Polymarket FTW: This Season of Chaos Has Seen the Meteoric Rise of the First (Really, Truly) Breakthrough Crypto dApp, Built on Polygon

The vibes are shifting, the full moon was recently in Capricorn with Neptune (still) in retrograde—and emerging from the chaos of this historical moment is Polymarket, taking a win so big even your cousin is messaging you about it. 

Polymarket is a crypto-native prediction market built on Polygon PoS with transparent onchain data that ensures predictions are registered and trades can occur.

Polymarket IS brat.

And in recent weeks, Polymarket has been all the buzz—but with a mainstream audience. Spurred on by the election season in the U.S., Polymarket has registered more than $1,000,000,000 in volume, reflecting an appetite of growth beyond the confines of a crypto-native community.

With Farcaster Frames recently enabling Polygon PoS transactions, Polymarket is set to grow even more: Users can make predictions directly from their Farcaster feed.

So what’s up? Wherefore the demand for Polymarket over centralized alternatives?

Prediction market, decentralized

Prediction markets have become increasingly popular as technology for order books evolves in the 21st century. 

More importantly, there’s been a cultural shift: Wagering in sports markets have gone mainstream, to the point that the NBA has established strong firewalls between players and markets.

Polymarket’s approach to prediction markets is different and, dare we say, pretty unique. 

It's decentralized.

Built on Polygon PoS, Polymarket has zoomed past centralized rivals precisely because it’s on blockchain rails. 

Blockchain > centralization

At the center of Polymarket, a holy triad of characteristics gives it a substantial edge over centralized alternatives. 

The product market fit is *chefs kiss* perfectly apt for the current moment. Here’s what a prediction market on blockchain rails enables:

1. Transparency. Users know, without having to trust a centralized authority, that a market is exactly what it says it is. By registering all predictions onchain, Polymarket enables a level of transparency with users that is otherwise impossible—and let’s every individual know their prediction has been registered. 
2. Self-custody, with Safe. Self-custody with Safe enhances security by requiring multiple signatures for transactions, reducing the risk of unauthorized access compared to single-signature EOAs. It also ensures users maintain full control over their assets, avoiding the risks tied to third-party custodianship.
3. Decentralized dispute resolution. In decentralized dispute resolution with UMA, a resolution request is sent to the Optimistic Oracle when a market is created. Users can propose resolutions, followed by a challenge period. Disputes are handled by submitting them to UMA's Data Verification Mechanism (DVM) for a decentralized vote by token holders. This process removes the need for centralized authority, enhancing trust and fairness in prediction markets.

By operating Polygon PoS, Polymarket can ensure near-instant and low-cost transactions for users who value efficiency. 

Fast settlement, unadulterated market action. 

Decentralized prediction markets are blowing up on Polygon. This is only the first installment of a deep-dive into the growing trend of prediction markets building on Polygon. Tune into the blog and our social channels to keep up with future deep dives, and be sure to follow Polymarket on Farcaster. 

The future of Web3 is aggregated.

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