3Commas Announces New Collaboration With PlotX
As DeFi volume in terms of trading and TVL continues to develop at a blistering pace, PlotX is at work on a platform that rewards users for correctly predicting where certain assets are headed.
PlotX is a non-custodial prediction market directly built on the Ethereum blockchain and lets users not only liquidity mine, but also be rewarded for predicting prices in hourly, daily, or weekly timeframes.
3Commas will partner with PlotX’s platform and open up the opportunity for it’s trader base to utilize a new hedge option on their positions. With access to a smart contract driven fixed term & chain settled markets, 3Commas looks forward to delivering additional value to it’s user base and helping them achieve better results on their trading models.
Thanks to the “Wisdom of crowd” phenomenon, the average of predictions from a large enough sample set tends to be surprisingly accurate.
DeFi Uproots Central Finance
While there are centralized prediction markets, they face 3 problems PlotX looks to solve:
- Counterparty risk — users funds are with the platform. If the platform gets hacked, funds are gone
- Cost — centralized markets have high transaction fees on both entry as well as closing
- No Provably Fair Algorithm — There is an incentive for the market owner to stack the odds in their favor
PlotX looks to solve all of these problems through smart contracts that replace the need for a centralized middleman, as well as on-chain settlement to calculate position prices in a provably fair manner.
Additionally, a community governance model is implemented that will enable the community members to voice their opinions and make key changes to the platform like adding new crypto assets — a stark difference from CeFi platforms!
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