide by the Terms and Conditions for Prediction Market (“Terms”). Besides the Terms provided herein, all Users must abide by the WOO X Terms of Service.  In addition, users should carefully read and fully understand all the guidelines, instructions, announcements, information, tutorial and FAQ of Prediction Market (“WOO Prediction Market Rules” or “the Rules”).
2. Users must complete and pass the KYC requirements the same as WOO X to be qualified to trade the Prediction Market Token (“Token”). 
3. The Token will allow users to buy and sell Tokens representing the potential outcomes of future events. The value of the Token will be the perceived probability of the occurrence of a particular event (“Event”).  To the extent as permitted by laws, these Events can range from, but are not limited to, the outcome of an election, popular sports events or any other predictable events that are legally allowed.
4. The Token reflects the live implied probability of an event taking place within a certain time period, and cannot be withdrawn or deposited. Only spot USDC pairs will be available. 
5. WOO X may impose the limitation on the maximum amount for each Token to be bought by each account (inclusive of the sub-accounts) and such limitation may be updated or adjusted from time to time.  
6. Settlement: 
   1. When each Event closes, each Token will be either worth 1 USDC if the implied outcome reflected by the Token happens, or 0 USDC if the implied outcome reflected by the Token did not happen.  
   2. When WOO X decides in its sole discretion that the possibility of such Event happening is reasonably close to zero or very low in the foreseeable future, it will be considered that none of the implied outcome of each Token happens, and WOO X will be entitled to all of the trading fees derived from the Tokens and also the Tokens of that specific Market. All users will not be refunded based on their respective prediction token holdings at settlement time, and the associated cost such as transaction fees when they purchased the respective tokens.
   3. When the outcome of any Event is such that the FOMC gets postponed, it will be also considered that none of the users is right about the outcome, and WOO X will be entitled to all of the trading fees derived from the Tokens and also the Tokens of that specific Market. All users will not be refunded based on their respective prediction token holdings at settlement time, and the associated cost such as transaction fees when they purchased the respective tokens.
7. WOO X has full discretion to determine the Token trading period and the Company may close its trading function without further notice to the users. 
8. Trading of Tokens will be subject to trading fees as detailed in each trading page. 
9. Users shall represent to WOO X that, by trading the Tokens on WOO X, he is not (a) prohibited by or in violation of any domestic or foreign laws or regulations of any regulatory body that may have jurisdiction over himself or WOO X, or (b) contributing to or facilitating any illegal activity.
10. If the users are from the Unsupported Jurisdiction as listed in the WOO X Terms of Service or any of the following countries, the users are not eligible to trade the Tokens: Afghanistan, Canada, China, Cuba, Democratic Republic of Congo, Hong Kong, Iran, Libya, Mali, Myanmar, North Korea, Poland, South Sudan, Sudan, Syria, Seychelles, Taiwan, the United States and its territories, and temporarily occupied territories of Ukraine.
11. Users shall be solely responsible for any tax duty incurred from the rewards received (if applicable). 
12. WOO X reserves the right to disqualify any users if he/she engages in any inappropriate, dishonest, or abusive activities during the event, including but not limited to: wash trading, volume faking, participation in the competition with multiple accounts, market manipulation or matched trading activities.
13. WOO X may apply changes in any way, replace, or discontinue listing (temporarily or permanently) any of the Tokens at any time in its sole discretion.
14. WOO X reserves the right to modify the Terms without notifying the Users in advance. 
15. WOO X reserves the right of final interpretation of this Terms. If you have any questions, please contact our customer service.
16. WOO X will not be responsible or liable for any losses (including, without limitation, any direct or indirect damages for loss of profits) resulting or arising directly or indirectly from your trading of Tokens or use of our service.

The content above is neither a recommendation for investment and trading strategies nor does it constitute an offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

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