Polymarket Leverages Chainlink for Enhanced Prediction Accuracy
Polymarket Integrates Chainlink for Enhanced Accuracy
Polymarket, a decentralized prediction market platform, is integrating Chainlink’s oracle network to improve the accuracy and speed of its market resolutions. The collaboration, announced Friday, aims to leverage Chainlink's data feeds for more reliable outcomes.
The partnership focuses initially on enhancing asset pricing resolutions but plans to expand into other markets. Polymarket utilizes the Polygon blockchain as its underlying network, a layer-2 Ethereum scaling solution.
Key Benefits of the Integration
- Improved Accuracy: Chainlink oracles provide high-quality, tamper-proof data for market resolution.
- Faster Resolution: Real-time data feeds from Chainlink accelerate the settlement process.
- Expansion to New Markets: The collaboration aims to explore additional prediction markets beyond asset pricing.
The Chainlink integration is immediately live on the Polygon mainnet. As Polymarket’s primary chain, Polygon benefits from Chainlink’s secure data delivery to settle markets efficiently.
Launched in 2020, Polymarket allows users to bet on future event outcomes using digital assets like USDC stablecoin on the Polygon blockchain. Chainlink’s oracle network bridges the gap between on-chain smart contracts and real-world data.
Executive Commentary
Chainlink co-founder Sergey Nazarov stated, “Polymarket’s decision to integrate Chainlink’s proven oracle infrastructure is a pivotal milestone that greatly enhances how prediction markets are created and settled. When market outcomes are resolved by high-quality data and tamper-proof computation from oracle networks, prediction markets evolve into reliable, real-time signals the world can trust.”
Future Developments
Polymarket and Chainlink are also exploring methodologies to apply oracle networks to more subjective questions, aiming to minimize bias and strengthen resolution integrity in areas beyond pricing predictions. These typically rely on social voting mechanisms.
Recent Polymarket Developments
This news arrives following a no-action letter issued by the US Commodity Futures Trading Commission (CFTC) to a clearinghouse acquired by Polymarket in early September. In late August, Polymarket added Donald Trump Jr. to its advisory board after securing investment from 1789 Capital.