Imagine a betting platform that is reliable, secure, and fully transparent. A place where you don’t need a huge fortune to be able to bet. A place so discreet that no one asks your identity unless you disclose it at your will.
Polymarket is a crypto-betting platform by Adventure One QSS Inc.
that leverages the power of blockchain to provide a safe, secure, transparent, highly liquid, and anonymous betting experience. With hundreds of prediction markets catering to almost every event that relates to the crypto world, the platform provides a unique blend of experiences,
Largest Decentralized Crypto Gambling Platform
Polymarket is a decentralized betting platform based on the Polygon Layer-2 blockchain technology and largely centered around crypto markets. The platform has hundreds of betting markets around elections, crypto events, price predictions, memecoins, regulatory approvals, macroeconomic events, and many other themes.
The platform claims to be the largest betting market. It hosts several opportunities that users can take to make money, do market research, analyze crowd psychology, and also understand market trends.
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The platform is so popular that an average trader in the top 3 rank by trading volume contributes $1 million at least in trades each week.
Below is a snapshot of the Polymarket homepage.
Features
Being on the Ethereum blockchain, Polymarket can provide a host of features to its users while taking full advantage of blockchain security and Ethereum’s trust along with the speed of Polygon’s layer-2 solution.
Decentralized
The entire Polymarket platform is decentralized which allows it to be resilient from crashes, and hacks and even makes it redundant to multiple failures.
Secure and Immutable
The platform boasts of its security which has been audited by Chain Security, a well-known company in the field of smart contract audits.
Real-Time Bets
Like most top-grade betting markets, Polymarket provides real-time blockchain-secured bets. Each bet is recorded on the Polymarket which is based on the Polygon blockchain. This makes sure that everyone using the platform receives the exact reward that they deserve. It also reduces manipulation to zero and makes the platform more transparent.
Additional Rewards
Besides winning bets, the platform also allows you to earn rewards by just placing orders. The key to winning high rewards is placing orders that are close to the market average.
For example, if you are placing orders for Donald Trump to win in the 2024 elections and the market shows that “yes” orders are $0.59 while sell orders are at $0.41, then you will only earn a reward if you place a “yes” order for $0.41.
The aim of rewarding such orders is that they help make the market more balanced. Also, rewards are highest for limit orders.
Limit orders are those where the order is only executed if the price hits a trigger price that has been set at a certain price. For example, you may order to buy 100 shares of Donald Trump’s win only if the price hits $0.57. If the price hits $0.57, only then your 100 shares orders will be executed otherwise it will be nulled at the end of the “betting period”.
How Does Polymarket Work?
Polymarket is a blockchain-based betting market provider. It facilitates users to access crypto-focused betting markets that are secured with blockchain and have the trust of Ethereum and Polygon.
Technology
Polymarket is a special purpose Layer-3 based on Polygon. The platform utilizes the Ethereum Virtual Machine to stay online and does not depend on any single server.
Being based on a blockchain, it requires users to have USDC, USDT or ETH to be able to use the platform.
Is it Layer-2 or Layer-3?
Though Polymarket has been referred to as a Layer-2 platform, it is truly a layer-3 platform because like other layer-3s it is a single application Dapp providing a specific service. Further, it has been built on a Layer-2 solution, Polygon.
Layer-2s are general-purpose blockchains that facilitate the scaling of Ethereum transactions.
Automated Market Makers
Polymarket uses automated market makers to provide liquidity for the betting markets which are software that help facilitate the exchange of tokens with the help of liquidity pools.
All the deposited crypto on Polymarkets are pooled together from where users get “credits” to transact on the platform. The liquidity is shared by all betting markets provided in the platform so that all users can buy and sell any bet on the platform and do not have to wait long. This reduces the reliance on manual effort to provide liquidity
How to Transfer Crypto to Polymarket?
Polymarket provides you with two different channels to fund your account.
Deposit From Exchange/PayPal
Using the first method, you can deposit crypto from PayPal or available crypto exchanges. This is the cheapest method if you have crypto in your exchange wallet and want to save on gas fees.
Deposit from Coinbase
You can deposit Ethereum, USDC, or USDT from Coinbase, straight from your account.
- Make sure you have sufficient funds available in your Coinbase account. You can always buy USDC from the exchange via cards or P2P.
- Once you have the funds, copy the USDC (Polygon) address from Polymarket account.
- On your Coinbase account, under Assets, you will find USDC.
- Select send, enter the amount of crypto, for example 50 USDC and click on continue.
Deposit from PayPal
Users in the US can buy crypto from PayPal and then send it to their Polymarket account.
- Select buy and sell under crypto.
- Choose Ethereum.
- Enter the amount and click buy now.
- At the bottom of your balances page, you will find the transfer button.
- Copy the address on your Polymarket account under Ethereum (under other methods) and paste it in your PayPal transfer page.
- Make sure that the address you are sending to is a Polygon address.
- By clicking send now, you can send the ETH to your Polymarket wallet.
This feature is currently not available for users outside the USA.
Deposit from Robinhood
You can also deposit crypto from Robinhood.
- Select the transfer option.
- Select the deposit Ethereum method from your Polymarket account.
- Copy and paste the Polygon blockchain address in your Robinhood transfer page.
- Make sure that the address you are sending to is a Polygon address.
- Click send.
Send Crypto Directly From Wallets
Otherwise, you could also use the second option, i.e., transfer crypto directly to your Polymarket account. In this method, you can either transfer Ethereum, USDT, or USDC, all on the Polygon blockchain.
Don’t forget to check your transaction after it has been approved.
Deposit USDT and USDC
- In your Polymarket deposit page, select USDC or USDT as per your preference.
- Copy the address that is shown (ERC-20).
