PlotX, a decentralized non-custodial prediction market protocol, launched in October 2020 — today announced that the next-gen PlotX v2 will launch on the Polygon mainnet on Friday, May 14th.
v2 has been under development since December 2020 and the testnet was revealed on April 13th, 2021. After a month of rigorous testing by the community, the PlotX team is ready for launch.
The PlotX platform saw an influx of users with a growing TVL of up to $220K within 2 months after its launch. However, the user experience was damaged due to rising gas costs on Ethereum; which led to the inviability of doing microtransactions of the sizes of $50–150 per prediction.
Markets on v1 also had all-sided liquidity challenges which have been improved with the launch of pooled staking on v2. PlotX v2 is a much superior version in comparison to v1 and is a lot simpler to use; it also marks the beginning of the cross-chain journey for PlotX.
PlotX v2 Features Include:
Introducing Gasless Transactions
v2 offers meta-transactions — which means once a user’s Web3 wallet is connected to PlotX, the user doesn’t need to pay the gas fee for predictions.
The PlotX v2 smart contracts abstract the gas fee from the user and instead makes gas a part of the prediction fee. This makes the UX massively simplified, especially if you use the Magic Link Web3 wallet.
Cross-chain Swaps Between L1 & L2
PlotX v2 has in-built capabilities for smooth token bridging to-and-fro between L1 ←→ L2, powered by Polygon’s Matic PoS bridge and cross-chain swap technology of Connext.
Users can now move their PLOT tokens to-and-from seamlessly between Ethereum and Polygon and very soon between other chains; all from within the PlotX v2 app.
Guaranteed Liquidity in Prediction Markets
“What happens if no one else makes a prediction in the market?” This was a commonly asked question on PlotX v1, and for good reason…
On PlotX v1, if you participated in a prediction market, and no one else participated in the market after you, then, even if your prediction was correct, you’d get no rewards out of the market.
To solve this problem of bootstrapping liquidity, PlotX v2 provides guaranteed liquidity on all options of a prediction market by way of mandating initial liquidity from the market creators.
The incentives for the market creators for doing this have been adjusted and shall continue to evolve as tests are conducted on v2 in real-life scenarios.
Simplified & Blazing Fast UX
The new UX is designed from the ground up with constant community feedback…
It focuses on simplifying the DeFi experience for a regular user and bringing it as close to a mainstream app experience as possible; while still retaining the DeFi ethos of being non-custodial and permissionless.
v2 is also much faster in comparison to v1, thanks to partnering with the team at the Graph Protocol.
Easier Web3 Connections
PlotX v2 has added Magic Link’s Web3 wallet to the list of wallets you can use to connect.
This allows users to create and connect a Web3 wallet using their email addresses, while still being non-custodial in every way. The benefits of using Magic Link wallets will come in the form of improved user experience as the wallet’s UI is baked right into the PlotX UI and is always connected to the Polygon network (no constant RPC changes).
So if you end up using the Magic Link wallet, you will get a mainstream experience of using PlotX. No more signing transaction popups from Metamask. For the DeFi experts out there, connections to Web3 wallets like Metamask, Portis, WalletConnect are available as well.
The new UX makes it a lot simpler to look at the potential ROI of making a prediction. Since PlotX markets are zero-sum markets, the ROI percentage varies based on the increasing participation in the market.
Thanks to the new UX and introduction of meta-transactions which abstract the gas cost from the end-user, it is easier than ever to look at the potential ROI prior to making a prediction.