[Discussion] Enable more types of markets on Turbo

Turbo works by utilizing a data source to create and resolve markets. Currently reliant upon Chainlink data feeds on Polygon, Turbo enables markets for NBA, NFL, MMA, and five cryptos.

As is requested by the Discord community, offering more markets may increase usage, OI, and trading activity. Thus, if the community is willing it, more markets should be added.

Potential Markets:

  • Sports: soccer
  • Politics: elections for US states, EU, others
  • Economics: GDP of certain states and nations
  • Crypto: price markets, market cap markets

Steps to adding new markets:

  1. delegate a representative to talk to Chainlink about available data feeds and cost of data
  2. decide market phrasing and structure. For example, what does “invalid” represent? How frequently will this market be created? How long after event will it be resolved? Etc etc.
  3. delegate someone to write adapter code. An “adapter” is centralized software that takes raw data and formats it for consumption by Turbo markets
  4. write the adapter and create new markets on testnet (Mumbai)
  5. deploy to mainnet
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Data feeds offered by the Chainlink team are available at https://data.chain.link/ and Chainlink Marketplace. Upcoming but yet unreleased feeds are also available from the Chainlink team.

Here is a more expansive list of potential markets and data availability.

  1. NFT price markets that let users short them. This does not exist anywhere right now. Chainlink has unannounced feeds for this.
  2. Soccer: markets for the most played sports in the world are likely to attract entertainment bettors in troves. Chainlink has feeds for these.
  3. US elections 2022 has midterm elections and presidential markets (for 2022) are likely to do well as they involve controversial candidates.
  4. Economic markets. Narrative around fiat downsides like inflation, effect on CPI, and government spending are expected to stay in the news cycle for the foreseeable future. Markets for these may be attractive to both entertainment bettors and expert users. Data feeds are available via Chainalink.

Please no soccer markets, waste of time and resources. Too many leagues and would barely get any liquidity or betting action.

Could Chainlink create oracles for Polymarket, PredictIt, Kalshi, etc? If so, that would be a lot of potentially new markets.

For non-US football (aka soccer), the World Cup and maybe some major championships could be a good place to start. Doing league games would be a bit challenging (marketing is the biggest issue facing Augur - and you’d want country-targeted marketing to handle national leagues).

Elections, Police Chase on TV and duration of it since it can be live on TV, weather, stocks since we can hook them live a live feed after they bid on it. So the app is not only bid, close the app and wait.

Markets need to have 1) a resolution source. So we need to have existing oracles that we can use or build new ones.

  1. And if the liquidity providing is not heavily subsidized, we need markets that have relatively low variance in the odds and preferably a fixed date and time at which they will resolve.

So election markets and sports (especially when we aren’t in a covid peak - as cancelled games are bad) are good for this. The French presidential election would be a good market - especially if there is an oracle for it.

Can you come up with some markets that meet these criteria? I’m constantly trying to think of new markets.