PlotX, an Ethereum-based prediction market, has announced it is migrating to Polygon’s (formerly known as Matic) L2 solution. This will enable crypto traders to free up congestion and move liquidity between Ethereum and other bridgeable chains like Matic, zkRollups, OVM, PolkaDot, and Binance Smart Chain.
“Two big chicken-egg problems for DeFi are based around infrastructure scaling and liquidity in markets. In prediction market protocols like PlotX, getting the wisdom of the crowd requires a friendly UX, negligible gas fee, and highly liquid markets. This is why PlotX has worked with Polygon and several other partners to bring a first of its kind L2 experience for prediction markets – permissionless, non-custodial with vital fast UX.”
– Ish Goel, Founder of PlotX
As a non-custodial prediction protocol, PlotX allows traders to gain exposure to crypto by entering prediction markets and earning yield for correctly determining how a particular asset will move. PlotX creates high-yield markets using an automated market maker with all transactions processed on-chain.
The brainchild of ex-Nexus and GovBlocks developers, PlotX is often described as the “Uniswap for prediction markets.” Users can predict on a four-hour, daily or weekly basis without suffering drawbacks of centralized prediction markets, counterparty risk, high cost, and unfair settlement.