Chainlink & Polymarket: Faster Crypto Bet Settlements

Chainlink and Polymarket are joining forces to expedite and secure on-chain bet resolutions. This partnership leverages decentralized oracle technology to bring greater speed and reliability to prediction markets.

Chainlink and Polymarket Collaborate

Chainlink, a prominent blockchain infrastructure provider, continues to expand its reach through strategic partnerships. Following recent moves into China's RWA market and securing a contract with the US government, Chainlink is now working with Polymarket to improve the accuracy and speed of its platform.

According to a press release, Chainlink will employ its decentralized oracle networks to automate the settlement of asset price-related markets. This approach aims to reduce latency and minimize the risk of manipulation, enabling near-instantaneous resolution for many bet categories.

Initially, the integration will focus on prediction markets covered by Chainlink Data Streams, specifically token prices. However, the potential exists to expand this technology to other areas in the future.

Potential for Prediction Market Growth

Chainlink has expressed interest in exploring the application of its technology to Polymarket's more subjective betting categories, including areas like celebrity gossip and sports outcomes. This could reduce the reliance on social voting mechanisms for these markets, particularly as they grow in volume.

If these solutions gain traction with Polymarket users, the partnership could lead to further technological advancements. The current update is live on Polygon mainnet, enabling users to create prediction markets around numerous crypto trading pairs.