On-Chain Prediction Market
Definition
A prediction market that operates on a blockchain, with trades recorded as on-chain transactions. Provides transparency and censorship resistance but may have higher latency than centralized alternatives.
Example
Polymarket runs on Polygon, making all trades publicly verifiable on-chain.
Related terms
USDC Betting
Placing bets using USDC (USD Coin), a stablecoin pegged 1:1 to the US dollar. Polymarket uses USDC on the Polygon blockchain for all trades, providing dollar-denominated betting without traditional banking.
Decentralized Betting
Wagering through decentralized protocols without a central authority controlling funds or outcomes. Smart contracts hold funds in escrow and automatically settle based on oracle-reported outcomes.
Crypto Sports Betting
Sports betting using cryptocurrency as the medium of exchange. Combines traditional sports wagering with crypto payment rails for faster deposits, withdrawals, and global access.
Oracle (Prediction Markets)
A system that reports real-world outcomes to smart contracts for market resolution. Prediction markets depend on reliable oracles — Polymarket uses UMA's optimistic oracle, which allows anyone to dispute outcomes.
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