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Polymarket Plans Custom Layer-2 Network After Polygon Downtime

Polymarket prioritizes migration from Polygon to its Ethereum Layer-2 service, POLY, dropping third-party providers to operate fully in-house and enhance reliability.

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Summary

Polymarket team member Mustafa announced that the platform’s top priority is migrating from the Polygon blockchain to launch POLY, its own Ethereum Layer-2 service. The move is aimed at eliminating reliance on third-party providers and completing the transition soon. This follows downtime issues with Polygon and seeks greater operational control. Polymarket will also launch a five-minute market this week to provide rapid trading opportunities and increase user engagement.

Terms & Concepts
  • Polygon blockchain: A high-speed, low-cost network that operates alongside Ethereum to improve scalability and transaction efficiency.
  • Layer-2 network: A secondary framework built on top of an existing blockchain to increase speed, reduce costs, and improve scalability.
  • Prediction market: A platform where participants trade contracts based on the outcomes of future events, effectively forecasting probabilities.