Polymarket has announced the integration of Chainlink’s data services, a move aimed at enhancing its prediction markets with real-time asset pricing. This collaboration allows for automated and tamper-proof market settlements on the Polygon blockchain, leveraging Chainlink’s robust oracle infrastructure.
With this new partnership, Polymarket is set to use Chainlink’s innovative oracle network to streamline its resolution process, which determines final outcomes in prediction markets. Initially focusing on asset pricing, the integration is expected to provide more accurate and timely data, enhancing the reliability of market outcomes.
The integration, which has gone live on the Polygon mainnet, introduces real-time prediction markets surrounding various asset prices, including multiple crypto trading pairs. Sergey Nazarov, co-founder of Chainlink, emphasized the significance of this collaboration, stating, “Polymarket’s decision to integrate Chainlink’s proven oracle infrastructure is a pivotal milestone that greatly enhances how prediction markets are created and settled.” He further added that utilizing high-quality data and tamper-proof computations transforms prediction markets into trustworthy, real-time signals.
The partnership particularly utilizes Chainlink Data Streams and Chainlink Automation, offering low-latency, timestamped oracle reports that facilitate automated settlements on-chain. Chainlink’s infrastructure has a remarkable track record, securing nearly $100 billion in Decentralized Finance (DeFi) total value while enabling transaction values amounting to tens of trillions. Its technology is currently utilized in a U.S. government initiative aimed at publishing economic data across various blockchains.
Polymarket operates as a decentralized platform enabling users to trade shares based on outcomes of real-world events. The resolution mechanism is crucial for closing markets and distributing payouts to winning shares. In addition to the Chainlink integration, Polymarket has made recent headlines by acquiring QCEX, a CFTC-licensed exchange and clearinghouse for $112 million, which positions the platform for a potential return to the U.S. marketplace. Furthermore, it has collaborated with Elon Musk’s X, enhancing its product offerings with data-driven insights and personalized recommendations.
