Polymarket has announced the integration of Chainlink’s oracle network on the Polygon platform, which will automate the settlement of prediction markets, enhancing their reliability and accuracy.
Integration of Polymarket and Chainlink
On September 12, Polymarket, a decentralized prediction market platform, officially integrated Chainlink’s oracle network on the Polygon platform. This initiative is aimed at improving the accuracy of asset-price-related settlements and addressing latency and tampering issues.
Shift from UMA to Chainlink
The adoption of Chainlink oracles marks a shift from Polymarket's previous reliance on UMA's optimistic oracle mechanism, which faced controversies in subjective market resolution.
Future of Market Improvement
According to CoinMarketCap, the fully diluted market cap of Polygon stands at $2.18 billion, while MATIC has experienced a 56.86% drop over the last 90 days. Despite recent price declines, high trading volumes indicate ongoing market activity. The integration with Chainlink may allow Polymarket to expand its offerings beyond cryptocurrency markets.
The integration of Chainlink into Polymarket's operations promises to enhance transparency and reliability of prediction markets, contributing to user trust and potential trading volume growth.
