MEXC Global
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MEXC Global

AMA Session with Kartic Rakhra from PlotX (PLOT)

Guest: Kartic Rakhra, Cofounder at PlotX
Host: Iris of MXC Exchange

Introduction:

Iris: Today, we’re honored to have Kartic Rakhra, Cofounder at PlotX, to our community to give us a more intuitive introduction to their unique project.

Kartic, welcome. Would you like to say hello and introduce yourself?

Kartic: My name is Kartic and I’m one of the cofounders of PlotX. We’re a team of crypto fanatics and have been developing crypto products since the early 2017.

We built the tech behind Nexus Mutual, a project with a mcap of more than $900m.

PlotX was built to fulfil our own need to see a simple, gamified prediction market that the average crypto trader is able to use, as opposed to the legacy prediction markets that were overwhelming to use.

Questions about the project

Q1

Iris: What is PlotX? Can you share with us more in detail?

Kartic: PlotX is a cross-chain prediction market protocol built by and for crypto traders. It enables crypto-asset predictions, like “What will be the price of BTC/USDT in the next 1 hour?”

Due to the simplicity of its design, users started calling it the Uniswap of Prediction Markets.

It seems like Vitalik is also just as excited about the type of product we’re building. He recently tweeted (18th Feb ’21) about the huge potential of prediction markets for non-politics based markets, which is what PlotX is doing.

https://twitter.com/VitalikButerin/status/1362399831826849797

Q2

Iris: What triggers you to launch PlotX? What are some of the real-world problems/ pain points that PlotX aims to solve?

Kartic: Prediction Markets have long been touted as one of the key use cases of public blockchains by top people in the industry, as can also be seen from Vitaliks multiple tweets about the same. We agreed wholeheartedly with that thought.

Prediction markets enable the use of “wisdom of the crowd” — which is a very unique way of gathering intelligence. The legacy DApps, while we really respect what they’ve done, weren’t particularly user friendly and lacked liquidity in their markets.

We felt that the only way prediction markets can truly fulfill their potential in crypto is if we make the experience of making a prediction as simple as making a trade on Uniswap. Which is why, as I mentioned above, people started referring to PlotX as the Uniswap of prediction markets.

Q3

Iris: What are some of the challenges that PlotX currently face? How do you aim to solve them?

Kartic: We launched PlotX on the Ethereum Mainnet in Oct 2020 among much anticipation from the community. However, the gas fee became a big barrier for users to actually make profitable predictions.

Gas fee has been quite a challenge to all stakeholders in the ecosystem — developers, users, traders alike. After much R&D, we decided to implement a multi-chain strategy and deploy PlotX on Polygon and other EVM compatible chains like BSC, Solana, Avalanche etc.

This ensures that we’re sufficiently decentralised and accessible on any chain that the user wants to access the product from.

Q4

Iris: Are there any exciting news or updates with regards to PlotX that you would like to share with the users?

Kartic: Where do I begin?!

So much has been happening behind the scenes! But clearly, the biggest and most exciting news for us is the launch of the PlotX v2 Mainnet on Polygon 🔥

The launch is scheduled for the 14th of May — this Friday!

This launch is the result of a lot of hard work put in by our entire team. And I would like to especially laud their effort given the current pandemic situation in India. More details about the mainnet version have been shared in this blog post: https://medium.com/plotx/introducing-plotx-v2-mainnet-7fc32819afb

We’re also planning to release some really exciting new products as part of the PlotX ecosystem over the next few weeks.

I can’t wait for the community to experience what we’re working on!

Q5

Iris: If you were to summarize your project in 1 word, what would it be? Why?

Kartic: Ooooh! Tough to choose just a single word 😅One word — Exciting!

PlotX gives crypto traders a super exciting way to speculate on crypto asset prices in 1 hr, 1 day & 1 week candles.

Since it’s a zero sum game, traders are literally fighting it out against each others’ predictions and making a profit if they’re right!

It’s extremely simple and straightforward. I would encourage the community to try out the testnet version of the dapp here — https://v2.plotx.io

Free-asking Session

Q1. Do you think Plotx can be the Number 1 for prediction markets?

Kartic: I don’t think we would be in this space if we didn’t really believe that to be the case 🙂

It may sound over confident right now, but if you looked at the amount of effort that our team has been putting behind the scenes, I believe its a matter of time till the larger ecosystem notices what we’re building and apes in 🔥

Q2. What are the main targets, partnerships that you are trying to achieve in the near future? And do you already have collaborative connections with strategic partners in the crypto world?

Kartic: Our big target for the last couple of months was the mainnet launch on Polygon. Now that the mainnet launch is around the corner, we’re focusing on a number of new ‘mini-products’ within the PlotX ecosystem.

These products will give the $PLOT token added utility and investors would be interested even more to hold on to the token

Q3. Liquidity and transaction fees are always important factors. How does PlotX solves the above problem to attract users?

Kartic: Great question. This is something we think about a lot as a team.

We saw the effect that the high gas fee in Ethereum had on our users. To solve for that, we have deployed PlotX on Polygon, a layer 2 solution. The fees on the platform is now negligible.

As for liquidity, we’ve introduced multiple staking options for token holders to earn passive income from. These staking pools have an APY of up to 400% — learn more here (https://docs.plotx.io/how-to-stake-plot)

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