TL;DR
- PlotX v2 mainnet launches on the 14th May 2021, at 1 pm UTC.
- v2 mainnet will be launched on Polygon Network (Matic PoS) and marks the beginning of the cross-chain journey for PlotX.
- The top features in v2 include: (1) gasless transactions, (2) cross-chain swaps, (3) guaranteed liquidity in predictions markets, and (4) an entirely new UX
Journey from PlotX v1 to v2
PlotX v1 was launched in October 2020 as a decentralized non-custodial prediction market protocol. It saw an influx of users with a growing TVL of up to $220K in about 2 months of its launch.
However, the user experience was marred due to increasing gas costs on Ethereum which led to the economic unviability of doing microtransactions of the sizes of $50–150 per prediction.
Markets on v1 also had all-sided liquidity challenges which have been improved with the launch of pooled staking on v2.
The v2 was under development since December 2020 and the testnet was revealed on 13th April 2021. After a month of rigorous testing by the community, we are excited to announce that the PlotX v2 will launch on Polygon Mainnet on the 14th May 2021.
PlotX v2 is a beast in comparison to v1 but is a lot simpler to use. It marks the beginning of the cross-chain journey for PlotX.
Read on to learn more about PlotX v2. To try the v2 in testnet, visit v2.plotx.io
Introducing Gasless Transactions
v2 offers meta-transactions — which means once a user’s Web3 wallet is connected to PlotX, the user doesn’t need to pay gas fee for predictions. This is a massive UX improvement — a step towards mass adoption.
The PlotX v2 smart contracts abstract the gas fee from the user and instead makes gas a part of the prediction fee. This makes the UX massively simplified, especially if you use the Magic Link Web3 wallet (read on to know more)
Cross-chain swaps between L1 & L2
One of the biggest challenges when moving to an L2 solution like Polygon is the bridging of tokens from L1 to L2 (and the other way around). There are several challenges like the cost of bridging, speed, and the degree of decentralization.
PlotX v2 has in-built capabilities for smooth token bridging to-and-fro between L1 ←→ L2, powered by Polygon’s Matic PoS bridge and cross-chain swap technology of Connext.
Users can now move their $PLOT to-and-fro seamlessly between Ethereum & Polygon and very soon between other chains, all from within the PlotX v2 app.
This is another massive UX improvement as it reduces entry barriers and ensures that the PlotX ecosystem on every chain is well connected and easy to navigate.
Guaranteed Liquidity in Prediction Markets
“What happens if no one else makes a prediction in the market?”
This was a commonly asked question on PlotX v1, and for good reason.
On PlotX v1, if you participated in a prediction market, and no one else participated in the market after you, then, even if your prediction was correct, you’d get no rewards out of the market.
To solve this problem of bootstrapping liquidity, PlotX v2 provides guaranteed liquidity on all options of a prediction market by way of mandating initial liquidity from the market creators. The incentives for the market creators for doing this have been adjusted and shall continue to evolve as we test the v2 in real-life scenarios.
Simplified & Blazing Fast UX
The new UX is designed from the ground up with constant community feedback. It focuses on simplifying the DeFi experience for a commoner and bringing it as close to a mainstream application experience as possible, while still retaining the DeFi ethos of being non-custodial and permissionless.
The v2 is also going to be blazing fast in comparison to v1, thanks to the amazing folks at the Graph Protocol
Easier Web3 Connections
PlotX v2 has added Magic Link’s Web3 wallet to the list of wallets you can use to connect.
This allows users to create & connect a Web3 wallet using their email addresses, while still being non-custodial in every way. The benefits of using Magic Link wallets will come in the form of improved user experience as the wallet’s UI is baked right into the PlotX UI and is always connected to the Polygon network (no constant RPC changes).
So if you end up using the Magic Link wallet, you will get a mainstream experience of using PlotX. No more signing transaction popups from Metamask! Read more on how to use Magic Link on PlotX
For the DeFi degens, connections to Web3 wallets like Metamask, Portis, WalletConnect are available as well!
ROI predictability
The new UX makes it a lot simpler to look at the potential ROI of making a prediction. Since PlotX markets are zero-sum markets, the ROI %age varies based on the increasing participation in the market.
Thanks to the new UX and the introduction of meta-transactions, which abstract the gas cost from the end-user, it is easier than ever to look at the potential ROI prior to making a prediction.
Reach Out
On Friday, May 14th at 1 PM UTC, we will host a video AMA on the official PlotX YouTube channel, where we hope to answer questions from the community around PlotX v2. Questions can be submitted ahead of time here.
We will be releasing additional information on PlotX v2 over the coming weeks and welcome all feedback and involvement from the PLOT Head community.
To get involved and stay up to date:
