Predicting the Value of Digital Assets With Decentralized Notifications
As more investors discover the power of decentralized prediction markets to make accurate market forecasts, they are becoming an important price forecasting tool for not only long-term bets but also short-term spot and day trading. To upgrade prediction markets to a professional trading tool, EPNS is pleased to announce the launch of a pilot program to provide decentralized push notifications to the users of PlotX — a cross-chain prediction market protocol for crypto-assets.
Why is PlotX Partnering with EPNS?
PlotX enables crypto-asset predictions, like “What will be the price of BTC/USDT in the next 1 hour?”
PlotX v2 Mainnet was launched on 14th May, 2021, and within a week more than 1,000 markets have been created, 6.5k+ predictions have been made and over 500k PLOT have been utilized to make predictions.
Given the traction on the platform already, PlotX has identified that traders require a push notification service to take timely advantage of the trading opportunities without compromising on the non-custodial nature of the application.
Providing the simplest, non-custodial experience of making predictions has always been a top priority for us ever since we started building the app in Feb 2020. With PlotX v2 we doubled down on our focus on UX and collaborating with EPNS is another step in that direction. It will enable our users to stay abreast of all the trading opportunities and never miss a prediction on PlotX v2.
— Ish Goel, Co-founder, PlotX
Due to the simplicity of its design, users often call it the Uniswap of Prediction Markets. UX has been a big focus of the app development as can be seen in their v2 Mainnet release with features such as gasless predictions, multiple new & exciting markets, cross chain swaps etc all making the app extremely exciting and easy to use for their users.
Decentralized notifications will help traders to fully benefit from oracle price feeds, new markets (hourly, daily & weekly), rewards distribution, and other important in-app events. This will allow users to stay within the ecosystem of the prediction market, without relying on any other platform for market updates.
Currently, PlotX users are reliant on Telegram, Twitter & Discord to receive market alerts.
The EPNS Solution
The EPNS decentralized push notification service sends timely notifications through a single source of communication, the investor’s wallet. All notifications go directly to the trader’s wallet where they can take immediate action. EPNS is the first native, on-chain notification solution to stream all crucial time-sensitive information to a user’s wallet. The partnership benefits to PlotX users include:
EPNS will send all prediction market trading notifications directly to PlotX user wallets.
The EPNS and PlotX teams will adapt the highly customizable EPNS protocol to meet the various push notification needs of DeFi prediction market users.
EPNS channels and users can customize their notification settings for different prediction market trading and investment products.
How EPNS is planning to support PlotX in achieving the objective?
Under this pilot program, EPNS is building a dedicated channel for PlotX (see our lightpaper for definitions of channels, services, and more). PlotX users can subscribe to the PlotX channel to receive customized notifications to their wallets. Through collaboration with the PlotX team, we will gain insight into the push notification needs of users of DeFi prediction markets and what they want from the EPNS protocol.
Notifying users about every phase of the prediction market is crucial for user engagement and adoption — new predictions, market fluctuations and market closing etc. Our partnership with PlotX will help bridge the gap between markets and its users, opening up multitude new uses cases for both protocol and users alike.
— Harsh Rajat, Founder and Project Lead of Ethereum Push Notification Service
Looking forward, we foresee many new EPNS notification channels being introduced as prediction markets become a key price forecasting and trading tool in DeFi. As the prediction market matures, push notifications will be essential to enabling future PlotX features like the decentralized positions trading exchange where users will be able to trade their positions with other users and liquidate their positions before they expire. Since PlotX is at the forefront of these innovative services, we expect our partnership to yield many new useful notification services and features.
The long-term goal of the pilot program is to develop a notification system for future versions of PlotX. Users — who can easily integrate the EPNS protocol into a wallet — will expect push notifications to be an integral service. Going forward, we also expect to work closely with PlotX users creating their own prediction market DAOs to meet their evolving push notification needs.
We are pleased to be partnering with the PlotX prediction market platform and anticipate EPNS push notifications becoming an indispensable tool in DeFi prediction markets.
About PlotX
PlotX is a cross-chain Prediction Market protocol built by the ex-CTO of Nexus Mutual (>$900m mcap).
Markets are focused on the most exciting crypto-assets like BTC, ETH, MATIC, BNB, DOGE & SHIB and are automatically created in intervals of 1 hour, 1 day and 1 week.
Dubbed as the Uniswap of Prediction Markets due to its simplicity, PlotX uses an Automated Market-Making algorithm to settle markets and distribute rewards without counterparty risk.
The PlotX v2 Mainnet was launched on the Polygon Network on 14th May with a multitude of interesting features like gasless prediction experience. The v2 app has seen significant traction from crypto traders since launch.