Jupiter, the leading decentralized finance (DeFi) liquidity aggregator and “superapp” on the Solana blockchain, has announced the launch of Polymarket on Solana via Jupiter.
Since the world’s largest decentralized prediction market, Polymarket, enables users to easily project the outcomes of real-world events, the primary goal of this introduction is to transform the user experience by delivering faster, smoother marketing solutions.
In an X post, Jupiter noted that, “For the first time, Polymarket is launching on Solana through Jupiter. By integrating Polymarket, Jupiter is set to become the most cutting-edge predictions platform on Solana. You can trade in any market you like, all on one blockchain platform. Enjoy the best user experience available on Solana.”
Polymarket aims at establishing substantial growth on Solana
Following Jupiter’s announcement, sources close to the situation, who spoke on condition of anonymity due to the confidential nature of the matter, said the critical driving force behind this launch is to provide users with improved services and new experiences that fuel their personal growth.
Notably, Jupiter has built a strong reputation as a reliable platform for forecasting cryptocurrency trends, driven by its suite of advanced features. As the platform positions itself for significant growth in the sector, Polymarket is pursuing a similar expansion strategy and announced the development in a post on its official X account.
Several analysts commented on the announcement, noting that Polymarket’s launch on the Solana blockchain is crucial because Solana is globally renowned as a foundational blockchain and native token.
For users, this is an innovative opportunity to access other global crypto markets by leveraging Solana’s high-speed, low-cost network. In this case, Jupiter provides guidance to facilitate this outcome. Even so, sources warned that widespread adoption can still trigger congestion.
Other risks associated with Polymarket’s introduction include: potential regulatory scrutiny, smart contract vulnerabilities, heavy reliance on Jupiter, and stiff competition among rivals.
In the meantime, it is worth noting that the integration of Polymarket on Solana via Jupiter marks the first time a prediction market has operated directly on the Solana blockchain, unlocking fresh potential for its users.
For instance, this forward-thinking approach connects users to the widely recognized Solana blockchain, enabling broader market access. With this advantage in place, users can access diverse experiences through one platform.
Jupiter’s team expressed a strong belief in prediction markets for further expansion
Towards the end of last year, Jupiter announced the beta launch of its own prediction market. This newly established platform, developed in partnership with the regulated prediction market Kalshi, is a Solana-based decentralized exchange (DEX) aggregator.
Following this launch, users could speculate on global events in real time, with bets settling automatically on-chain via Jupiter. At this time, the beta version featured only one market, in which users bet on which Formula One driver would win the Mexico Grand Prix. Since launching, this test market has surpassed $120,000 in total trading volume.
Kash Dhanda, the Chief Operating Officer (COO) at Jupiter Exchange, decided to weigh in on this accomplishment. He mentioned that Jupiter’s main goal is to offer a diverse, all-in-one product marketplace. Afterwards, Dhanda acknowledged that with prediction markets’ rapid, accelerating adoption, he anticipates that they will draw the attention of new users.
Meanwhile, reports from reliable sources noted that Jupiter had approximately 8.4 million active users in the third quarter of last year. This figure represents a 5% surge from the previous quarter. Given the firm’s impressive performance, Jupiter’s team expressed its belief that prediction markets will fuel further growth.
For the beta phase, the maximum for global contracts is 100,000, while individual positions are limited to 1,000 contracts. Nonetheless, sources claimed that these limits may be adjusted as the platform develops.
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Source: https://www.cryptopolitan.com/prediction-markets-speed-up-on-solana/
