Project Spotlight: Polymarket — The Biggest Decentralized Prediction Market in Blockchain

Polygon’s vibrant ecosystem of projects and Dapps has led to wide adoption with more than 20M txns, 345K unique users thanks to 150+ brilliant decentralized applications.

Introducing Project Spotlight: an initiative to highlight and get to know the Dapps on Polygon a little better!

Our first Dapp in this series is Polymarket: a Global Information Markets platform, harnessing the power of free markets to demystify the real-world events that matter most to you. Polymarket has set the gold standard for user experience in the decentralized application space, achieving higher protocol fees than Uniswap and Sushiswap during the election cycle.

Can you introduce us to the awesome team building Polymarket?

We’re a small but fast-growing team (hiring!) passionate about building the first truly free and open information marketing platform on-chain. In a post-truth society, the informational benefit Polymarket provides on a wide variety of relevant topics is invaluable and our entire team is bought into the vision of being able to use information markets to improve the world and reward truth seekers. We’re based in SoHo, NYC, but have a diverse team all over the world.

Please tell us a little about Polymarket and its cyberpunk metaverse.

Polymarket is a decentralized information markets platform that lets people trade real-money markets on the outcomes of the most highly debated current events and follow the odds to garner accurate insights about the future. Users buy or sell Outcome Shares, which can be redeemed for $1 if the outcome is resolved as correct, and become worthless if it’s incorrect. Owners of outcome shares are never locked in and can sell their position at any time. The goal is, by harnessing the power of free markets, Polymarket can aggregate collective knowledge and provide the general public with an unbiased source of truth in regards to the likelihood of significant events happening in the future.

Why did you guys choose Polygon for scaling?

We chose to build on Polygon because the technology was (and still is) the most advanced layer-2 solution on the market. Polymarket trading simply wouldn’t have been able to grow as quickly as it has without the scalability inherent to Polygon. Trades are near-instant and extraordinarily low-cost (effectively free), both critical factors in building a properly functioning on-chain market with accurate pricing.

What got your team into Blockchain and Crypto?

Blockchain empowers people who are passionate about building to do so without the same bottlenecks and barriers to entry present elsewhere. We’re building something we love and have dreamed about making a reality for years, and crypto is what has enabled us to make those dreams a reality. Blockchain is unquestionably one of the most exciting technologies to come along in our lifetime, and we believe that information markets are by far the most important and game-changing use case in the entire ecosystem, not least because of the unprecedented transparency and equal access users have to trade and view market activity on-chain.

Tell us a fun fact about yourself!

Goldweard (the crypto-artist) reimagined our logo for this badass piece!

Helpful Links

Polymarket:https://polymarket.com

Twitter: https://twitter.com/PolymarketHQ

Discord: https://discord.com/invite/hGYPGru

More from the Polygon Blog
Polygon Reaches First Sustainability Milestone by Achieving Network Carbon Neutrality

Polygon has made a major first step toward becoming carbon negative with the retirement of $400,000 in carbon credits representing 104,794 tonnes of greenhouse gasses, or the entirety of the network’s CO2 debt since inception.  The milestone comes after Polygon in mid-April released its Green Manifesto, part of its broader vision for sustainable development. The […]

Read More
State of Governance #2: Identity & Reputation

Clink Clank For a period of time, democracy in ancient Athens was exercised in a peculiar way.* Every eligible voter, when entering the hall, would receive a single pebble to be cast in one of two urns during assembly, signifying approval or disapproval on an issue. Athenians, understanding the significance of votes being cast anonymously, […]

Read More
Why Neobanks Will Lead TradFi’s Shift to Web3

Conventional wisdom has it that traditional finance (TradFi) and decentralized finance (DeFi) go together like vampires and garlic. But there is one area of TradFi where that black-and-white picture shades into gray. This is the case for why neobanks will be key to bridging these two worlds. Neobanks, or digital banks, are basically banks without […]

Read More
Polygon ID x Polygon DAO Integration Launches to Create New ZK-based Governance Frameworks

Today, we’re launching the first iteration of Polygon ID - a private and self-sovereign identity solution powered by zero-knowledge cryptography. To start, Polygon ID enables a whole host of features previously inaccessible to DAOs. It will be integrated with Polygon DAO beginning today, and many more DAOs to come soon.  Too often, we’re forced to […]

Read More
Announcing Polygon Pod, a Podcast From the Epicenter of Web3

What’s the future of DeFi? How can blockchain projects shake the reputation for being bad for the environment? What in the world are zero knowledge proofs? How can Web3 attract and accommodate the next billion users? When Flippening? You want to know the answers and so do we. That’s why Polygon is launching Polygon Pod […]

Read More
crossmenuchevron-down-circle