PlotX: DeFi Prediction Markets for Crypto Traders
Trading in DeFi is hard and often confusing. PlotX is our effort to make things simple and fun!
After a few months of being in stealth, the public alpha of PlotX was launched on Ethereum’s Kovan test network on August 4th 2020.
While the alpha has been on the test network since June 2020, the dapp was opened to the public for more feedback.
What is PlotX?
PlotX is a DeFi Prediction Market for Crypto Traders. It provides fast, simple and highly rewarding prediction markets and makes it super easy & fun to participate in.
The dapp enables people to use their skills to predict the future value of digital assets like BTC on hourly, daily & weekly markets. Taking inspiration from Uniswap, markets are created via an Automated Market Maker. The AMM takes into account technical and sentiment analysis to calculate options, making it an exciting experience for the users.
PlotX : Prediction Markets :: Uniswap : DEXs
Traditional centralized prediction markets often suffer from 3 challenges: counterparty risk, high cost and inability to showcase provably fair settlements.
The DeFi ecosystem is yet to innovate with crypto-native prediction markets.
Early attempts to launch Prediction Markets on Ethereum have suffered due to a lack of focus on building crypto-native markets and also a lack of maturity of the ecosystem back in 2017/2018.
PlotX aims to build a DeFi prediction protocol that is native to the crypto community, with the following key parameters:
- Predictions for digital assets like BTC, ETH and not politics / sports to begin with
- On-chain market creation via smart contracts, unlike market creation via people
- On-chain price per position calculation and instant purchase instead of creation of low liquidity order books
- On-chain market settlement wrapped in a gamified experience with ‘Participation Mining’ inspired by the term ‘Liquidity Mining’
Key Value Proposition
PlotX provides 5 key value propositions to its users
- Focussed Crypto Native Markets
- Short Market Cycles and Instant Rewards
- Participation Mining, inspired by Liquidity Mining
- Risk Spread Mechanism
- Community Governance
More details on each of these aspects will be shared in subsequent posts.
The alpha version of plotX is live on Ethereum’s Kovan test network. Users can make predictions using Kovan ETH.
Need FREE KETH to play around with the alpha? Just share your address with the Receive Keth bot in the Keth Faucet channel on our discord