According to official reports on September 12, Polymarket teamed up with Chainlink to launch new 15-minute markets featuring near-instant settlements and industry-leading security.
Polymarket is a leading onchain prediction markets platform, and since its launch in 2020, it has experienced huge growth.
Chainlink is an oracle platform that brings capital markets onchain and powers most of DeFi. Chainlink reportedly enabled tens of trillions in transaction value across the blockchain economy, powering important use cases across:
- DeFi
- Banking
- RWAs
- DeFi protocols
Polymarket Integrates Chainlink's Oracle System
As stated in the official press release, this partnership will:
- Initially, focus on boosting the accuracy and speed of asset pricing resolutions
- Later expand into additional markets
Polymarket's integration of Chainlink's system is now live on the Plygon mainnet and it enabled the creation of secure, real-time prediction markets around asset pricing, including live crypto trading pairs.
The integration combines:
- Chainlink Data Streams - provide low-latency, timestamped, and verifiable oracle reports
- Chainlink Automation - enables timely, automated onchain market settlements
The results will include near instant resolutions of asset pricing markets like Bitcoin price predictions, according to a predetermined date and time.
The partnership will also explore new ways to expand the use of Chainlink to settle prediction markets involving more subjective questions and reduce reliance on social voting mechanisms, leading to minimized resolution risks.
Enhancing How Prediction Markets Are Created and Settled
The co-founder of Chainlink, Sergey Nazarov, explained that this partnership is an important milestone that will enhance the ways in which prediction markets and created and settled.
He said that when market outcomes are resolved by top-quality data and tamper-proof computation from oracles, prediction markets can transform, becoming:
- More reliable
- Real-time trustworthy signals
He highlighted that this partnership is a step forward towards a world powered by "cryptographic truth."
Chainlink Leads the Oracles Market Share in TVS
Chainlink is the leader in the oracles market share in terms of total value secured, controling over 61% of the market share with over $63 billion in TVS.
It's followed by Chronicle which controls more than 8% of the market share (over $8 billion TVS), RedStone which controls almost 7.6% (over $7,7 billion in TVS) and others, according to data from DeFi Llama.
LINK Price Up by 4% in 24Hrs
Today's announcement led to a price spike for Chainlink (LINK).
At the moment of writing this article, LINK is trading above $24.5 with a market cap of more than $16.65 billion, up by approximately 4% in the past 24 hours.
The 24-hour volume for LINK is over $1.02 billion, up by more than 8%.
