[TUTORIAL] How to use the Prosper Prediction Platform
What is the Prosper Prediction?
The Prosper Prediction platform is an Decentralized Prediction Market application allowing users to predict on a set of pools and get a chance to multiply their assets.
It is a cross-chain project that will allow users to participate in pools on the Ethereum, Binance Smart Chain, Matic, Avalanche and Tron blockchains.
Prosper uses the Chainlink Oracle feed to guarantee impartial conditions, and is fully transparent and decentralized on-chain. It is a non-custodial application, which means the users place predictions from their own wallets, as opposed to depositing to a centralized repository — currently users are able to interact with Prosper via Metamask.
The platform is currently a Beta version, as the app is constantly improving and adding features and supported networks.
How does it work?
The prediction pools are essentially timed binary options: you can predict whether a condition price will be over (bull) or under (bear) the given condition price, the protocol’s calculated market price, over a chosen period of time — currently only hourly pools are available, with 15 min and daily pools to be added in the future.
You predict by choosing an amount of the coin or token of your choice (for example $BNB, $MATIC or $AVAX) on the side you have chosen. Participants’ predictions on each side (bull vs bear) work to balance the pool and create a binary ratio of return on each side. The winner’s side will receive their predicted amount multiplied by the ratio of their side, corresponding to the redistributed totality of the pool volume, minus the fees (3%)
Hourly pools start each hour, on the hour. You will be able to place predictions during the first 10 minutes (allowance time). For example, if a pool starts at 10:00, predictions will be open for 10 minutes, until 10:10, upon which predictions will close until the next hour when they re-open (per the hourly pools). While the action of predicting will close, the actual pool won’t be finalized until the end of that hour where the winners will be decided and pools funds will be distributed.
How to Predict, step by step :
Here is a presentation of the current platform UI:
1. Connect your wallet
Click “connect your wallet button” on the top right corner of the page. The platform will ask you to set your Metamask to the network corresponding with the network chosen at the top left corner of the screen. Feel free to switch depending on which network you’d like to access. You can follow our guides on how to connect to the platform on different networks here :
BSC | Avalanche | Polygon (Matic)
Once connected, the platform will display the connected address and the amount of tokens in your wallet.
2. Select your pool
Select the token and pair you want to “predict on:”
Based on the selected network, you will be offered a selection of coins / tokens to predict with (the assets you choose for predictions) and pairs with which you will be prediction bull vs bear based on the condition price. Here for exemple, we have decided to predict on the BNB/USD pair using PROS tokens.
3. You are now ready to predict.
You can see the condition price for your pool, and decide whether you think the price at the end of the pool will be more, or less than the prediction price.
You can also see in real time the amounts already predicted on each side of the pool, and the return ratio of each side.
The “Predict” button will remain yellow for the first 10 minutes of each pool, allowing you to place your prediction during the allowance time. Click on the ABOVE or BELOW Buttons to open the prediction popup.
You can now enter the amount you want to predict with in the “My Position” field, and the side you want to predict on. Click on “Confirm”, this will trigger a transaction that you will need to confirm again in your Metamask!
The pool will close predictions, and no longer allow new predictions, 10 minutes after opening, upon which it will register total amounts and freeze the ratios for each side.
4. Claim your gains.
When the pool is over, you will be able to claim your prediction rewards if you have predicted correctly. As a reminder, hourly pools conclude one hour after the opening of the pool. In other words, the pool also ends 50 minutes after the 10 minute prediction allowance time. For example, if the pool beings at 10:00, you will have 10 minutes to place predictions. at 10:10 the pool will no longer be available to place predictions. At 11:00 the pool will be closed upon which the next pool will begin.
Gains = (Prediction * side ratio)-fees
Click on the yellow “Claim” button of the pool you participated in. This will trigger a transaction on your Metamask that you will need to confirm in order to receive your rewards.
In case you predicted on the losing side, the platform will inform you that this prediction is lost.
Congratulations! you now have successfully predicted on the Prosper Platform !
You will find additional information on the “Rules” page (top left corner)
About Prosper
Prosper is a non-custodial crosschain prediction market and hedging platform. Prosper is developing a unique technology of on-chain liquidity aggregation to solve problems of prediction markets landscape.
Core features of Prosper.so include:
- Cross-chain predictions support and on-chain liquidity aggregation
- Binary liquidity model
- Bet insurance
- User-owned predictions and options
- Fiat integration
