Ethereum co-founder Vitalik Buterin has publicly endorsed Polymarket, a cryptocurrency-based prediction market, emphasizing its role in promoting accurate information and combating misinformation. This endorsement comes during a heated U.S. election season, where Polymarket has gained traction for its unique approach to gauging public opinion and event outcomes.
Buterin’s support for Polymarket stemmed from a recent discussion on X (formerly Twitter) regarding the platform’s focus on events related to the ongoing Middle East conflict. Some users criticized Polymarket’s ‘Hezbollah betting section,’ arguing it trivialized a serious geopolitical situation. Buterin, however, defended the platform, asserting that it serves as a valuable ‘news site’ for users seeking credible information amid a deluge of disinformation. He argued that the betting aspect of Polymarket encourages users to carefully consider their predictions, as they stand to gain or lose financially based on the outcome. This ‘skin in the game’ element, Buterin believes, makes Polymarket a more reliable source of information compared to traditional news outlets or social media platforms.
Buterin also highlighted the platform’s commitment to ethical practices. While acknowledging the potential for profit from negative events, he emphasized that Polymarket’s primary goal is to foster a transparent and accountable environment where speech has consequences. He drew a clear line against predictions related to assassinations, recognizing the potential for such bets to incentivize illegal actions.
Buterin’s investment in Polymarket goes beyond mere endorsement. In May, he participated in the platform’s $70 million funding round, alongside prominent investors like Peter Thiel’s Founders Fund. With speculation of a token launch in the works, Polymarket is poised for further growth and expansion. The platform, built on Ethereum’s Layer-2 chain Polygon, allows users to buy and sell ‘outcome shares’ using cryptocurrencies. These shares are redeemable for $1 if the predicted outcome is correct, effectively transforming the platform into a dynamic marketplace where information is both wagered on and validated.
