7 Cryptographic Platforms for Event Trading: Which to Choose in 2024

Prediction markets on the blockchain are fundamentally changing the approach to betting on future events. They operate based on smart contracts and allow participants from around the world to place bets using cryptocurrencies. Such systems eliminate the need for intermediaries and regulators, providing a fair platform for forecasting and earning.

Why are decentralized markets attracting more and more attention?

Unlike traditional bookmakers, Web3 trading platforms for outcomes offer three key advantages:

Security and transparency — all transactions are recorded on the blockchain, and results are determined by automatic smart contracts without the possibility of manipulation.

Global accessibility — anyone with internet access from any country can participate without the need for complex verification.

Collective wisdom — the more people place bets, the more accurate the data becomes. This aggregated information is often more reliable than traditional polls and forecasts.

How do these platforms actually work?

The process consists of four stages:

1. Creating an event — a user generates a market for a specific event (for example, “Who will win the elections?”). Options “Yes” and “No” are set.

2. Buying positions — participants purchase shares corresponding to their forecast. The share price reflects the current probability of the event.

3. Verifying the result — after the event, the result is checked by blockchain oracles (special services that receive data from the real world).

4. Automatic settlement — the smart contract distributes funds among those who guessed correctly, proportionally to the number of shares purchased.

Main features of the best platforms

1. Polymarket — industry leader

Statistics: In July 2024, trading volumes reached $380 million (up from $100 million in June), with the largest bet on elections exceeding $505 million.

Built on Ethereum and Polygon, this platform uses the stablecoin USDC, ensuring stability for traders. The key feature is liquidity pools that create fair prices in real time.

Advantages:

• Low fees (2% of profits)
• Active community
• Wide range of markets (politics, sports, entertainment)

2. Hedgehog Markets — powered by Solana

Launched on the Solana blockchain, providing microsecond speeds and minimal fees. Unique feature — “break-even markets” (non-loss markets), where your capital generates income through DeFi protocols while the game is ongoing.

This effectively turns betting into an investment — you earn even if you lose the bet.

3. PlotX — “Prediction Uniswap”

Audience: 200,000+ active users

Operates on Ethereum and Polygon using an AMM (automated market maker) algorithm. Allows forecasts on crypto pairs (BTC, ETH, YFI) with intervals from 1 hour to 1 week.

Feature — fully non-custodial protocol, where you always control your funds. The PLOT token allows holders to vote on platform development.

4. Projection Finance — focused on DeFi integration

A startup from 2023 on Ethereum that combines forecasting with decentralized finance tools. Supports staking — you earn rewards for providing liquidity or accurate predictions.

5. SanR.app — social analytics

From the team of Santiment (a well-known on-chain data provider). Feature — monetization of your own analytical signals. Traders can publish market predictions and earn based on their popularity.

The platform integrates SocialFi — follow top traders and their signals directly on the blockchain.

6. DexWin — for sports fans

Launched on the Azuro protocol, focused on sports betting (NBA, NCAA). Offers gasless transactions on Polygon and the highest odds in the industry.

Supports USDT and offers its own casino features (dice, coin, slots).

7. Oriole Insights — a newcomer with potential

A 2024 platform on Polygon with a simple interface. Main focus — UP/DOWN forecasts on crypto pairs, ROI bets, and predictions of new coin listings.

A reputation system boosts your status with accurate predictions, creating motivation for honest play.

On the horizon: Drift Protocol

Dextrop on Solana, which has already attracted 195,000 users and processed $34.5 billion in trading volume. Plans to launch a prediction market in August 2024, leveraging Solana’s high performance.

Interesting feature — “Election Center” for trading meme tokens PolitFi (TREMP, KAMA), and integration with Solana Blinks for social media interaction.

Critical challenges of the industry

Scalability — current blockchains struggle with huge volumes. Layer 2 solutions (like Polygon) partially solve the problem, but no complete solution exists yet.

Regulatory uncertainty — some countries consider these markets as gambling, creating legal risks.

Oracle data quality — their accuracy affects the fairness of calculations. Decentralized node networks help but do not guarantee 100% reliability.

How to choose a platform?

• For beginners: Polymarket or Oriole Insights (simple interfaces)
• For traders: PlotX or SanR.app (frequent events, high risk/reward)
• For analysts: Hedgehog Markets or Projection Finance (DeFi integration)
• For sports fans: DexWin (best odds)

Final outlook

Crypto prediction markets are rapidly evolving. They offer transparency, accessibility, and a financial instrument that didn’t exist before. Blockchain oracles solve the verification problem, and smart contracts automate fair settlement.

However, remember: markets are volatile, oracle data is not always perfect, and legal status is still unclear. Always conduct your own research and do not invest more than you can afford to lose.

The future belongs to those who correctly read the collective market sentiment.