Cardano’s (ADA) Charles Hoskinson wins a $50,000 bet with Polymarket

Mon 13 Sep 2021 ▪ 13h29 ▪ 3 min read - by Katie Donaldson

The founder of Cardano Charles Hoskinson has won $50,000 (~£36,000) on his smart contract bet with Polymarket. The money will be donated to a charity for children suffering from cancer.

In July, Polymarket’s team placed a public bet, according to which the Cardano network would not be able to release the smart contracts feature before 1st October. However, Cardano has launched smart contracts on Sunday, 12th September.

Hoskinson announced on Twitter that his choice fell on a “small [charity] with a really good heart,” a project called Magic Yarn, which helps children suffering from cancer by making wigs for kids who lose their hair due to chemotherapy.

Crypto charity 

A prediction market opened on 15th June allowing participants to bet on whether the Cardano blockchain will release smart contract functionality by 1st October. Polymarket’s representatives were more than happy to participate by placing a $50,000 (~£36,000) bet against Cardano.

The market has had a trading volume over $157,000 (~£113,000) at the time of writing. Shares were trading at $0.37 for “yes” and $0.63 for “no” when the bet was placed. Consequently, the correct answer is redeemable for $1 in the USD coin (USDC). 

More expensive bets are the ones seen as more likely to be correct, so the general audience was sure that the prediction that smart contracts will not be live on Cardano when October begins would come true.

After several months of being available on the Alonzo testnet, yesterday’s hard fork on the Cardano mainnet now allows all users to write smart contracts using Plutus scripts, “a purpose-built smart contract development language and execution platform using the functional programming language Haskell.”

Cardano’s Hoskinson has announced today that he will spend his $50,000 (~£36,000) winning from a bet with Polymarket on a charity for children suffering from cancer.

Katie Donaldson

I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.