Polymarket: What cryptos are supported?

Polymarket, a prediction market protocol, supports Bitcoin (BTC), Ethereum (ETH), and its own Liquidity Provider token (LP), offering diverse funding options for users.

Feb 12, 2025 at 03:54 am

Key Points:

Polymarket supports Bitcoin (BTC), Ethereum (ETH), and the liquidity provider token (LP), a derivative of the native Polymarket token (POLY).
BTC and ETH can be used to fund markets and trade predictions.
LP tokens are used to provide liquidity to the protocol and earn rewards.
POLY is used for governance and staking to participate in the protocol's fee discounts.

Cryptos Supported by Polymarket1. Bitcoin (BTC)

Native cryptocurrency of the Bitcoin blockchain.
Provides a store of value and medium of exchange.
Used to fund markets and trade predictions on Polymarket.

2. Ethereum (ETH)

Native cryptocurrency of the Ethereum blockchain.
Powers decentralized applications (dApps) and smart contracts.
Used to fund markets and trade predictions on Polymarket.

3. Liquidity Provider Token (LP)

Derivative of the POLY token.
Represents ownership in a liquidity pool.
Provides liquidity to the protocol and earns rewards.

4. Polymarket Token (POLY)

Native token of the Polymarket protocol.
Used for governance and staking.
Provides fee discounts and access to exclusive features.

How to Use BTC and ETH on Polymarket:

Funding Markets: Deposit BTC or ETH into your Polymarket account to fund a market.
Trading Predictions: Buy or sell prediction tokens using BTC or ETH to speculate on the outcome of events.

How to Use LP Tokens on Polymarket:

Providing Liquidity: Stake BTC or ETH into an LP pool to provide liquidity.
Earning Rewards: LP providers earn rewards proportional to their share of the pool's liquidity.

How to Use POLY on Polymarket:

Governance: Use POLY to vote on protocol changes and fee adjustments.
Staking: Stake POLY to earn fee discounts and participate in market creation incentives.

FAQs:

Q: What are the advantages of using BTC and ETH on Polymarket?
A: BTC and ETH are well-established cryptocurrencies with high liquidity and stability. They provide a secure and reliable way to fund markets.
Q: How do I get LP tokens?
A: You can stake BTC or ETH into an LP pool on Polymarket.
Q: What are the benefits of providing liquidity?
A: LP providers earn rewards proportional to their share of the pool's liquidity. They also contribute to the stability of the protocol.
Q: What are the advantages of using POLY?
A: POLY holders have governance rights and can earn fee discounts by staking their tokens.
Q: How does Polymarket ensure the accuracy of its markets?
A: Polymarket relies on a dispute resolution system where users can challenge the outcome of markets. The community then votes on the disputed outcome, ensuring fair and accurate market outcomes.

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