Chainlink and Polymarket announced a partnership, aiming to use decentralized oracle technology to quickly resolve bets on-chain. These measures can make bet resolutions faster and more reliable.
The two firms are also interested in applying this technology for more subjective bets, as Chainlink’s oracles specialize in concrete data like asset prices. Ideally, Polymarket could reduce resolution risks in all categories.
Polymarket and Chainlink Join Forces
Chainlink, a major blockchain infrastructure firm, has been making huge partnerships lately, attempting to target China’s RWA market and securing a large contract with the US government.
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Today’s announcement is slightly less grandiose, but still significant: Chainlink is partnering up with Polymarket.
According to the firm’s press release, Chainlink is aiming to help Polymarket’s speed and accuracy. The company will employ its decentralized oracle networks to automatically settle asset price-related markets to reduce latency and tampering risks.
This should allow many bet categories to resolve on-chain almost instantaneously. For now, it only applies to prediction markets covered by Chainlink Data Streams, ie, token prices, but this could change in the future.
Potential for Growth
Specifically, Chainlink mentioned exploring this technology for some of Polymarket’s more subjective betting categories, but it didn’t make any firm commitments. Still, many of the platform’s largest recent bets have involved events like celebrity gossip and sports outcomes.
It’d be ideal to reduce reliance on social voting mechanisms for these markets, especially if they’re going to become a significant portion of the firm’s total volume.
Kalshi, for its part, is already planning to make sports betting a major revenue stream, so the competition is bending in that direction.
Chainlink added that this Polymarket update is already live on Polygon mainnet, enabling users to create “robust prediction markets around… hundreds of crypto trading pairs.” If these solutions prove popular with Polymarket’s user base, this partnership could deepen for new technological applications.
Source: https://beincrypto.com/chainlink-polymarket-partner-on-chain-predictions/
