A user on Polymarket has made more than half a million dollars. Polymarket is an Ethereum-based betting platform where users can place wagers on various events like elections, news developments, or the price of Dogecoin on a certain date.
According to Polymarketwhales.com, the participant, who’s the most profitable user on the platform, has clocked about $566,084 in winnings.
Participants on Polymarket place their bets or trades in USDC stablecoin, in turn receiving shares that correspond to the probability of a certain outcome.
Users can buy or sell shares even prior to a resolution. A 2% transaction fee is charged besides the Ethereum gas fees that users incur when depositing and withdrawing USDC. Polymarket Beta was launched on June 16th, 2020.
Wagering on whether Ethereum’s London hard fork upgrade would happen as scheduled is among the recent bets that the most profitable Polymarket whale has made.
In July, the betting whale also wagered on whether decentralized finance platform Iron Finance would have reached over $500 million in total value locked by August 1st.
Some other things that the whale placed bets on were:
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Featured Image: Shutterstock/Gudkov Andrey