Polkamarkets Partners with Polygon for Scaling Solutions
We are thrilled to announce Polkamarkets’ partnership with Polygon (former Matic Network) to provide scaling solutions and to facilitate low fee and fast trading on Polkamarkets. As an Ethereum interoperability protocol, Polygon will facilitate Polkamarkets’ vision of being a cross-chain information exchange platform built on blockchains.
Polkamarkets & Polygon — Ethereum Interoperability & Scale
At Polkamarkets, we believe that the most widely compatible and accessible prediction market will win. That’s why we are reaching out not only to the Polkadot Ecosystem, but to the established and thriving Ethereum Ecosystem as well. In fact, our first MVP will launch on the Ethereum mainnet prior to porting to Polkadot. In light of this, we have been in extensive talks with Polygon (formerly MATIC Network) about how to use their technology to not only scale Polkamarkets, but to also augment our degree of interoperability with other blockchain networks.
The challenges that all blockchain-based prediction markets (and DEXs like Uniswap) faces are high-fees and low throughput. These problems are nothing new and have existed since the beginning of blockchain-based systems. In the early days, the networks could get by since they were under little demand, however nowadays with the explosion of DeFi and other on-chain dapp use, getting your transactions (trades, NFT minting, etc) has become more expensive and more difficult.
Polkamarkets’ partnership with Polygon enables us to scale up our Ethereum implementation of our prediction market technology to mass users while not subjecting them to high fees or long confirmation times.
Additionally, since Polygon enables one-click blockchain integrations into Ethereum with other blockchains such as Polkadot, this allows Polkamarkets a way to augment our interoperability with other chain
Faster, more liquid markets
By lowering the transaction costs associated with trading outcome shares, we will be able to open up our prediction market to a lot more users. With faster confirmation times, our users will be able to make more trades and enter prediction markets more efficiently. Taking positions on Polkamarkets in Esports, Sports, Crypto, and other live events will be significantly easier and smoother for our users.
“Polkamarkets is very happy to be partnering with Polygon. One of the key issues with on-chain prediction markets is scalability and fees, and this partnership will give us options to reduce those two issues. Our goal is to have a high-volume, low fee, and low latency prediction market platform. Partnering with Polygon will give us even more tools in our toolset to bring our vision to reality. ” — Ricardo Marques, Polkamarkets CEO.
“We’re glad to welcome Polkamarkets and their DeFi-powered prediction markets to Polygon! This will help users make fast and low-cost predictions, without leaving the security of Ethereum.” — Sandeep Nailwal, Co-Founder and COO, Polygon.
About Polygon (Formerly Matic Network)
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc, and Standalone Chains like Matic POS, designed for flexibility and independence. Polygon’s Layer 2 Chains have seen widespread adoption with 90+ Dapps, ~7M txns and ~200K unique users.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
Polkamarkets is a DeFi-Powered Prediction Market built for cross-chain information exchange and trading where users take positions on outcomes of real-world events–in a decentralized and interoperable platform based on Polkadot.