Polygon said Thursday it is launching a $1 million incentive program to provide liquidity on Augur Turbo, a decentralized predictions platform that covers sports, crypto, politics and current events.
- The program, to be named “Augur-Matic Rewards,” is intended to boost Augur’s Polygon-based predictions platform, which uses an automated market maker (AMM) model to determine odds.
- Unlike most crypto betting platforms that resemble a traditional sports betting model, Augur Turbo is looking to leverage liquidity to eliminate fees for trading in and out of positions.
- The platform is hoping to grow its user base and expand into additional betting markets such as the National Football League, the National Basketball Association, Major League Baseball, Mixed Martial Arts and even the Olympics, it said in a press release.
- “Long story short, Augur v2 (on Ethereum) had numerous problems in regards to the cost to use it, gas [fees] and transaction times,” Tom Kysar, director of operations at Augur, said in a statement. “Augur Turbo on Polygon negates these issues, making it virtually free to execute trades and take other actions.”
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.