Solana-based decentralized exchange Jupiter has launched the beta version of its first prediction market. The platform’s debut test market lets users bet on which F1 drivers are most likely to win the Mexico Grand Prix.
“Max Verstappen or Lando Norris? Oscar Piastri or George Russell? Jupiter’s first-ever Prediction Market is now LIVE (in beta),” the protocol announced in a recent post.
Liquidity for the market is provided by Kalshi, a U.S.-regulated prediction market operating since 2021. While the platform is still in beta with limited features, users can place bets on their favorite F1 drivers, with maximum limits set at 100,000 for global contracts and 1,000 for position contracts.
According to Jupiter’s prediction market, Dutch-Belgian F1 driver Max Verstappen is currently the favorite to win the Mexico Grand Prix, with 47.61% of bets placed on him. In second place is the U.K.’s Lando Norris at 27.3%, followed by Australian racer Oscar Piastri with 23% of bets. The new test market has already seen a trading volume of $52,290 just hours after launching. The Mexico Grand Prix runs from Oct. 25 to Oct. 27, with the main race on Oct. 27, meaning Jupiter’s market will likely close once the winner is determined.
How Jupiter’s Prediction Market works
Jupiter’s platform operates similarly to established prediction markets like Kalshi and Polymarket. Traders select from a series of options and trade YES or NO positions. Prices fluctuate based on the number of bets, and users can sell their positions at any time before the market ends. Users earn $1 for every correct prediction and receive nothing for incorrect positions.
Currently, Jupiter is still in beta, with no timeline for a full launch.
Prediction markets have become increasingly popular in the crypto community, allowing traders to speculate on a range of outcomes, from the next bull market to real-world events like presidential elections.
Data from DeFi Llama shows that prediction market protocols have accumulated $241.9 million in total value locked (TVL). Over the past week, they generated $422,297 in fees and $396,466 in revenue.
The largest on-chain prediction market by TVL is Polymarket, with $215.55 million—nearly 90% of the total TVL. Following it are Gnosis Protocol v1 at $7.45 million and Base’s sports prediction app Football.Fun at $5.09 million.
Polymarket is reportedly planning to launch a native token, though sources indicate the rollout may be delayed until the platform re-enters the U.S. market, returning three years after its regulatory exit in 2022.
