PlotX v1, a decentralized non-custodial prediction market protocol was launched on the Ethereum Network on the 13th of Oct 2020.
Dubbed as the Uniswap of Prediction Markets, PlotX v1 used an Automated Market Making algorithm to create and settle crypto-focused prediction markets in the intervals of 1 hour, 1 day, and 1 week. Markets were focused on crypto-pairs like BTC/USDT, ETH/USDT etc, and were created and settled cyclically without any counterparty risk on Ethereum.
The PlotX v1 saw an influx of users with a growing TVL of up to $220K in about 2 months of its launch in Oct 2020. However, user experience was marred due to increasing gas costs on the Ethereum network, which led to the user’s economic unviability of doing microtransactions of the sizes of $50-150 per prediction.
After months of research and development efforts, PlotX v2 is now being launched on Polygon, an Ethereum L2 solution for scalability. Brief highlights of the new features in v2 are as follows:
Gasless transactions that abstract gas fee payments
PlotX v2 offers meta-transactions – this means that once a user’s Web3 wallet is connected to PlotX, the user doesn’t need to separately pay gas-fee for any transaction. This is a massive UX improvement that takes PlotX a step closer to mass adoption.
No RPC changes on Metamask
Thanks to the integration of Magic Link Web3 wallet, the user doesn’t need to keep flipping between Ethereum & Polygon network for day to day usage of the protocol.
After tons of feedback from the v1 users, a new UX has been designed to further improve the usability of the protocol. The UX focuses on simplifying the DeFi experience for a commoner to bring it as close as possible to a mainstream application experience.
The new UX is also blazing fast in comparison to v1.
Smooth bridging of assets between L1 & L2
One of the biggest challenges when moving to an L2 solution like Polygon is the bridging of tokens from L1 to L2 (and the other way around).
PlotX v2 has in-built capabilities for smooth token bridging to-and-fro from L1 and L2.
Mandatory Liquidity in all markets via Market Creators
Another big problem of v1 was around bootstrapping of liquidity in each market. This has been solved by mandating liquidity via market creators in v2 – this means that markets on v2 will always have bootstrapped liquidity.
The incentives for the market creators have been accordingly adjusted and shall continue to evolve as we test the v2 in real-life scenarios.