PlotX AMA

This post was originally published on AscendEX

AscendEX Support

May 26 · 6 min read

To help celebrate the launch of the mainnet and the listing of PlotX on AscendEX, AscendEX’s Mary Zheng sat down for an AMA with PlotX’s Co-Founder Kartic Rahkra to gain more insight into the project’s success and strategy for the future.

Mainnet Launch Details

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Mary Zheng | AscendEX

For those that are not familiar, can you briefly describe the PlotX platform and the features that are available?

Kartic | PlotX

PlotX is a cross-chain prediction market protocol built by and for crypto traders. It enables crypto-asset predictions, like “What will be the price of BTC/USDT in the next 1 hour?”

Due to the simplicity of its design, users often call it the Uniswap of Prediction Markets.

It seems like Vitalik is also just as excited about the type of product we’re building. He recently tweeted about the huge potential of prediction markets for non-politics-based markets, which is what PlotX is doing. https://bit.ly/2QSUZOk

Mary Zheng | AscendEX

Cool. Thank you for the detailed explanation. Let’s transition a bit towards the native token — PLOT. How does the PLOT token function within the platform, and why is it needed?

Kartic | PlotX

$PLOT is a non-refundable functional utility token that is used as the medium of exchange between participants on the PlotX prediction market protocol. I’ll list down its utilities below:

PREDICT — You can predict in PlotX prediction markets and earn rewards for correct predictions.

STAKE — You can stake in a variety of staking opportunities that arise from time to time. Currently, staking in the PLOT/QUICK pair on Quickswap earns a handsome 200% APY in QUICK tokens. https://bit.ly/3fhfYUq

POOLED STAKING — Stake your PLOT on the PlotX v2 app and be a part of the first decentralized market maker for prediction markets — Coming soon! Stay tuned to @plotx_official for more details.

GOVERNANCE — Decide which markets to add, which coins to accept as payment, what rewards to give to the market creators, and everything else about the app by participating in community governance.

HODL — Decentralized market maker, Pre IDO prediction markets, NFT rewards, and so many other exciting opportunities coming over the next few weeks for PLOT holders — Check roadmap here: https://bit.ly/3bR0rIA

Currently, $PLOT is tradeable on:

AscendEX https://bit.ly/3hP6Lo1

Uniswap https://bit.ly/2QSVkk4

Quickswap https://bit.ly/3um6zPu

Mary Zheng | AscendEX

How has the team grown since you first came up with the concept and how many people are currently working on the PlotX project?

Kartic | PlotX

The team behind PlotX previously built the tech for one of the most important DeFi products out there — Nexus Mutual (>$700m mcap).

Ish Goel, a co-founder, served as the CTO of Nexus Mutual for over 2.5 years.

Nitika Goel, a co-founder, served as the Lead Engineer of Nexus Mutual during the same period. Also published the ERC1132 token standard.

Kartic Rakhra (me!), a co-founder, was the founder of India Blockchain Week — one of India’s earliest crypto communities and events.

The three of us have been working together since 2017 and have a very good understanding of how to build scalable consumer-facing products like Nexus Mutual and PlotX. We were around 15 people back when we started building PlotX. Today, we’re more than 50 crypto & DeFi maximalists working on the project across tech, product, and marketing. We are also glad to have some highly experienced advisors and consultants working with us to help us take this project to its true potential.

Mary Zheng | AscendEX

Can you describe a typical user/client on your platform and some examples of use cases?

Kartic | PlotX

PlotX has been built by and for crypto traders. It enables them to use their trading skills to predict the future value of crypto assets & make money when they are correct. Most of the users on PlotX are traders on CEXs like AscendEX. They understand crypto and can use their knowledge to make accurate predictions on the price of various crypto assets.

Currently, users can predict on the most exciting crypto asset pairs out there:

$BTC

$ETH

$BNB

$MATIC

$DOGE

$SHIB

In just ten days since the launch of our v2 Mainnet on Polygon, the platform has witnessed close to 10k predictions valuing more than $70,000. We have also seen users 10x their portfolio in just three days! https://bit.ly/3oOWWaS

You can get started here 👉 https://bit.ly/3vkPRBC

Mary Zheng | AscendEX

Great! Let’s talk about the current landscape of other projects doing something similar. What separates you from some of the competitors?

