This is How Chainlink and Polymarket Could Change Crypto Bets

According to the firm’s press release, Chainlink is aiming to help Polymarket’s speed and accuracy. The company will employ its decentralized oracle networks to automatically settle asset price-related markets to reduce latency and tampering risks.

This should allow many bet categories to resolve on-chain almost instantaneously. For now, it only applies to prediction markets covered by Chainlink Data Streams, ie, token prices, but this could change in the future.

Potential for Growth

Specifically, Chainlink mentioned exploring this technology for some of Polymarket’s more subjective betting categories, but it didn’t make any firm commitments. Still, many of the platform’s largest recent bets have involved events like celebrity gossip and sports outcomes.

It’d be ideal to reduce reliance on social voting mechanisms for these markets, especially if they’re going to become a significant portion of the firm’s total volume.

Kalshi, for its part, is already planning to make sports betting a major revenue stream, so the competition is bending in that direction.

Chainlink added that this Polymarket update is already live on Polygon mainnet, enabling users to create “robust prediction markets around… hundreds of crypto trading pairs.” If these solutions prove popular with Polymarket’s user base, this partnership could deepen for new technological applications.