As we near the 2020 U.S. Presidential Election, our President tokens (TRUMPWIN and TRUMPLOSE) will soon be redeemed based on the outcome following November 3, 2020. Find out more about the redemption process in our FAQ below.
Update 11/9/2020 at 19:30 UTC:
Joe Biden has won the 2020 US Presidential election according to the settlement criteria that FTX defined for their President 2020 contracts and tokens. However, some users were unhappy with this decision and FTX has decided to give an alternative to TRUMPWIN holders, as outlined below.
- We have now canceled all open orders for TRUMPWIN and TRUMPLOSE.
- TRUMPLOSE will be redeemed within the next few business days and distributed into customer accounts shortly after.
- TRUMPWIN wallets have been re-opened, accessible here: https://poloniex.com/wallet/TRUMPWIN, and customers can withdraw their tokens over to FTX if they choose, according to FTX's terms outlined in their Help Center article.
- We will close TRUMPWIN wallets and clear any remaining balances at some point in the future. We will communicate updates around this process as we have them.
Update 11/7/2020 at 17:30 UTC:
- Customers who held TRUMPLOSE at the time of markets and wallets being disabled will receive USDC at a ratio of $1 for every 1 TRUMPLOSE token held.
- Customers who held TRUMPWIN will have their TRUMPWIN balance fall to $0.
While this is the current plan, we may update the process as we hear more from the FTX team. We'll provide further updates as we hear from them or once redemption has been completed.
Update 11/5/2020 at 17:00 UTC:
What are President tokens?
President tokens are ERC-20 tokens that will be redeemable for either $1 or $0 based on if Trump wins or loses the Presidential election. These markets act as tradeable prediction markets where the market price of TRUMPWIN should be roughly equal to the probability that Trump will win the election and the market price of TRUMPLOSE should be roughly equal to 1 minus that probability. TRUMPWIN and TRUMPLOSE are based on the President 2020 Futures Contracts on FTX.
What will happen after the election?
Once the outcome of the election is determined, we will take the following steps:
- Disable deposits, withdrawals, and trading for TRUMPWIN and TRUMPLOSE
- Snapshot all users’ balances who hold the winning token
- Distribute USDC to all users who held the winning token at the time of the snapshot.
Since one token will be redeemable for $1 and the other will become worth $0, we will only distribute USDC to the users who hold the winning token. The users who hold the losing token will have that token’s balance cleared from their account.
For example, if Trump loses the election, all users who hold TRUMPWIN will have their TRUMPWIN balance cleared from their Poloniex account and all users who hold TRUMPLOSE will receive USDC for every TRUMPLOSE token they hold at the time at a ratio of $1 for every 1 TRUMPLOSE token held. The inverse will happen if Trump wins the election.
When will trading stop for the TRUMPWIN and TRUMPLOSE markets?
Since FTX has issued these tokens based on their President contracts, we will disable deposits, withdrawals, and trading around the time that they do to ensure a fair outcome for traders. The FTX team has outlined criteria for what determines the outcome of the election in their Help Center article here.
How do I redeem my TRUMPWIN or TRUMPLOSE tokens?
We will redeem TRUMPWIN or TRUMPLOSE tokens for our customers. You do not have to do anything in order to redeem, we will deposit USDC into users’ accounts who hold the winning token.
What fees are involved when redeeming these tokens?
There are no fees involved when redeeming TRUMPWIN or TRUMPLOSE tokens through Poloniex.