Stoners around the world were informed of a shocking announcement Thursday that will surely elicit a cacophony of quietly muttered expressions of shock: Marijuana’s patron saint Snoop Dogg said he is officially quitting weed.
However, the DeFi market is not sure whether rapper, actor and famous crypto enthusiast Snoop will stick to the public statement released today, and literally, permanently, laid his rolling papers to rest. So, some DJs are now betting on cryptocurrencies which way the hazy smoke will blow.
A bet on crypto predictions market Polymarket, which opened just minutes after Snoop’s announcement, is currently asking gamblers to place bets on whether the entertainer will smoke again in 2023. At the time of writing, the stakes, which will be active until midnight on New Year’s Eve, have not yet opened to garner a lot of action—although the stack of limit orders lined up in the order book is growing, based around the theme of The surroundings suggest some interest.
While the odds on the bet currently sit at even money, on the first two points today, betting activity increased the odds of “yes” to 73% – meaning that at those points, a bet is that Snoop will indeed make his Will keep the word – and punt Blunt offered a much greater return than the condition of breaking his vow.
But the matter isn’t as simple as whether Snoop will break his vow. Questions, both philosophical and technical, abound.
When the rapper announced today, “After much deliberation and conversations with my family, I have decided to quit smoking,” what exactly did he mean? smoke,
was he swearing All Weed products, or just those that involve inhaling smoke? Are the foods guilt free? Tincture? hand cream? Where do vapes fall on the spectrum – should the fine line between combustion and vaporization be considered here? Are aerosol chemists about to get their time?
These questions don’t just apply to Snoop; They also apply to Polymarket Bet supervisors. The wager simply asks whether Snoop will “smoke” before the New Year. If he takes a hit from a giant bong vape on the front lawn of the White House on Thanksgiving, will DeGeneres, who bet his hard-earned tokens on “yes,” be left out in the cold?
DeFi oracle network UMA has been tasked with resolving the Snoopgate bet. The fine print of the bet is as follows: “The settlement source for this market will be a consensus of Snoop Dogg’s statements and/or reliable reporting.”
But what if Snoop smokes in secret? What if he stops going out? If a blunt is smoked in an L.A. mansion and there’s no one to smell it, is the magical dragon really puffed up? In a true and worthy test of the oracle network’s ability to connect smart contracts to the real world, some gamblers are about to find out.
Edited by Andrew Hayward