Polymarket was subject to a governance attack that sparked debate among its participants and raised concerns about the reliability of its forecasting system.
Unexpected Market Resolution
Polymarket faced a situation where a prediction resolved without community consensus. The Ukraine rare earth metals market surprisingly resolved to 100%, despite no actual agreement being achieved.
Resolution Influenced by a Major Holder
A major holder used 5 million UMA tokens to increase the weight of their votes. This allowed them to add 25% 'Yes' votes, ultimately determining the final outcome.
Community Reaction on Polymarket
The Polymarket community was displeased with the situation, with some participants suspecting collusion between UMA token holders and the Polymarket platform.
The situation raised questions about the reliability and fairness of processes on Polymarket and highlighted vulnerabilities in its governance and forecasting mechanisms.