Kartic | PlotX

There are a number of prediction markets out there. We respect them for what they have done so far and how they are evolving. There’s a lot of room for PlotX to innovate in this space and grow. Our use case, covering crypto traders, is fairly unique within prediction markets. Our shorter market duration plays a huge role in making the entire experience a lot more exciting for the users. Further, we have created quick snapshots that capture the differences between PlotX v2 and some of the other prediction markets out there. I’ll share links to the posts where we’ve described the differences:

PolyMarket: https://bit.ly/3oQ73MJ

HXRO: https://bit.ly/3ywxdIO

PolkaMarkets: https://bit.ly/2ROjgFz

Augur: https://bit.ly/3bSU4Vm

Mary Zheng | AscendEX

What does success look like for PlotX? What are the most significant risks and challenges PlotX will need to overcome for you to consider the project successful?

Kartic | PlotX

We aim to make PlotX the number 1 Decentralized Derivatives Exchange in the world, giving users a CeFi experience on a decentralized architecture. We have started with prediction markets, tapping into the ‘Wisdom of the Crowd’ to provide institutional traders access to highly sought-after data that would help them make better trading decisions. There’s a lot planned around this theme, and we covered some of it in our roadmap that we shared with the community via the research forum: https://bit.ly/3bR0rIA

When we launched PlotX v1 in October 2020, high gas fees on Ethereum made it hard to make profitable predictions on the PlotX app. This proved to be a big barrier to the platform’s growth. We have since moved fast to solve this issue by deploying PlotX v2 on Polygon and upgrading the user experience to give users a gasless prediction making experience. Another big challenge is the lack of liquidity in the markets. We solved this by redesigning the incentive structures around market creation and providing market creators the right incentives to add base liquidity in the markets they create!

You can read more about these interesting new features here — https://bit.ly/3bVMIAy

Mary Zheng | AscendEX

Last question from my end before we switch over to the community q&a session. Can you please elaborate on the goals you are aiming to achieve for the rest of 2021?

Kartic | PlotX

I shared the long-term goals in the previous question. In terms of the immediate goals, we shared a fairly detailed roadmap for our community to comment on via our research forum. Some of our key goals with the product this year are mentioned below:

✅ Launch Positions Trading Engine

✅ Launch Pooled Staking

✅ Launch PlotX v2 on BSC

✅ PlotX v2 on Huobi Chain (Heco Chain)

✅ Pre-market asset predictions launch

✅ NFTs Integration

✅ Adding perpetual prediction markets

✅ Design & Launch a Referral program

✅ Introduce Social Tokens

Community Questions:

Craig Cook

How have the current market conditions affected PlotX?

Kartic | PlotX

The beauty of PlotX is that users can make a positive ROI on the platform regardless of the market conditions. In spot trading, traders need to buy low and wait for the market to go up to book profits. With PlotX, however, this is not the case.

Md.Sejan Hosean

Will your project support NFTs in the future?

Kartic | PlotX

Yes, as I mentioned in the roadmap, NFTs are very much a part of our plans at PlotX.

We plan to launch NFTs for user badges, to begin with. There are also some additional plans with NFTs and price discovery that I will be able to share at a later date.

Alisa lu

This all sounds really exciting. One question about security — how can users be sure they are safe while using your protocol? Is it audited?

Kartic | PlotX

Yes. The project has been audited by Certik and runs through multiple security checks throughout its code deployment process. While security is an ongoing process, users can rest assured that the team follows the best security practices.

Crypto!!Lord

I’m a developer, and I’m interested in contributing to your project while earning. Do you have any bug bounty programs to check for vulnerabilities?

Kartic | PlotX

Hey! Feel free to DM me for more info. We don’t have an active bug bounty program right now. However, we’re always improving and would be happy to collaborate with smart devs out there who are able to help identify key bugs in the project.

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