How the Prediction Markets Are Wagering on Canada’s Election — CoinDesk

How the Prediction Markets Are Wagering on Canada’s Election — CoinDesk

Polymarket runs on Polygon, a sidechain, or parallel network, to the Ethereum blockchain, and the bets are managed by software programs known as smart contracts. The advantage of this setup is that an open system can allow “anyone, anywhere to create markets on anything,” as Polymarket founder Shayne Coplan puts it. But it’s hard to use. Bets are denominated in USDC, and the gas, or on-chain computation fees, to deposit and withdraw the dollar-pegged stablecoin to and from Polymarket can cost more than the amount being wagered.

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