Decentralized protocols have been evolving rapidly in recent years and thanks to this innovation platforms like Polymarket have emerged, giving users the freedom to place bets on real world events and cash in on their convictions.
What Is Polymarket? #
Polymarket is a decentralized information markets platform which enables every user to place a bet on any real-world event they may be interested in.
The way the platform works is very straightforward. Once a new event is added to the markets users can start placing bets on that event. When a certain date, event or deadline is reached, those that guessed correctly receive a proportionate amount of USDC from the losing pool.
Events can range from predicting Oil prices in the next 15 days to presidential elections, sports events, and many others. Winnings are calculated based on the ratio of bets placed. More “yes” bets will mean less rewards for those that are betting on that outcome but also increased rewards for “no” bets.
How To Get Started With Polymarket? #
Upon visiting the homepage users will have two options to access their account – register with Email or connect with Metamask.
Users that want to register via Email should choose the “SignUp” option while Metamask users can simply connect their wallet to the website and start interacting with it immediately.
To make a deposit select the “Deposit” option in the top right corner of the screen.
Polymarket has three deposit options available:
- USDC on the Polygon network
- USDC from the Ethereum network (needs to be bridged)
- Credit/Debit cards with a 3.9% deposit fee
Proceed by selecting the appropriate option and depositing your funds. To do that simply send USDC tokens to the address provided to you by the platform. Once completed, the tokens will be visible in your Polymarket wallet which can be found on the same page.
Placing a Bet On Polymarket #
Select the “Markets” option at the top of your screen and either pick an event from the front page or search for specific ones by applying filters and entering your search terms in the search bar.
To place a bet, select an event and purchase shares based on your choice.
In this specific example, if you think that the price of a barrel of crude oil will be higher than projected, select “Yes” on the buy screen and enter the amount of USDC you want to spend.
Expected returns and maximum winnings can be known even before you press the “Buy” button.
In case you are looking to sell shares for a specific event the procedure is completely the same, you only need to select the “Sell” tab on the same screen.
All active bets will be visible in your portfolio tab and they can also easily be interacted with from that screen directly. Those that interact with the platform during the promotional period will be eligible for some cryptocurrency rewards. More information regarding the distribution of those rewards can be found here.
Decentralized betting platforms are not easy to come by but Polymarket seems to have solved this problem.
It can be a very useful tool for those that want to speculate on many different world events and build a portfolio since they can access all of them in one single place. If you fall into that category, Polymarket is definitely worth checking out.