As DeFi volume in terms of trading and TVL continues to develop at a blistering pace, PlotX is building platform that rewards users for correctly predicting where certain assets are headed.
Ankr will be powering PlotX’s platform through our robust and direct Ethereum API access. In the future, as PlotX may open markets for other assets, we may deploy nodes of other protocols as well to support continued PlotX growth.
PlotX: a DeFi prediction market
PlotX is a non-custodial prediction market directly built on the Ethereum blockchain and not only rewards users for predicting crypto asset prices prices (in hourly, daily, or weekly timeframes), but also lets them mine liquidity.
Thanks to the “Wisdom of crowd” phenomenon, the average of predictions from a large enough sample set tends to be surprisingly accurate.
DeFi uproots centralized finance
While there are centralized prediction markets, they face 3 problems PlotX looks to solve:
- Counterparty risk — users funds are with the platform. If the platform gets hacked, funds are gone
- Cost — centralized markets have high transaction fees on both entry as well as closing
- No Provably Fair Algorithm — There is an incentive for the market owner to stack the odds in their favor
PlotX looks to solve all of these problems through smart contracts that replace the need for a centralized middleman, as well as on-chain settlement to calculate position prices in a provably fair manner.
Additionally, a community governance model is implemented that will enable the community members to voice their opinions and make key changes to the platform like adding new crypto assets — a stark difference from CeFi platforms!
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Thanks to PlotX.
