Polkamarkets announced this Tuesday, March 9, through its Twitter account, its partnership with Polygon (formerly Matic), to provide scaling solutions and facilitate low fees and fast operations in Polkamarkets. In his view, its rates for “high-speed and low transmission will bring scalability and adoption to the markets”.
“We are delighted to announce Polkamarkets’ partnership with Polygon (formerly Matic Network) to provide scaling solutions and facilitate low fees and fast operations at Polkamarkets. As Ethereum’s interoperability protocol, Polygon will facilitate Polkamarkets’ vision of being a cross-chain information exchange platform built on blockchains”, he said through an article published on the Medium platform.
The company explained that following Polkamarkets’ partnership with Polygon, it will be of great help in expanding Ethereum’s implementation of its prediction market technology to mass users without subjecting them to high fees or lengthy confirmation times.
“Additionally, since Polygon enables one-click blockchain integrations on Ethereum with other blockchains like Polkadot, this allows Polkamarkets a way to increase our interoperability with other chains”, he added.
Faster and more liquid markets
Polkamarkets explained that by reducing the transaction costs associated with trading results stocks, they will be able to open their prediction market to many more users. “With faster confirmation times, our users will be able to perform more trades and enter prediction markets more efficiently. Taking positions in Polkamarkets in Esports, Sports, Crypto and other live events will be significantly easier and more fluid for our users”, he said.
“Polkamarkets is very happy to partner with Polygon. One of the key issues with chain prediction markets is scalability and fees, and this partnership will provide us with options to reduce those two issues. Our goal is to have a high volume, low fee, and low latency prediction market platform. The partnership with Polygon will provide us with even more tools in our toolkit to bring our vision to life”, said Ricardo Marques, CEO of Polkamarkets.
For his part, Sandeep Nailwal, Co-Founder and COO of Polygon, said, “We are pleased to welcome Polygon to Polkamarkets and its DeFi-powered prediction markets! This will help users to make fast and low-cost predictions, without leaving the security of Ethereum”.