Polygon, an Ethereum scaling platform onboarding millions to the Web3, today announces the launch of Augur-Matic Rewards, a $1 million incentivization program to bolster liquidity on Augur Turbo, a decentralized predictions platform with daily markets for sports, crypto, politics, and current events.
Polygon’s incentivization scheme is aimed at liquidity providers (LPs) to bootstrap user adoption and ensure the smooth running of Augur Turbo.
Currently, many crypto sports betting platforms simply mimic the model of traditional bookmakers, remaining illiquid as a result and exhibiting prohibitive fees. By instilling an automated market maker (AMM) model instead, Augur Turbo enables users to provide liquidity on every side of the bet and renders dynamic odds determined by the AMM.
Built on Polygon, Augur Turbo represents a significant upgrade to Augur’s existing Ethereum-based predictions platform. The transition to Polygon also allows Augur Turbo to leverage a sustainable base of operations, minimizing transaction fees while facilitating access to millions of new users in the Polygon ecosystem. User growth is expected to further expand with the ability to create and add liquidity to additional betting markets, including the National Football League, National Basketball Association, Major League Baseball, Mixed Martial Arts, and the Olympics.
Augur Turbo started beta testing on Polygon just three months ago in an effort to make prediction markets more scalable and accessible to a broader audience. Since then, not only has Turbo expanded to include daily markets for NFL, NBA, and MMA and weekly markets for Crypto and MMA, but the user experience has improved a hundredfold thanks to the feedback from the community. By utilizing Polygon’s fast and secure transaction processing, LPs and traders are free to trade in and out of positions as the markets shift.
Tom Kysar, Director of Operations at Augur, said: “Long story short, Augur v2 (on Ethereum) had numerous problems in regards to the cost to use it, gas prices, and transaction times. Augur Turbo on Polygon negates these issues, making it virtually free to execute trades and take other actions.”
With Ethereum gas fees skyrocketing, Polygon has become the most popular layer 2 among developers in recent months. Currently, it houses substantially more gaming and NFT Dapps than other chains outside of Ethereum, with more than 500 Dapps already in the Polygon ecosystem. Polygon also boasts over 13.5 million unique users and has facilitated more than 600 million transactions, both of which are growing at a rapid pace.