What is PlotX (PLOTX)?
PlotX is a non-custodial prediction protocol that enables crypto traders to participate and earn rewards on high-yield prediction markets.
Dubbed as the Uniswap of Prediction Markets, PlotX uses an Automated Market Making algorithm for market creation & settlement, as well as distributing rewards on the Ethereum Blockchain without any counterparty risk. Markets are focused on crypto-pairs like BTC, ETH, YFI etc and are automatically created in intervals of 1h, 1d and 1w.
PlotX also uses on-chain governance powered by GovBlocks.
What is PlotX (PLOTX) marketing strategy?
Prediction markets are a way to sum opinions of many and capture what is known as the "wisdom of the crowd". To be able to achieve that, it is critical for PlotX to reach the masses. If the community is able to achieve that, a new version of information will be created that is driven by true crowd opinions.
In order to attract the wisdom of the crowd PlotX aims to solve the challenges faced by traditional centralized prediction markets. There are 3 core challenges that PlotX solves: counterparty risk, high cost and inability to showcase provably fair settlements of markets.
The DeFi ecosystem is yet to innovate with crypto-native prediction markets. Early attempts to launch Prediction Markets on Ethereum have suffered due to a lack of focus on building crypto-native markets and a lack of maturity of the ecosystem back in 2017/2018.
PlotX is a DeFi prediction protocol that is native to the crypto community, with the following key parameters:
- Predictions for only the price of digital assets like BTC, ETH, YFI etc to begin with
- On-chain market creation using AMM driven smart contracts, unlike market creation by individual users with no uniformity
- On-chain price per position calculation and instant purchase instead of creation of low liquidity order books
- On-chain market settlement wrapped in a gamified experience with 'Participation Mining'
PlotX Community stands by the ethos of Abraham Lincoln's very famous saying: "The best way to predict your future is to create it". A critical aspect of PlotX growth is to drive education and research for the community to understand the value add and also the risks associated with prediction markets.
PlotX community members are called PLOT Heads and they are the driving force behind the PlotX movement. The PLOT Head community follows the 2ED principle - Educate, Engage & Drive adoption
- Educate: Driving education about PlotX, explaining the utilities of the protocol, product's vision and the risks associated with prediction markets.
- Engage: Introducing ideas and complementary skills to what PlotX is today with a vision of furthering the attempt at driving adoption.
- Drive adoption: Use the protocol responsibly and invite peer networks to do the same while explaining the risks.
What makes PlotX (PLOTX) unique?
Existing platforms like Synthetix, Augur and others have done a great job at kickstarting the innovation behind prediction markets. However, these projects were unable to bootstrap liquidity and provide seamless user experience in their attempts. PlotX aims to solve these shortcomings with the following key features:
- Risk Deleverage
PlotX also provides risk deleverage that allows users to limit their risks while buying positions, unlike traditional all-in binary options.
- On-Chain Governance
The protocol & dApp follow a pragmatic on-chain governance approach, powered by the GovBlocks smart contracts (the solution used by Nexus Mutual).
- Liquidity Mining via Yield Farming for Liquidity Providers
To bootstrap and encourage liquidity for the PLOT token, users who stake their PLOT tokens on specified PLOT liquidity pools on DEXs (to be announced) will be incentivised by providing extra PLOT tokens as rewards for providing liquidity.
To earn the yield farming rewards, liquidity providers on DEXs will have to lock their LP tokens on PlotX Staking Smart Contract. The yield farming incentives will be distributed per second with no limitation on minimum staking days.
- Play Mining
Users are incentivized to stake their PLOT tokens prior to participating in the prediction market, in order to earn extra positions and thus extra rewards via the stake multiplier.
The best part being, even if users lose in the prediction market, they will not lose the staked PLOT tokens.
What is PlotX (PLOTX) roadmap?
PlotX (PLOTX) revenue streams
PlotX is a DAO with a vision to become self-sustainable and fully decentralized over a period of time - which means that neither PlotX nor the developers of PlotX benefit from or receive any fees from trades, predictions or any other kind of user activity on the platform.
The vision is to use the transaction fee to make the DAO self-sustainable in times to come in the spirit of "ownership economy". From day 1, transaction fee from the markets is collected by a non-custodial smart contract to incentivise the community members of the DAO to perform various activities like the live market creation transactions.
A DAO will be set up on the day 1 of the launch to drive community governance on the platform. The funds generated from the transaction will be controlled by the DAO. Decisions to utilize these funds as well as supporting further development & maintenance would be made by the DAO itself.
The DAO would be powered by GovBlocks smart contracts.
How does PlotX (PLOTX) work?
PlotX aims to allow the users to achieve two things:
- Participate in high-yield prediction markets to earn rewards.
- Take part in decision making via Community governance
These are achieved by the following products:
PlotX Prediction Protocol
- Automated Market Making with on-chain transactions, settlement and reward distribution
- Focussed on crypto traders, providing them with high-yield markets in a gamified experience
- Ability to participate in multiple crypto-pair (BTC-USDT, ETH-USDT) markets and take entry via ETH or PLOT
PlotX Positions Trading Engine
- Allowing trade of positions with other users
- Participants will be able to liquidate positions even before they expire
On-Chain Governance with Dispute Resolution
- Pragmatic approach to on-chain governance via community participation
- Allowing PLOT token holders to create proposals and vote
- Decisions like new markets (crypto-pair additions), smart code logic modifications or other feature requests will be facilitated by the community
- Community driven dispute resolution in case of disputes in market settlement
PlotX Meridian
- Automated market making algo for market creation
- Enabling the creation of markets that attract traders and volume
- Ingesting data and calling partner APIs and performance of Technical and Sentiment Analysis
- Multiple fail-safes for every datapoint
- Multiple factor-driven market Initiation algo for maximum participation
What technologies PlotX (PLOTX) created and used?
AMM Protocol
Automated Market Making algo (Meridian) enables automatic creation of prediction markets with options & odds calculation without the need of a counterparty.
The AMM ensures a provably fair, decentralized and open finance solution for prediction market creation, settlement and reward distribution using smart contracts.
Ethereum Smart Contracts
PlotX is comprised of a set of open-source smart contracts written using Solidity that emulate the features of a prediction market with a vision of providing a fair, decentralized and open finance solution.
The PlotX smart contracts can be seen at: https://github.com/plotx/smart-contracts
Web3 Integration
PlotX is a non-custodial prediction protocol. To participate in prediction markets, users will have to connect via their Metamask wallet or any of the mobile wallets supported by WalletConnect.
What are PlotX (PLOTX) tokenomics?
PlotX is built by and for the Ethereum community. Ability to use all DeFi applications in ETH should be a right for the community. With this strong belief, the protocol has been designed in a way that people can predict using ETH and the PlotX native token.
The value proposition of the PlotX native token (PLOT) is as follows: