PolyMarket is a trading platform for information markets that allow you to trade on the world’s most hotly contested topics.
Some of the common topics that people trade on the platform include:
- Current events
- Financial markets
On PolyMarket, you develop a portfolio based on your forecast and earn a profit if you are correct. When you decide to invest in a market, you are putting your knowledge, research, and perspective on the table.
Trading activity is transformed into actionable information that helps consumers make better decisions by market prices reflecting what traders believe are the odds of future events. As a result, Polymarket has established itself as a prominent provider of unbiased, real-time data on upcoming events.
What is a Prediction Market?
A prediction market is a marketplace where people can purchase and sell shares in the outcome of a future event. People can buy and sell shares on how a future event will resolve.
Prices on a prediction market can change in response to trading activity. You can also buy, trade, or sell shares in future outcomes on prediction markets.
To take part in the prediction markets, all you need is to sign up to an account one one such platform, in this case, PolyMarket:
(1) Signing Up
Start by visiting https://polymarket.com and enter your email address on the signup page. You will get a magic link via your email to sign up to the platform.
Alternatively you can sign up by connecting your MetaMask wallet.
(2) Deposit $USDC
Before you can start speculating, you must deposit the USDC stablecoin into your Polymarket wallet. You will need to fund your wallet with both $MATIC and $USDC on Polygon.
PolyMarket uses $USDC to buy and sell outcome shares and $MATIC is needed to cover for the gas fees on the Polygon network.
You won’t need a lot of $MATIC though – probably 0.1 ($0.15) will be plenty. The platform will provide you with an address to which you can deposit your funds.
Head over to the deposit button next to your account address and copy the PolyMarket deposit wallet address. Send over your $USDC to the copied address in MetaMask.
(3) Bet on the Markets
Once you have completed the above step, select a market to participate in, select the outcome upon which you wish to speculate, and then purchase ‘outcome shares’ with your $USDC.
PolyMarket provides a variety of markets to participate in:
- Click on Markets in the Navigation on the top of the page
- Browse between markets and select the one that interests you
- Choose the outcome you believe will resolve and input how much $USDC worth of shares you want to buy
Here is an extra step and guide to the buying process:
(4) Click Buy
Take note of the following:
- Average price is the price you’re paying per share. The larger your order size and lower the liquidity, the higher your average price will be
- Estimated Shares is how many shares you will purchase. If your prediction is right, you can redeem 1 outcome share for $1 (in $USDC), which is why Maximum Winnings shows you the same number in dollars
- Return on investment shows you the percentage gain you will get if your prediction becomes true
Your trade will be processed within 20 seconds.
RECOMMENDED READING: Understanding DeFi Prediction Markets and Why they are Always Right
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