PlotX co-founder Kartic Rakhra participated in a fun AMA session with BitMax to talk about prediction markets, the future of DeFi and the road-ahead for PlotX. In case, you missed the exclusive session, we have put together an extensive transcript of the AMA session.
BitMax: Give us a brief recap of the project.
Kartic Rakhra, PlotX: PlotX is a powerful DeFi prediction market protocol that leverages the ‘wisdom of the crowd’ to provide investors with key insights for making investment decisions.
Dubbed as the Uniswap of Prediction Markets, PlotX uses an Automated Market Making algorithm to create, settle markets and distribute rewards without any counterparty risk.
Our beta has been live on the Ethereum mainnet since Oct 2020. With our brand new version coming up on Polygon (previously Matic), we’re also adding some super exciting features that we’ll be revealing over the next few weeks 😏
Do join our Telegram group to stay updated with the latest on that front!
BitMax: What has been the strategies to attract the community and liquidity providers for the markets?
Kartic Rakhra, PlotX: This is a chicken-egg problem that all prediction markets face. Every project has a different way of dealing with it. For PlotX, things are easier since our markets are short (4hr, 1day, 1week) and exciting as compared to the typical prediction markets that have month-long markets, or even longer.
Our unique AMM algorithm & incentive alignment goes some way in solving this issue (more on this will be revealed over the next couple of weeks). We will get more data on this & improve as we launch our new version on Polygon.
BitMax: How is PlotX incentivizing the community and what contributions can the community make to the project?
Kartic Rakhra, PlotX: Incentivizing the community is critical for all projects in DeFi. Even more so for a project like PlotX. Our entire ecosystem is designed to incentivise the community members in the fairest way possible. Right from market creators to market participants, every action a user takes has a carefully thought through incentive attached to their role.
Even community members who are not actively predicting on the platform are incentivized to help spread the word about the project via our community miners program.
BitMax: What is the roadmap for PlotX?
Kartic Rakhra, PlotX: We’ve been heads down in build mode ever since we started working on PlotX in Feb 2020. Here are some of the big milestones we’ve hit so far:
- PlotX v1 is live on Ethereum mainnet since Oct 2020
- More than 3500 predictions have been made on PlotX v1
- $100k worth of rewards have been distributed to users on PlotX v1
Here are some of our upcoming milestones:
- PlotX v2 staking on Polygon, happening in March 2021 🙂
- PlotX v2 prediction markets launch on Polygon, testnet in March, Mainnet in April 2021
- Unlimited assets that can be predicted upon in PlotX v2
- Fiat on-ramping solution for buying $PLOT
BitMax: What are your considerations when entering into partnerships, and will we continue to see this trend with PlotX?
Kartic Rakhra, PlotX: Yes! We are in-fact in discussion with multiple projects and exploring ways how we can support each other. Recently, We announced our partnership with Knit Finance where they are looking to develop a Prediction Market for their ecosystem using PlotX protocol and we plan to leverage their technology to enable PLOT token holders to access $PLOT on multiple chains.
We look for two primary characteristics when partnering-
Authenticity – The project should be transparent, adds value to the PlotX ecosystem and broadly to the crypto community.
Feasibility – There are many projects currently live or in the testing phase, but a partnership can only be successful if the two projects have the potential to scale and benefit mutually.
BitMax: Please expand on the details of the strategic initiative of PlotX moving to L2 networks?
Kartic Rakhra, PlotX: This has been a long time coming. The Ethereum network has just exploded with activity over the last few months and it has caused users of dapps like PlotX to suffer a great deal due to extremely high gas costs.
Luckily, we’ve been in touch with the team at Polygon for a while and we have now decided to move to their L2 network. We are absolutely thrilled with the level of support that we’ve been given by the Polygon ecosystem.
This move gives the PlotX project a lot of advantages:
- Ability to go cross-chains like Matic PoS, zkRollups, Optimism
- Make gasless transactions a reality for the end-user
- Improve the UX massively, by bringing PlotX closer to mainstream users
- Deploy Fiat-on ramping solutions that are negligible on gas costs
- Overall, we’re pumped to be giving our users the ability to predict gaslessly on PlotX 🔥
BitMax: Do we see PlotX collaborating with other prediction platforms and what might that look like?
Kartic Rakhra, PlotX: We’re all in this space together. A lot of innovation in the prediction markets have been done by the awesome folks at Augur & Gnosis. In fact, we’re in touch with Gnosis to try out their conditional tokens framework for PlotX
BitMax: What is your plan of moving to different chains especially Polkadot and BSC?
Kartic Rakhra, PlotX: Yeah, we’re super excited to be exploring all EVM compatible chains. We believe that will be the future with cross-chain swaps making the UX even easier. We will look to launch on PolkDot & BSC within the next quarter, so stay tuned for some crazy action on our end! Our team has been working on some pretty kickass cross-chain liquidity swapping algorithms so users on PolkaDot will be able to predict against users on BSC 👀
It’s time to open up the floor for the community questions!
BitMax Community: What is the most ambitious goal of your project?
Kartic Rakhra, PlotX: Currently one of our most ambitious goals is bring more than $100m TVL on PlotX. We reached to about $500k TVL in a month of our alpha release without any promotion. We’re pushing ourselves to get there in the next couple of quarters
BitMax Community: Does the price of the token matter to you from an operational perspective, if the token price is $1 or $100?
Kartic Rakhra, PlotX: The price of the token, along with the TVL and staking programs showcase the faith of the community in the project. Its a big indicator not just for outsiders but even for the team building the project
BitMax Community: How is your project security situation? How profitable will the investors who invest in project?
Kartic Rakhra, PlotX: Our smart contracts have gone through multiple rounds of security audits and we continue to invest heavily on that side of things. Cyber security is an ongoing and critical process for us. Investors can rest assured about that side of things
BitMax Community: What is your favourite part of the journey with PlotX so far?
Kartic Rakhra, PlotX: I think building a company is one of the most intense expereinces one can ever have in their life. There are so many ups & downs that one sometimes loses track of em all!
I think every time I see a new community member get excited about the project and start supporting the project, I get super happy 🙂