It seems that the Polymarket prediction platform managed to settle the issue of reducing the size of the CFTC imposed on it in the amount of $1.4 million and successfully settle this issue, a fine was imposed for servicing trades in over-the-counter binary options without appropriate registration.
https://twitter.com/PolymarketHQ/status/1478132679510048773
Topic: PredictX - Prediction Markets for DeFi (Read 91 times)
I never really understood these prediction markets, why not just buy and hold and sell and speculate on your own,,, right? And worse still is now in this crazy defi space are prediction markets. These things are all truly random in price movement, pure gambling I guess unless people know a way to manipulate things.
How different is this from Binance Futures? I wonder if the platform gives out rewards if someone made the right guess.
After reading more about it, their made advantage is they're decentralized. Almost everyone now are after decentralization
Are you talking to Each other? Your both account was created 2 minutes before each other and OP's account is just 20 days after ..
Now tell me that Is this a coincidence ? or i am right?
And All Your Name was created Started with "Letter B" I am not that malicious person but this are something that i find really questionable .
After reading more about it, their made advantage is they're decentralized. Almost everyone now are after decentralization
How different is this from Binance Futures? I wonder if the platform gives out rewards if someone made the right guess.
PredictX: Prediction Markets for DeFi
PredictX is a DeFi protocol that brings prediction markets to DeFi. Centered on automated liquidity and precisely designed incentives, PredictX ensures the best liquidity across all markets while allowing users to win off their predictions on a user-friendly platform.
Opportunities in the Existing Market:
Prediction markets are online platforms where individuals can set a price on the realization of a future event. These markets encompass a wide range of activities and events from sports betting, politics, to price predictions on stocks like TSLA, and even other events like albums releases, IPO’s, etc. For the average user or trader, a prediction market is an opportunity to make a profit off of the behavior of an event or asset. Sports betting a $200B+ industry is the most popular application of prediction markets, but there are also social markets like politics and global futures markets that are also in the several billions of dollars.
Challenges with Centralized Prediction Markets:
However, existing markets are highly centralized since centralized gatekeepers like sportsbooks, online betting platforms or applications exercise full control over what markets are offered along with having huge fees (3–10%) involved with each transaction. These centralized gatekeepers dominate the market and extract tons of value from the ecosystem. For example the best known prediction market for political betting, PredictIt, charges a 10% fee for all winnings. These fees make it almost impossible for users to consistently win on their predictions. Not only do centralized players charge exorbitant fees but they are also disincentivized to innovate on a model in which they profit enormously off the user. As a result, they focus their efforts on constantly acquiring new users to replenish the dying ecosystem.
Problems with Existing Decentralized Prediction Markets:
Plagued by high gas fees, minimal liquidity and poor UI, decentralized platforms like Augur and Polymarket among others have not attracted the volume like that of their centralized counterparts. A big part of this stems from the lack of liquidity, lack of decentralization (needing deposit and withdrawals), and lack of incentives. Incentives for users should be much higher in a decentralized model since there is no centralized middleman collecting massive fees for each transaction. The incentive design for PredictX will play a key role in maximizing the liquidity for markets and optimizing the incentives for all participants.
PredictX:
Inspired by decentralized prediction market protocols like Augur and Catnip, PredictX is the first DeFi protocol to fully integrate prediction markets on a decentralized platform where users can make predictions with speed and ease. PredictX prioritizes (1) the user experience (2) maximizing liquidity. Our end goal is to create a user-friendly prediction markets platform powered by a truly decentralized protocol that is easily integrated with other DeFi platforms and other blockchains like Polkadot. This means non-custodial, not centralized and open to everyone.
Source
PredictX is a DeFi protocol that brings prediction markets to DeFi. Centered on automated liquidity and precisely designed incentives, PredictX ensures the best liquidity across all markets while allowing users to win off their predictions on a user-friendly platform.
Prediction markets are online platforms where individuals can set a price on the realization of a future event. These markets encompass a wide range of activities and events from sports betting, politics, to price predictions on stocks like TSLA, and even other events like albums releases, IPO’s, etc. For the average user or trader, a prediction market is an opportunity to make a profit off of the behavior of an event or asset. Sports betting a $200B+ industry is the most popular application of prediction markets, but there are also social markets like politics and global futures markets that are also in the several billions of dollars.
Challenges with Centralized Prediction Markets:
However, existing markets are highly centralized since centralized gatekeepers like sportsbooks, online betting platforms or applications exercise full control over what markets are offered along with having huge fees (3–10%) involved with each transaction. These centralized gatekeepers dominate the market and extract tons of value from the ecosystem. For example the best known prediction market for political betting, PredictIt, charges a 10% fee for all winnings. These fees make it almost impossible for users to consistently win on their predictions. Not only do centralized players charge exorbitant fees but they are also disincentivized to innovate on a model in which they profit enormously off the user. As a result, they focus their efforts on constantly acquiring new users to replenish the dying ecosystem.
Problems with Existing Decentralized Prediction Markets:
Plagued by high gas fees, minimal liquidity and poor UI, decentralized platforms like Augur and Polymarket among others have not attracted the volume like that of their centralized counterparts. A big part of this stems from the lack of liquidity, lack of decentralization (needing deposit and withdrawals), and lack of incentives. Incentives for users should be much higher in a decentralized model since there is no centralized middleman collecting massive fees for each transaction. The incentive design for PredictX will play a key role in maximizing the liquidity for markets and optimizing the incentives for all participants.
PredictX:
Inspired by decentralized prediction market protocols like Augur and Catnip, PredictX is the first DeFi protocol to fully integrate prediction markets on a decentralized platform where users can make predictions with speed and ease. PredictX prioritizes (1) the user experience (2) maximizing liquidity. Our end goal is to create a user-friendly prediction markets platform powered by a truly decentralized protocol that is easily integrated with other DeFi platforms and other blockchains like Polkadot. This means non-custodial, not centralized and open to everyone.
Source
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