Question 1

How does Polymarket work?

Accepted Answer

Polymarket operates as a decentralized prediction market where users can bet on the outcomes of various real-world events using cryptocurrency. Users purchase shares in outcomes, which are priced between $0 and $1, reflecting the perceived probability of those outcomes. When the event concludes, shares are settled at either $1 or $0 based on the actual result, allowing users to profit from correct predictions.

Question 2

Is Polymarket a secure platform?

Accepted Answer

Yes, Polymarket utilizes blockchain technology to ensure transparency and security for all transactions. It operates on the Ethereum blockchain and employs a Layer-2 solution called Polygon to enhance scalability and reduce transaction costs. Additionally, users maintain control over their funds through self-custody wallets, eliminating reliance on centralized authorities.

Question 3

How to use Polymarket?

Accepted Answer

To use Polymarket, users first need to create an account by signing up with their email address, which generates an Ethereum-based wallet for them. After depositing USDC, a stablecoin pegged to the US dollar, users can select from various markets to place bets on event outcomes. They can trade shares at any time before the market closes and cash out their winnings directly into their wallets once the event resolves.

Question 4

What services does Polymarket offer?

Accepted Answer

Polymarket offers a platform for users to engage in betting on a wide range of events across categories like politics, sports, and entertainment. It provides a user-friendly interface for market selection and allows for real-time trading of outcome shares. Additionally, Polymarket incentivizes participation through liquidity rewards for active users who help maintain market activity.