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Ethereum’s DeFi Prediction Market Protocol PlotX Raises 2.4M as it heads towards mainnet launch
Bitcoinist | Sep 29, 2020 | 08:44
PlotX is a non-custodial DeFi protocol that has been bestowed with the tag of “Uniswap of Prediction Markets” by the Ethereum community. With a seed round of $2.4 million via venture capital funds like NGC Ventures, Brilliance Ventures, Origin Capital, and 3commas, PlotX is launching on the Ethereum main net with the first version of its automated market-making algo for predictions on crypto assets.
“PlotX is an AMM-centric prediction protocol targeting mass-market adoption. It’s effectively the Uniswap of Decentralized Prediction Marketplace with a great product and some very hard-working people behind it. We love them”, said Roger Lim, Partner, NGC Ventures.
Commenting on the update, Jasper Byun, Head of Fintech, Brilliance, said, “Brilliance invests in innovation and we found PlotX to be exceptionally innovative. It is envisioned, designed, and engineered by a skilled and experienced team, and we expect it to redefine prediction markets as we know them.”
Markets on PlotX are created by the community via an on-chain governance vote. Once markets are voted on, they can be created in perpetuity, by any user, for 1 hour, 1 day, and 1 week. Users can participate in markets by staking their $ETH or the $PLOT token which will also get launched alongside the PlotX main-net.
PlotX is a promising project that is arriving at a key juncture in the evolution of the DeFi ecosystem. It could be the permissionless tool of choice to take bullish, bearish, or neutral positions on various crypto assets including ERC20 tokens.
About PlotX
PlotX (dubbed as the Uniswap of Prediction Markets) is a non-custodial protocol written using the Solidity language that can allow predictions for any price feed, with the ability to create markets, settle markets through third-party oracles and distribute rewards peer-to-peer on the Ethereum Blockchain. Markets once initiated are automatically created in intervals of 1h, 1d, and 1w.
The PlotX smart contracts eradicate the counterparty risk in market creation & settlements. It also aims to solve the liquidity problem that has marred the growth of prediction market protocols in the past. Built on the foundation of strong on-chain governance and risk spread mechanism, PlotX provides an opportunity for users to use their skills in predicting the future value of any asset and develop the protocol to suit their prediction market ideas.
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