Prediction market platform Polymarket relies on Chainlink for enhanced resolution precision in prediction markets
In a significant move, Chainlink and Polymarket have joined forces to enhance trust in prediction markets by providing high-quality data and tamper-proof computations. This partnership aims to revolutionise the way prediction markets function, particularly in the digital asset domain.
Chainlink, a leading decentralised oracle network, is currently supplying data for 366 trading pairs on Polymarket. The integration focuses on markets related to Bitcoin and other cryptocurrencies, with Chainlink serving as Polymarket's go-to source for determining whether a price was reached within a certain period of time.
Chainlink co-founder Sergey Nazarov referred to the partnership as a "pivotal milestone," while Nazarov's counterpart stated that Chainlink is working with the Department of Commerce on data feeds. This collaboration is set to extend beyond digital asset markets, as both parties are exploring ways to tackle more subjective questions in the future.
UMA, Polymarket's oracle system, determines truth by asking token holders to vote on resolutions with tokens they own. However, the system has drawn controversy in the past, with some claiming it can be manipulated by token-rich stakeholders. Last month, UMA passed a proposal that limited who can propose resolutions for Polymarket disputes, creating an allowlist of 37 proposers.
There have been instances where some Polymarket users have expressed concerns over the outcomes of certain markets after UMA's dispute system kicked in. Examples include markets about whether Ukrainian President Volodymyr Zelenskyy wore a suit, or whether the OceanGate's Titan submersible had been found.
Despite these concerns, the current proponents of dispute questions for Polymarket Disputes are represented by specific decentralised governance groups or smart contract users within the Polymarket ecosystem, rather than particular named individuals or institutions publicly disclosed.
It's worth noting that in March, Polymarket acknowledged that a minerals deal market resolved against user expectations due to UMA, but it didn't offer refunds. The company declined to comment to Decrypt when approached for this article.
However, UMA's protocol features incentives designed to encourage truth-seeking. The partnership between Chainlink and Polymarket is expected to bolster these incentives, providing a more robust and trustworthy prediction market platform for users.
(Disclaimer: Myriad Markets is a product of Decrypt's parent company, DASTAN.)
As both Chainlink and Polymarket continue to collaborate, the prediction market landscape is set to evolve, offering users a more secure and reliable platform for making predictions and trading on their beliefs.
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