About PlotX (PLOT)
PlotX (PLOT) is a non-custodial prediction protocol that enables users to earn rewards on high-yield prediction markets. Dubbed as the Uniswap of Prediction Markets, uses an Automated Market Making algorithm to create, settle markets and distribute rewards on the Ethereum Blockchain without any counter-party risk. Markets are focused on crypto-pairs like BTC, ETH, YFI etc and are automatically created in intervals of 4 hour, 1 day and 1 week. PlotX also uses on-chain governance powered by GovBlocks.
The PlotX Alpha was released on 1st August 2020 on the Kovan Testnet. 2,500+ crypto traders made more than 14,000 predictions the Alpha before the Mainnet Ethereum launch of PlotX Beta on October 13th, 2020.
PlotX (PLOT) Storage Key Points
|Circulating Supply||66,318,562.00 PLOT|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
How To Use ?
PlotX v1, a decentralized non-custodial prediction market protocol was launched on the Ethereum Network on the 13th of Oct 2020. Dubbed as the Uniswap of Prediction Markets, PlotX v1 used an Automated Market Making algorithm to create and settle crypto-focused prediction markets in the intervals of 1 hour, 1 day, and 1 week. Markets were focused on crypto-pairs like BTC/USDT, ETH/USDT etc, and were created and settled cyclically without any counterparty risk on Ethereum.
The PlotX v1 saw an influx of users with a growing TVL of up to $220K in about 2 months of its launch in Oct 2020. However, user experience was marred due to increasing gas costs on the Ethereum network, which led to the user’s economic unviability of doing microtransactions of the sizes of $50-150 per prediction. After months of research and development efforts, PlotX v2 is now being launched on Polygon, an Ethereum L2 solution for scalability. Brief highlights of the new features in v2 are as follows:
Gasless Transactions that Abstract gas fee Payments
- PlotX v2 offers meta-transactions – this means that once a user’s Web3 wallet is connected to PlotX, the user doesn’t need to separately pay gas-fee for any transaction. This is a massive UX improvement that takes PlotX a step closer to mass adoption.
No RPC Changes on Metamask
- Thanks to the integration of Magic Link Web3 wallet, the user doesn’t need to keep flipping between Ethereum & Polygon network for day to day usage of the protocol.
How To Deposit
- To use the PlotX protocol for activities like placing predictions, you need to deposit $PLOT tokens to your non-custodial Web3 wallet
- PlotX uses Magic Link as a preferred Web3 wallet to provide a uniform and blazing fast experience of using the protocol, but you can also use other Web3 wallets to connect to PlotX
- The deposit process allows you to move your $PLOT tokens from Ethereum or Polygon to your connected wallet
- All the $PLOT that are deposited in your Magic Link wallet are in your custody. PlotX does not store your email or private keys
- After tons of feedback from the v1 users, a new UX has been designed to further improve the usability of the protocol. The UX focuses on simplifying the DeFi experience for a commoner to bring it as close as possible to a mainstream application experience.
- The new UX is also blazing fast in comparison to v1.
Automated Market Making
New markets are created algorithmically ensuring provably fair & decentralized market creation
1 hr, 1 day & 1 week markets so you don’t have to lock your funds for too long
Focused crypto Markets
Built with for crypto traders and focussed on prediction of crypto asset prices
Instant reward settlement on-chain, without any intermediary
A unique algorithm calculates the prediction odds on-chain for each market
Instantly claimable rewards for Liquidity Providers. Set your farm