Project Spotlight: Polymarket — The Biggest Decentralized Prediction Market in Blockchain
April 29, 2021
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!
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