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Tuesday, October 3, 2023

Plotx.io Exchange Review: PlotX is a Cross-chain Prediction Market

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About Plotx.io

Plotx.io is a decentralized non-custodial prediction market protocol live on the Polygon Network. $PLOT is a functional utility token that is used as the medium of exchange between participants on the PlotX prediction market protocol. Dubbed as the Uniswap of Prediction Markets, PlotX uses an Automated Market Making algorithm to create and settle crypto-focused prediction markets in the intervals of 1 hour, 1 day, and 1 week. Markets are focused on crypto-pairs like BTC/USDT, ETH/USDT etc, and are created and settled cyclically without any counterparty risk on the Polygon Mainnet.

PlotX is a decentralized platform that allows users to predict cryptocurrency prices. The platform, which was created by former Nexus Mutual and GovBlocks developers, features a non-custodial design – users connect to the PlotX with their Ethereum wallet and never have to give up control of their private keys during the trading process.

Exchange NamePlotx.io Exchange
Exchange TypeCryptocurrency
Circulating  Supply66,318,562.00 PLOT
Max Supply200,000,000
 Top CountryIndia
Website Homepage

How To Sign Up & Start Trading

You Sign Up For A User Account By Providing Basic Information.

On Every Exchange You Will Get Option For Sign Up Or Create Account . Just Fill Some Basic Details Like Name , Email , Password , Security Question Etc For Registration . It Is First Step To Start Trading On Any Exchange

You Then Receive An E-mail In Your Mailbox To Activate Your Account.

Before You Can Login, You Must Active Your Account With The Code Sent To Your Email Address.Then You Will See A Message That Your Financial Account Is Activated And Ready To Go. This Means That You Can Log In And Start Trading In Cryptocurrency.

Identity Verification

For Successful Verification You Will Need Identity Documents. For Example, You Can Use A Driver’s License Or Passport, Where The Name Is Duplicated In Latin Letters.Confirmation Of Identity On Exchange Is An Optional Step. The Procedure Must Be Completed Only If You Want To Remove The Restrictions Of Btc On Deposit Or Withdrawal Of Funds Per Day.

How To Deposit $PLOT

To use the Plotx.io protocol for activities like placing predictions, you need to deposit $PLOT tokens to your non-custodial Web3 wallet

PlotX uses Magic Link as a preferred Web3 wallet to provide a uniform and blazing fast experience of using the protocol, but you can also use other Web3 wallets to connect to PlotX

The deposit process allows you to move your $PLOT tokens from Ethereum or Polygon to your connected wallet

All the $PLOT that are deposited in your Magic Link wallet are in your custody. PlotX does not store your email or private keys.

How To Withdraw $PLOT

  1. The withdrawal process allows you to withdraw available balance from your connected wallet to your other Web3 wallets
  2. Funds can be withdrawn to either Ethereum or Polygon network
  3. Funds available to withdraw do not include any pending returns from prediction markets. Any returns from prediction markets need to be claimed separately by hitting the Claim button in the My Predictions page, post which they will be available to withdraw
  4. Withdrawals initiated to Ethereum can take around 3 hours to be ready for completion. The completion process on Ethereum requires gas so please make sure you withdraw to a wallet with ETH balance to bear the necessary gas cost
  5. Withdrawals on Polygon network are gasless and almost immediate

Cross-chain swaps between L1 & L2

One of the biggest challenges when moving to an L2 solution like Polygon is the bridging of tokens from L1 to L2 (and the other way around). There are several challenges like the cost of bridging, speed, and the degree of decentralization.

PlotX Exchange v2 has in-built capabilities for smooth token bridging to-and-fro between L1 ←→ L2, powered by Polygon’s Matic PoS bridge and cross-chain swap technology of Connext. Users can now move their $PLOT to-and-fro seamlessly between Ethereum & Polygon and very soon between other chains, all from within the PlotX v2 app.

This is another massive UX improvement as it reduces entry barriers and ensures that the PlotX ecosystem on every chain is well connected and easy to navigate.

Guaranteed Liquidity in Prediction Markets

PlotX Exchange v1, if you participated in a prediction market, and no one else participated in the market after you, then, even if your prediction was correct, you’d get no rewards out of the market. And if you were wrong, you’d lose your participation amount. This fact made the first predictors hesitant and affected the liquidity in v1 markets.

To solve this problem of bootstrapping liquidity, PlotX v2 provides guaranteed liquidity on all options of a prediction market by way of mandating market creators to make the first prediction in each option of their created markets right at the time of market creation. Thus, nullifying the above question that bothered v1 users. The incentives for the market creators for doing this have been adjusted and shall continue to evolve as we test the v2 in real-life scenarios.

Simplified & Blazing Fast UX

The new UX is designed from the ground up with constant community feedback. It focuses on simplifying the DeFi experience for a commoner and bringing it as close to a mainstream application experience as possible, while still retaining the DeFi ethos of being non-custodial and permissionless.

ROI predictability

The new UX makes it a lot simpler to look at the potential ROI of making a prediction. Since PlotX markets are zero-sum markets, the ROI %age varies based on the increasing participation in the market.

Thanks to the new UX and introduction of meta-transactions which abstract the gas cost from the end-user, it is easier than ever to look at the potential ROI prior to making a prediction.

The PLOT token

The PlotX token features its own token called PLOT – users can choose whether to stake ETH or PLOT to make their predictions. PLOT can also be used to pay the fees associated with using the PlotX platform at a 50% discount compared to paying fees with ETH. If users pay fees with PLOT, the PLOT tokens are burned, while paying fees in ETH results in 50% of the ETH  going towards gas fees and the other 50% going towards a buyback of PLOT tokens on decentralized exchanges.

The PlotX protocol implements various incentive programs that reward activity, and provide rewards to users who refer new users to PlotX. However, the PLOT tokens that are distributed through these incentive programs are actually called bPLOT, and their usage is limited to the PlotX markets – in other words, bPLOT tokens cannot be sold on exchanghes after they are awarded to a user.

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Crypto investments come with high risk and you should always exercise caution when investing in any crypto asset. Investing in crypto carries a high level of risk, and may not be suitable for all investors. Any investment decisions made by you are made at your own risk and we are not responsible for any losses that may occur. Before investing, we recommend you consult a financial advisor to understand the risks and rewards associated with investing in crypto.

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