Decentralized predict-to-earn platform, PlotX is expanding its platform, enabling new ways for $PLOT token holders and users to generate rewards. The platform will introduce NFTs, play-to-earn, and gaming mechanisms that will see users not only win rewards by predicting the price of cryptocurrencies, but also by making predictions in other categories like sports, as well as passively generating returns by staking their $PLOT tokens.
Over the past few years, the cryptocurrency and blockchain technology ecosystem has witnessed a massive growth rate as new products launch every other day. Blockchain gaming and prediction markets, in particular, have grown exponentially since 2020, with the GameFi industry currently boasting $18 billion in market cap value, representing about 6% of the total global gaming market. While blockchain games and gamified products oversee a mass adoption phase, most platforms still offer users little value in terms of rewards and options, leaving users with low returns on their investment.
A new light in the blockchain prediction ecosystem
Launched in 2020, PlotX is a decentralized predictions market that allows users to earn rewards by making predictions about a variety of top crypto and fiat markets. The players bet on the price differential within a given time limit, and if correct, they earn rewards. Currently, the project has more than 70,000 markets available to predict and more than half a million predictions have currently been made on the platform itself.
PlotX main interesting advantage is lowering the cost of entry into the gamified blockchain world. First, the platform is completely gas-free, maximizing the earnings of people using the platform. Additionally, the platform offers a simple and user-friendly platform that welcomes the average Web 2.0 users that want to try their hand in the cryptocurrency space. With a cost-free and user-friendly platform, PlotX provides an exciting new way for people to get involved in crypto easily, whilst also providing the opportunity to make returns of up to 400%.
Nonetheless, this is only a fraction of what PlotX offers users.
Earn a passive income on PlotX
As alluded to, many blockchain prediction markets offer little value to users apart from the betting and rewards offered, which come with their own risks. With PlotX, players and users will have an opportunity to earn without really taking on the betting risk.
According to a statement from the team, PlotX users can stake their native $PLOT tokens on the platform, which provides opportunities for passive income, without the need to make predictions. The staking program creates earning opportunities for those that want to be active and those that want to earn money without having to constantly manage their account. Users can participate in the staking program using six cryptocurrencies including the native $PLOT, $WMATIC, $USDC, $USDT, $DAI, and $WETH.
Total staked $PLOT tokens, as of writing 04 March 2022. (Image: PlotX)
Users who participate in staking using any non-PLOT token will see their funds first swapped for the $PLOT token on Quickswap (this is done in the background) and then staked to the pool. Hence, when you unstake, you’ll get back your stake amount in the form of $PLOT, in addition to the WMATIC and bPLOT rewards. The pool has a maximum total size of 20 million PLOT. This means that you won’t be able to participate in the staking program and earn WMATIC and bPLOT rewards once the total amount staked in the pool reaches 20 million PLOT.
Over the past year, the $PLOT staking program has witnessed mass adoption with more than $32 million used in participation and from this, users have successfully totaled more than $14 Million in rewards.