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Top 5 current focus areas for PlotX

Since the launch on 13th October, the ride has been crazy, to say the least. And now, to gear up for the exciting road ahead, based on the community feedback and suggestions received so far, we have compiled 5 key focus areas for the project moving further:

  1. Gas Cost Reduction on Ethereum
  • Existing smart contracts on Ethereum are being optimized to reduce the participation of gas costs by ~ 50%.
  • This should be achieved by the end of Nov 2020. It will have an immediate impact on improving the UX for all participants.
  • Further, the ability to use “rewards” for “predictions” without having to claim rewards is being built. This will be a relief for repeat predictions.

2. Shift to L2

  • MATIC, xDAI, Elrond and zkRollups are being actively tested for migration.
  • The idea is to build a market-only L2 bridge, such that the core components of PlotX like governance, staking can be on Ethereum, however market creation, participation & settlement happens on L2.
  • There are various aspects to look at, while shifting to an L2 and soon you will see a blog on how we are planning the move.
  • The current plan is to put L2 in operations around early 2021. A detailed plan for the same will be share in the aforementioned blog.

3. CEX Listing

  • To make it easier for everyone to enter the PLOT ecosystem and give them more options, a CEX listing is an important step.
  • Delivering on the same, on 13th November 2020, PLOT/USDT pair went live on BitMax for its users to trade on.

4. Market Creation Rewards Update

  • There were some really interesting points raised by the community members in the PIP discussion.
  • Making a note of every point raised by the community in the PIP discussion, the PIP was put to an on-chain community vote on November 9th. On November 12th, the proposal was passed with 100% of the votes going towards accepting it.
  • The changes mentioned in the PIP were implemented on the PlotX Beta on 22nd Nov ’20.
  • With the new market creation rewards system, market creators will get a dynamically calculated amount of $PLOT that equal the Gas costs spent in $ETH every time they create a market.
  • As a bonus, this new system will also allow the market creator to benefit from the participation in the created markets (up to 5% of the reward pool). Thus, incentivizing them to share the markets and increase participation.

5. Create a #PredictIn5clicks UX

  • A dedicated team is starting to work on improving the PlotX UX with a vision of reducing the cognitive load on the users when they land on the interface.
  • The goal will be to simplify the entire user journey to make it more intuitive and efficient.
  • Soft target is to get the new UX ready by December end / January 2021.

We are looking forward to releasing an updated L2 supported version of PlotX for all as soon as possible and look forward to more participation and community feedback till then!

Check out the PlotX Beta App (Live on the ETH Mainnet)

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