The Polygon ecosystem has always been full of exciting and innovative crypto updates. This time, they have taken betting to another level with Polymarket. Polymarket does something different from other traditional or crypto-betting websites you must have seen. In Polymarket, you bet on the outcome of news. Yes, you read that just right, not a sport but news.
For instance, if you have an account with Polymarket, you can trade the outcome of news with your deposit. For this example, let’s assume the new is “will Bitcoin’s price be $60,000/BTC by the end of September 2021, Yes/No?” To stake, all you have to do is select a “YES” or a “NO.”
Steps to get started
To use Polymarket, you need to sign up. You need just your email address, a username, and, optionally, a referral code to sign up.
The next step is to deposit USDC to trade. USDC is a crypto asset by Coinbase and has a 1:1 value for US Dollars. When you sign up, polymarket gives you a new wallet with a public and a private key just like every crypto wallet. You will send your USDC to your polymarket wallet to trade.
Once your deposit is successful, you can make your first trade and explore all trading options provided by polymarket. Once you place a trade, you are provided with information on the maximum return on your investment.
You have an option to monitor your positions. To do this, you can go to each market page to check your positions or you can simply access all your trades on the portfolio page.
It is time to cash out!!! The final step is to redeem your winnings for successful trades and enjoy your win.
Polygon continues to wow its community with new and exciting updates. The whole idea of “let your assets work for you” is in motion with polymarket with a new exciting way to increase your crypto portfolio. If you are in for some risk, then hop into the poly-market.