Polygon Bolsters Augur Betting Platform With $1M Liquidity Program

Augur is looking to expand into betting markets such as the National Football League, the National Basketball Association and Major League Baseball.

AccessTimeIconSep 30, 2021 at 3:37 p.m. UTC
Updated Apr 10, 2024 at 2:40 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.”
  • What's Driving HBAR's Roller-Coaster Ride?
    01:12
    What's Driving HBAR's Roller-Coaster Ride?
  • Bitcoin Could See 'Real All-Time High for This Cycle' in Q3 or Q4: Delta Blockchain Fund Founder
    19:20
    Bitcoin Could See 'Real All-Time High for This Cycle' in Q3 or Q4: Delta Blockchain Fund Founder
  • Bitcoin's 200-Day Average Nearing Record High; Ripple Rejects SEC’s Ask of $1.95B Fine
    02:12
    Bitcoin's 200-Day Average Nearing Record High; Ripple Rejects SEC’s Ask of $1.95B Fine
  • Akash Network’s Token Surges Nearly 50% on Upbit Listing
    01:02
    Akash Network’s Token Surges Nearly 50% on Upbit Listing
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eli Tan

    Eli was a news reporter for CoinDesk. He holds ETH, SOL and AVAX.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.