Polymarket, a leading decentralized prediction market platform, has officially integrated Chainlink's oracle technology to enhance the speed and accuracy of market resolutions, initially focusing on asset pricing. The integration, which is now live on the Polygon mainnet, aims to provide more reliable and tamper-resistant outcomes for users. This strategic move is set to significantly improve the user experience by offering faster settlement times for various crypto asset prediction markets.
The collaboration leverages Chainlink Data Streams and Chainlink Automation to streamline Polymarket's resolution process. Chainlink Data Streams deliver low-latency, timestamped, and verifiable oracle reports, while Chainlink Automation enables timely and automated on-chain settlement of markets. This infrastructure allows for nearly instantaneous resolution of asset pricing markets, such as Bitcoin price predictions, based on predetermined data.
Sergey Nazarov, co-founder of Chainlink, emphasized the significance of the partnership. "Polymarket’s decision to integrate Chainlink’s proven oracle infrastructure is a pivotal milestone that greatly enhances how prediction markets are created and settled," Nazarov stated, adding that "When market outcomes are resolved by high-quality data and tamper-proof computation from oracle networks, prediction markets evolve into reliable, real-time signals the world can trust."
Polymarket, which operates on the Polygon blockchain and facilitates predictions on future events using digital assets like Circle's USDC stablecoin, has been a prominent player in the crypto-enabled prediction market space since its launch in 2020. This integration marks a crucial step in the platform's continuous efforts to bolster its infrastructure and offer a more robust and secure environment for its users. The companies also plan to explore expanding the use of Chainlink's oracles to more subjective markets in the future, moving beyond objective asset pricing.