What is PlotX?

PlotX is a decentralized prediction market protocol that provides crypto traders to place predictions on the price of different cryptocurrencies and reward the traders accordingly.

PlotX v1 was launched in October 2020 and saw great numbers of users coming in within the first few months, but the users started to decline as PlotX v1 was built on ethereum which caused a lot of issues regarding the high cost of the gas fee.

To solve this issue PlotX v2 was launched on the polygon network on 14th May 2021, This was the beginning of a cross-chain journey for PlotX. V2 launch was very important for plotx as it made the platform much faster and solved the following major issues.

  • The polygon network helped users to make predictions without having to pay any gas fee.
  • Bridge technology was introduced to help users to transfer funds from L1 to L2 and the other way around.
  • Provided Liquidity: Even if there are no users predicting in the same market as you, you will still get rewarded.
  • A new and faster UI was introduced with the V2 of PlotX.

How does it work?

PlotX is a crypto-focused predictions platform and is mainly built for crypto traders.

To make predictions on the platform, the user first needs to connect a crypto wallet with the app and deposit one of the coins from below.

Coins you can use to make predictions on the platform:

  • $USDC
  • $MATIC
  • $USDT
  • $PLOT
  • $WETH
  • $DAI

After connecting and depositing users can choose from different cryptocurrencies and time-frames to predict the price of the coin and win rewards accordingly.

The following are the cryptocurrencies available on the platform you can predict on:

  • $BTC
  • $ETH
  • $MATIC
  • $SOL
  • $BNB
  • $DOGE
  • $AXS
  • $AVAX
  • $DYDX

(New coins are listed accordingly through a public poll on their Telegram groups, Discord, and Twitter)

After you have selected your coin of choice you can switch between the time-frame of the market that suits you best.

There are 4 different time frames you can select from;

  1. Rapid markets – 15 minutes
  2. Hourly markets – 1 hour
  3. Daily markets – 1 day
  4. Weekly markets – 1 week

Once the user has selected the time frame of their choice they can place the predictions by selecting 1 out of 3 possible outcomes for the price of the coin within the given period of time.

📷

Why choose PlotX over other prediction platforms?

PlotX can be skill-based rather than luck-based, unlike other prediction platforms. As It mainly focuses on crypto and is a great way for traders to make absolute gains in a very short time.

PlotX always have liquid markets and guaranteed rewards for users as they provide liquidity from their side.

PlotX V2 is built on Polygon so it eliminates the high costing gas fees. Users can deposit and withdraw funds through the polygon network on PlotX which makes it much cheaper and faster.

Most of the prediction platforms only let you make predictions with USDC but PlotX gives you the option to deposit and make predictions with 6 different cryptocurrencies such as :

  • $USDC
  • $MATIC
  • $USDT
  • $PLOT
  • $WETH
  • $DAI

Anyone can signup on PlotX through emails or by connecting there Web3wallet.

$PLOT holders can even stake their holdings on AscendX and receive a steady APY of 12%.

The token holders can also provide liquidity on the PLOT-ETH pool on Uniswap and PLOT-USDC or PLOT-QUICK pool on Quickswap to receive LP benefits.

About $PLOT

$PLOT is a utility token for PlotX and is used as a medium of exchange between users on the PlotX platform. $PLOT can be used to make predictions on the platform. $PLOT holders can stake their tokens on Ascendx exchange and earn an APY of 12% of the amount they deposited. $PLOT holders can also provide liquidity on Uniswap and Quickswap and receive LP benefits.

These are the tokenomics of $PLOT:

📷

Stats for $PLOT:

  • Market Cap: $3.4M
  • Circulating supply: 66,318,562.00 PLOT (66M)
  • Max supply: 200,000,000 PLOT (200M)
  • All time high: $0.412
  • All time low: $0.03
  • Last traded price: $0,05
  • Volume: $259.3K x
  • Market Cap Rank: #1455

Conclusion

Gambling industry has grown by over 2800% in the last 20 years around the world, World gambling statistics show that around 26% of the population gamble. When it comes to online gambling and demographic statistics, a UK study concludes that 17% of the population gamble online, resulting in £5.3 billion in revenue for the online market alone.

Decentralization solves the problem of middlemen which makes the process of predicting much faster and cheaper. Now imagine if the Online Gambling industry learns about predicting on Defi and dApps.The amount of money that will flow into these existing platforms from the gambling industry would be insane.

So if you are reading this in 2021 you are still early, The No. of users of the PlotX platform is growing at a high rate, trust me you dont want to miss out on this one.

submitted by /u/Raybaronx
[link] [comments]

This post was originally published on this site