Prediction Market MYRIAD Launches USDC Markets

MYRIAD, the on-chain prediction market from Decrypt and Rug Radio parent company DASTAN, has launched USDC markets on its platform.

The milestone means that for the first time, MYRIAD users can make predictions using Circle’s regulated stablecoin USDC, which can be redeemed 1:1 for U.S. dollars.

“USDC markets is huge for us,” DASTAN co-founder and President Farokh Sarmad told Decrypt. He explained that with USDC markets on MYRIAD, “predictions are real-time consumer sentiment,” adding that the platform’s users will now be able to use USDC to make “a call option on certain news.”

The launch of USDC markets “brings a whole new aspect” to MYRIAD, Sarmad said. Hitherto, the prediction market has used an on-chain points-based system with no monetary value. “points are fun but you could argue that points are not enough,” he said.

While “technically you’re staking your reputation,” with points, he explained, “When you put your money where your mouth is, is when you’re more careful of what you put out there in terms of opinion.”

What is MYRIAD?

Launched in mainnet on Abstract in January, MYRIAD forms the cornerstone of DASTAN’s new media ecosystem. The platform seamlessly integrates on-chain prediction markets and Quests with content from across DASTAN’s media portfolio, including Decrypt, Rug Radio, Lucky Trader and Degenz.

Since its mainnet launch, over 430,000 new users have signed up via Abstract Wallet, making more than 1.7 million predictions.

MYRIAD has ambitions beyond its on-chain prediction market, though. It aims to revitalize the ailing media industry through combining predictions with the output of publications like Decrypt and creator ecosystems like Rug Radio, creating a sustainable revenue model that benefits creators, publishers and advertisers alike.

Sarmad explained that MYRIAD will generate revenue through taking “a percentage on the volume,” while predictions will become more accurate, since users are putting real money at stake.

“If our thesis is that prediction markets make for a better media ecosystem on top of Rug Radio creators and Decrypt journalism, then you need to turn on USDC markets for people to actually put money into play,” he said

“It’s more than just generating revenue or building a cash flow positive economy or just having a good flywheel for our business,” Sarmad explained, adding that, “It shows that there’s an appetite for stuff other than the meme coin casino and the gambling aspect of crypto.”

Head to myriad.markets to make predictions using USDC now.