Polymarket integrates Chainlink oracles to power its new prediction market

Source Cryptopolitan

Polymarket has launched a 15-minute cryptocurrency prediction market powered by Chainlink’s decentralized oracle network. The new line will allow users to bet on short-term price movements for major cryptocurrencies. 

Chainlink’s Oracle network supplies verified real-time price data to determine the outcomes of the bets. The feature allows users to bet on whether the price will rise or fall within a 15-minute window and appeals to active users seeking fast engagement.

Polymarket integrates Chainlink oracles to power its new prediction market

Today, the online prediction firm revealed that the 15-minute crypto market operates like traditional prediction markets but at a higher frequency.

Participants can bet on yes or no shares representing their predictions on short-term outcomes. The shares have been priced between $0 and $1. For instance, a yes share price of $0.4 means 40% market confidence that the asset will move up or down for the specified time.

The latest feature uses Chainlink’s decentralized oracles that aggregate pricing data originating from several verified sources to ensure transparency, security, and resistance against manipulation. The oracles ensure that final settlement prices are accurate, removing reliance on centralized intermediaries.

Polymarket will use USDC stablecoins to settle the markets on the Polygon blockchain network, favoring high-speed transactions and lower fees. Polymarkets operates non-custodial, meaning users can retain control of their assets throughout the trading period. 

The latest feature integration follows Polymarket’s growth in user participation. The firm’s weekly volume surged, especially during the election period in the U.S. The company now bets on the latest development to attract retail and professional traders who prefer faster market outcomes.

The new market closely follows the short-term trading patterns used by traditional finance, minute-by-minute Options and Futures trading. The main difference in this case is Polymarkets’ design, which simplifies participation by removing the need for leveraged positions and brokerage accounts. 

The online prediction firm aims to make short-term speculations readily available to users while maintaining a blockchain-based system’s decentralized and transparent characteristics.

Earlier this month, the firm received backing from institutions such as the Intercontinental Exchange (ICE), parent company of the New York Stock Exchange. ICE invested $2 billion in the platform to help integrate blockchain-based prediction systems into mainstream finance. 

Cryptopolitan covered that ICE’s investment was expected to strengthen Polymarkets’ legitimacy and relaunch in the U.S. market, boosting its valuation to $9 billion. Polymarket aims to operate under a trading strategy rather than a betting platform in this market. ICE distributes Polymarket’s event-driven data and sentiment indicators through its broader financial analytics offering. 

BTC, ETH, and SOL to feature in Polymarket’s 15-minute prediction market

The new 15-minute markets are accessible via Polymarkets UI, which is optimized for desktop and mobile users. The firm reiterated that privacy and anti-fraud protections are intact, and all transactions occur on-chain. The platform implements sybil-resistance and transparency measures that safeguard participants against manipulation and false data submission. 

As of now, the online prediction platform has not revealed which assets will be incorporated in the short-term markets, but speculations online indicate Bitcoin, Solana, and Ethereum are expected to be included at the onset. The platform’s decentralized nature allows global participation while maintaining immutable and publicly verifiable data. 

Polymarkets currently uses the Polygon blockchain without a token. The firm relies mostly on viral topics to push trending pairs and additional volumes from sports predictions. The firm has a unique set of prediction categories that combine news and social media influence outcomes. 

The latest release follows a surge in Polymarket’s activity, with open interest reaching $172 million, its highest level in a year. The platform has also expanded to support Bitcoin deposits and continues to run on the Polygon network without a native token.

Dune Analytics data also shows the firm has over 400K transactions in October alone, including Negrisk and CTFExchange Orders matched. With these developments, the firm hopes its ambitions to offer a token sale via airdrops or even an IPO next year in the U.S. may be valid. 

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Disclaimer: For information purposes only. Past performance is not indicative of future results.
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