Polymarket Integrates Chainlink to Automate Prediction Market Settlements

Polymarket integrates Chainlink to automate, secure, and accelerate prediction market settlements, enabling real-time, trusted data on the Polygon mainnet.

Polymarket, a leading decentralized prediction market platform, has officially integrated Chainlink’s powerful oracle technology to improve how it resolves markets. This new alliance was made known on Friday and is a significant move towards prediction markets that are faster, more dependable, and more secure. Chainlink is also available today on the Polygon mainnet, so a broad set of asset pricing markets can take advantage of the Chainlink infrastructure.

Polymarket Taps Chainlink for Instant Crypto Price Market Resolutions

Firstly, the partnership will be based on the asset pricing markets, such as crypto price predictions. Such markets need accurate data to resolve results, and the technology of Chainlink is specifically intended. Chainlink Data Streams offer timestamped, real-time and validated price feeds. Chainlink Automation also allows markets to be automatically resolved on-chain, without human intervention. This has seen forecasts such as the price of Bitcoin in the future be settled within a few seconds and with precision.

Related Reading: Chainlink, UBS, and DigiFT Launch Tokenized Fund Pilot | Live Bitcoin News

Besides, the integration does not conclude with mere simple price markets. Chainlink and Polymarket are currently planning to work on more complex or subjective prediction markets. They are more difficult to work out because of ambiguous results or conflict. There are numerous such markets, which are based on social voting at present. The requirements of such voting systems may be minimized by using the infrastructure of Chainlink trusted oracles, though. This would enhance fairness and lessen risks to do with manipulation or bias in the market.

The adoption of the established oracle infrastructure provided by Chainlink by Polymarket can be deemed as a major milestone, stated Sergey Nazarov, Co-Founder of Chainlink. He said that by having high-quality, tamper-proofed data, prediction markets can become sources of real-time information, which is reliable. To him, the partnership implies that the world is getting closer to the use of cryptographic truth as a new global data and forecasting standard.

Chainlink Integration Marks Paradigm Shift for Prediction Markets

Chainlink has already ensured approximately 100 billion of total value locked (TVL) in DeFi and has already enabled tens of trillions of dollars in onchain transactions. Hundreds of DeFi protocols trust its oracles. Chainlink eliminates the single points of failure because of a decentralized network of enterprise-grade node operators. This makes sure that markets and applications perform in the exact manner desired.

Polymarket, as an entity, has increased in size since its introduction in 2020. It has established a brand as a reliable source of data on crowdsourcing, as well as a source of public prediction. Polymarket has recently made a huge acquisition by purchasing a CFTC-licensed exchange and clearinghouse for $112 million, QCEX. This takeover is an indicator that Polymarket wants to re-enter the U.S. market with regulatory permission.

Polymarket has collaborated with X (formerly Twitter) in another strategic move to reveal a new product. The tool will give users personalized prediction market recommendations and data-driven insights. It will keep them updated in real time.

To recap it all, the implementation of the Chainlink oracle service is a paradigm shift for Polymarket. It helps to solve the markets accurately, quickly, and automatically, and minimizes the risk of human mistakes or manipulation. The partnership may transform the way the global user engages with the decentralized information marketplace to become smarter, faster, and more trusted than ever before.