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What Is Polymarket?

Polymarket is the world's largest decentralized prediction market platform. It allows users to speculate on real-world events using cryptocurrency. Built on the Ethereum and Polygon blockchain networks, Polymarket provides a transparent, secure platform where users can buy and sell shares that represent the probability of a particular outcome. Polymarket covers a wide range of events, from political elections to sports outcomes and economic forecasts.

The key feature of Polymarket is its use of blockchain technology to ensure transparency and immutability in all transactions. By using stablecoins like USDC for trading, the platform minimizes volatility in transaction values, providing more stability than other cryptocurrency-based platforms. Polymarket’s decentralized nature allows anyone to participate in the prediction markets, making it accessible to users globally.

Who Founded Polymarket?

Polymarket was founded by Shayne Coplan in 2020. Coplan, a young entrepreneur, launched Polymarket to revolutionize prediction markets by leveraging blockchain technology. Under his leadership, Polymarket quickly grew to become the largest decentralized prediction market in the world, securing major investments from prominent figures in the cryptocurrency and venture capital sectors.

Polymarket has raised significant funding across multiple rounds, with backing from venture capital firms like Peter Thiel’s Founders Fund and contributions from high-profile investors such as Ethereum co-founder Vitalik Buterin. Despite facing regulatory challenges, the platform has continued to thrive and expand, especially during globally significant events like the U.S. Presidential elections.

How Polymarket Works

Polymarket operates on a simple principle: users bet on the outcomes of future events by purchasing shares that represent the market’s view of the probability of that outcome. Shares are priced between $0.00 and $1.00, with the price reflecting the event's likelihood. For instance, if the price of a "Yes" share for an election result is $0.72, it means the market assigns a 72% chance to that outcome. If the event resolves in favor of the chosen outcome, each share becomes worth $1.00, providing a profit for the correct prediction. Conversely, incorrect predictions result in the shares becoming worthless.

Polymarket offers different types of prediction markets, including:

• Binary Markets: Simple yes/no outcomes, such as “Will Candidate X win the election?”

• Categorical Markets: Multiple outcomes, such as “Which team will win the championship?”

• Scalar Markets: Markets based on ranges, like “Will the stock price exceed $100 by the end of the year?”

How to Get Started with Polymarket

1. Sign Up: Create an account using your email or a supported crypto wallet. Ensure you're connected to the Polygon network.

2. Deposit Funds: Buy USDC on a major exchange and deposit it into your Polymarket account. You can also use a credit card for deposits.

3. Choose a Market: Explore available markets and select an event to bet on.

4. Place a Bet: Buy shares based on your prediction of the outcome. You can sell these shares anytime before the market closes.

5. Withdraw: Cash out your USDC by withdrawing it to your crypto wallet.

This quick process enables new users to start trading and participating in prediction markets easily on Polymarket.