- Paste the address in your wallet.
- Choose the amount that you want to send to your Polymarket account.
- Approve the transaction.
- You will see a timer after which you will receive the funds on your Polymarket account.
Note that USDT is automatically converted into USDC on Polymarket.
Deposit Ethereum
- In your Polymarket deposit page, under other methods, choose Ethereum.
- Copy the deposit address and paste it in your wallet/account’s transfer page.
- Approve the transaction.
- Once done, you will receive ETH from your wallet/account and it will be automatically converted into USDC.
Guide to Making Money on Polymarket
Making money on Polymarket is easy. You just need to know a few things before you can start.
- First, being on the blockchain, you need to have some crypto with you, preferably ETH.
- Once you have that, you need to select a betting market. For example the below prediction for the winner of the US Presidential elections.
- Next, you need to understand how betting works, Being a zero-sum game, there would be winners and losers. Winners will all that they have betted plus the amount losers have lost.
- For example, in the above example, if a winner places a bet on Donald Trump, they need to pay at least $0.56 (and then in multiples). In case they win, they will win back $1, i.e., the bet amount of $0.56 plus $0.44 which has been lost by the loser.
- However, if they change their mind in the middle, they are allowed to switch but at prevailing prices.
- For example, suppose a person places a bet at $0.56 and expects Donald Trump to win. If they have changed their mind, they can sell the bet at prevailing rates say at $0.58, next they can bet for Donald Trump losing by buying a bet at $0.42 (the prevailing rate i.e., $1-$0.58 = $0.42).
- At any point in time, the sum of the positive and negative bet would be $1 due to the laws of a zero-sum game.
- It is notable that prediction or gambling markets are subject to future events and may change at times due to market forces. Hence, it is always advised to do your research before betting.
How to Place Bets?
Placing bets on the Polymarket platform is as easy as it can be.
- First, you need to log in to Polymarket.
- Next, you can log in to the platform using MetaMask, Coinbase Wallet, Wallet Connect, Gmail, or any other Email ID. Make sure that your wallet is well-funded before you proceed further.
- Agree to the terms and conditions and then select start trading.
- To start betting, you need to deposit USDC or USDT (ERC-20) in your Polymarket account. You can also buy the same using the links provided below.
Learn the difference between USD Stablecoins and never make a mistake while making transfers.
- Once you are logged in, proceed to any betting market. For example, the previous betting market for the US Presidential elections.
- Place your bet by buying the “shares” for the bet. In our US presidential election example, the bet for Donald Trump winning could be placed by buying a share worth $0.59.
- Approve the transaction and your bet is placed.
How to Withdraw Funds From Polymarkets?
Now that we have covered deposits in detail, its time to learn how you can withdraw your funds from Polymarket to your crypto exchange account or your wallet.
- Navigate to the Polymarket funds page.
- Click on Withdraw.
- Get your wallet’s or exchange account’s USDC address. Typically, you will get this address under deposit crypto option in your exchange or wallet.
- Copy the USDC address. Make sure your blockchain for deposit has been selected as Polygon. Most wallets and exchanges set Ethereum as default.
- Paste the USDC address on Polygon.
- Click withdraw.
- Your deposits will arrive after a few network confirmations.
Always make sure that the USDC that you are sending is to a Polygon address. Sending crypto to wrong blockchain addresses results in a total loss of funds most of the time.
Want a safe place to deposit crypto? Check out the MetaMask wallet.
Pros and Cons
Pros of Using Polymarket
The benefits listed below has been from our experience of using the platform recently.
- Easy deposit and withdrawal methods.
- The degree of security provided in the platform is of high grade.
- The platform is highly transparent with each transaction being secured with the power of blockchain.
Cons of Using Polymarket
Based on our usage of the platform, we have found Polymarket to be lacking in the following areas.
- The withdrawal process is only available on Polygon. An Ethereum address would have been more easy since users would have to use another app like Uniswap to bridge USDC from Polygon to Ethereum.
- The Dapp accepts deposits on the Polygon network only, adding other networks especially Ethereum and Solana could have made it easier to deposit crypto.
- The conversion from ETH and USDT to USDC adds extra charges as well as delay hurting the user experience.
What are the Alternatives to Polymarket?
Augur
Augur is a low-fee betting market. It charges 1.5% as fee for all betting activities. The platform is open to everyone in the world and claims to be a non-profit. The platform is based on a decentralized oracle based on the Ethereum blockchain.
Gnosis
Gnosis is a decentralized betting market based on the Gnosis chain which itself has been built on top of Ethereum. Rather han a betting market itself, Gnosis has become more of a template for anyone willing to develop a decentralized betting market.
Frequently Asked Questions
Is Polymarket Legal?
Polymarket is legal in all the countries that allow gambling. It is fully legal in the US and EU. The platform works as an offshore betting market accessible to US residents and citizens.
My Deposits Have Not Arrived on my Polymarket Account. What should I do?
Typically deposits arrive within a few minutes. However, in days when the network is congested, they make take as long as a couple of hours. To make sure your deposits are fast, please set the maximum gas fee higher than the average gas fee on Polygon. If you have deposited or withdrawn a very small amount, less than $10, chances are that your deposits might not be displayed in your account. In such cases, we have experienced there is a loss of crypto. So, make sure that you deposit a higher amount to ensure quick transfers.
I have Deposited Funds to Ethereum Blockchain. Are My Funds Lost?
In most cases, if you send crypto to the wrong address, the transferred amount is lost forever. However, since USDC has implemented cross-chain transfer protocol, you might get your transfers even if you put the wrong blockchain. However, make sure that you never try this knowingly.
Does Polymarket has an Contact Email or Phone Number?
The platform has listed [email protected] as their email address.
