Reportedly raising funding at a $3 billion valuation, Polymarket is working with Chainlink following its previous governance and oracle dilemmas.
Polymarket, the largest onchain prediction market, has unveiled a partnership with top oracle provider Chainlink to settle markets related to asset prices.
Chainlink’s data standard will be integrated into Polymarket’s resolution process in order to provide “near-instant” settlement and ensure accuracy standards. Currently, Polymarket resolutions can take hours depending on the circumstances.
“Polymarket’s decision to integrate Chainlink’s proven oracle infrastructure is a pivotal milestone that greatly enhances how prediction markets are created and settled,” said Sergey Nazarov, the co-founder of Chainlink. “When market outcomes are resolved by high-quality data and tamper-proof computation from oracle networks, prediction markets evolve into reliable, real-time signals the world can trust.”
Polymarket is also reportedly in the process of raising new funding, with at least one investor offering a term sheet that values the prediction market at “as much as $10 billion.”
The move comes two months after Polymarket’s controversial resolution of the “Will President Zelenskyy Wear a Suit” market, where fashion experts opined that Ukrainian President Zelenskyy had worn an outfit that technically met the definition of a suit. However, Polymarket’s governance vote, decided via UMA, collectively decided that the market should resolve to “No” (not a suit), leaving those on the wrong side of the trade fuming.
UMA will continue to be used for settling market disputes, while Chainlink’s oracles facilitate fast settlements for straightforward markets backed by data.
Polymarket first launched in 2020, but activity surged in 2024 ahead of the U.S. presidential election, reaching an all-time high monthly volume of $2.5 billion in October 2024. While the platform’s volumes are down compared to its peak months, it still processes roughly $1 billion of volume per month, more than it did in all of 2023.
Polymarket Volume – DeFiLlamaSource: https://thedefiant.io/news/defi/polymarket-taps-chainlink-to-settle-price-bets
