After a lot of “design, development, feedback, repeat” cycles, it is now time to launch PlotX v2 Mainnet on the Polygon Network!
PlotX is a decentralized non-custodial prediction market protocol live on the Polygon Network. $PLOT is a functional utility token that is used as the medium of exchange between participants on the PlotX prediction market protocol.
Dubbed as the Uniswap of Prediction Markets, PlotX uses an Automated Market Making algorithm to create and settle crypto-focused prediction markets in the intervals of 1 hour, 1 day, and 1 week. Markets are focused on crypto-pairs like BTC/USDT, ETH/USDT etc, and are created and settled cyclically without any counterparty risk on the Polygon Mainnet.
Now, PlotX v2 is being launched with:
Cross-chain swaps between L1 & L2
Guaranteed liquidity in every prediction market
Easier Web3 connections
Thanks to all of the above, PlotX v2 is a beast in comparison to V1 and at the same time, a lot easier to use. This marks the beginning of the cross-chain journey for PlotX and here’s everything you need to know about it...
PlotX v2 will be launching on the Polygon Mainnet with markets for 6 crypto-pairs:
This means that users can #PredictOnPlotX the future value of all of the above coins. More crypto assets will be added to this list with time after the launch.
V2 offers meta-transactions — which means once a user’s Web3 wallet is connected to PlotX, the user doesn’t need to pay any gas fee for predictions. This is a massive UX improvement — a step towards mass adoption.
The PlotX v2 smart contracts abstract the gas fee from the user and instead makes gas a part of the prediction fee. This makes the UX massively simplified, especially if you use the Magic Link Web3 wallet (read on to know more).
One of the biggest challenges when moving to an L2 solution like Polygon is the bridging of tokens from L1 to L2 (and the other way around). There are several challenges like the cost of bridging, speed, and the degree of decentralization.
PlotX v2 has in-built capabilities for smooth token bridging to-and-fro between L1 ←→ L2, powered by Polygon’s Matic PoS bridge and cross-chain swap technology of Connext.
Users can now move their $PLOT to-and-fro seamlessly between Ethereum & Polygon and very soon between other chains, all from within the PlotX v2 app.
This is another massive UX improvement as it reduces entry barriers and ensures that the PlotX ecosystem on every chain is well connected and easy to navigate.
“What happens if no one else makes a prediction in the market?” This was a commonly asked question on PlotX v1, and for a good reason.
On PlotX v1, if you participated in a prediction market, and no one else participated in the market after you, then, even if your prediction was correct, you’d get no rewards out of the market. And if you were wrong, you’d lose your participation amount. This fact made the first predictors hesitant and affected the liquidity in v1 markets.
To solve this problem of bootstrapping liquidity, PlotX v2 provides guaranteed liquidity on all options of a prediction market by way of mandating market creators to make the first prediction in each option of their created markets right at the time of market creation. Thus, nullifying the above question that bothered v1 users. The incentives for the market creators for doing this have been adjusted and shall continue to evolve as we test the v2 in real-life scenarios.
The new UX is designed from the ground up with constant community feedback. It focuses on simplifying the DeFi experience for a commoner and bringing it as close to a mainstream application experience as possible, while still retaining the DeFi ethos of being non-custodial and permissionless.
The v2 is also going to be blazing fast in comparison to v1, thanks to the amazing folks at the Graph Protocol.
PlotX v2 has added Magic Link’s Web3 wallet to the list of wallets you can use to connect.
This allows users to create & connect a Web3 wallet using their email addresses, while still being non-custodial in every way. The benefits of using Magic Link wallets will come in the form of improved user experience as the wallet’s UI is baked right into the PlotX UI and is always connected to the Polygon network (no constant RPC changes), and uniform experience across all devices.
So if you end up using the Magic Link wallet, you will get a mainstream experience of using PlotX. No more signing transaction popups from Metamask! Read more on how to use Magic Link on PlotX.
For the DeFi degens, connections to Web3 wallets like Metamask, Portis (coming soon), WalletConnect (coming soon) are available as well!
The new UX makes it a lot simpler to look at the potential ROI of making a prediction. Since PlotX markets are zero-sum markets, the ROI %age varies based on the increasing participation in the market.
Thanks to the new UX and introduction of meta-transactions which abstract the gas cost from the end-user, it is easier than ever to look at the potential ROI prior to making a prediction.