Let’s start with the basics. What is PlotX?
PlotX is a skill-based game where crypto-enthusiasts can leverage their knowledge of relevant crypto markets and earn rewards by correctly predicting future prices of digital assets like BTC, ETH etc.
This guide will teach you everything you need to know to get started with PlotX, starting with...
Before we get into the main stuff, we need to take care of a few things first. These are:
You need to have a crypto-wallet set-up in order to start making predictions on PlotX. Right now, there are two ways through which you can connect your wallet with PlotX:
- 2.WalletConnect - If you already have a crypto-wallet set up, you can use that too, provided it is supported by WalletConnect. To check your wallet’s compatibility with WalletConnect, please click here.
PlotX is a decentralized prediction market platform that is based on the Ethereum blockchain. This means that in order to interact with PlotX, you need to have an Ethereum wallet with some ETH in it to cover the various gas fees you will incur while placing predictions on PlotX. You can also use ETH to pay for predictions on PlotX.
Another digital asset that you can use to pay for predictions on PlotX is PLOT. You might already know what it is, but if you don’t, PLOT is an ERC-20 token that is native to the PlotX protocol. It serves as a utility token for the protocol with various use-cases like placing predictions, staking, governance, etc. You can know everything there is to know about PLOT here.
bPLOT (bonus-PLOT) is another token that you can use to pay for predictions on PlotX. It is a wrapped PLOT token and can only be used to participate in PlotX prediction markets as it is non-tradeable. The value of bPLOT is equal to that of PLOT at all times. bPLOT enables community incentivisation via Airdrops, Referrals, etc. You can know more about the value proposition of bPLOT in the Token Utility 2 and Token Utility 3.
One of the main goals of PlotX is to simplify the DeFi experience for an average person. And to deliver on that goal, the PlotX UI is kept as simple as possible without compromising on functionality.
This is the homepage of PlotX, where you can access all the necessary information about the product; from the whitepaper to news coverage to social media, everything about PlotX can be accessed through this page.
To start making predictions, click on the ‘Start Now’ button on the top right corner and you’ll be redirected to the ‘MARKETS’ page of the dApp. This is where your journey of making predictions on PlotX begins.
This is the page where the action takes place. Starting with the very top, in the navigation bar, you can see all the sections that you can switch between on the dApp to do things like:
- Making predictions on the ‘MARKETS’ page;
- Check out each market’s status in the ‘LEADERBOARD’ page;
- Check out your predictions’ history, performance and other important metrics in the ‘MY ACCOUNT’ page; and
- Participate in the protocol's governance by visiting the 'GOVERNANCE' portal.
You can explore the Markets Page in depth to analyse the markets and the options or you can look at the leaderboard page to see the status of other markets.To make predictions or view the My Account Page, you will need to head to the right of the navigation bar, where you can see the ‘Connect Wallet’ button which you can use for...
To start making predictions, you need to connect your crypto-wallet with PlotX first. When you click on the ‘Connect Wallet’ button, you’re prompted with this window:
Depending on which wallet you are using, you can go with either one of the two options available. For the purposes of this guide, we’ll be moving forward with the assumption that you’re using MetaMask.
When you click on the ‘MetaMask’ button, the MetaMask extension on your browser will prompt a window asking for your confirmation to make the connection between your wallet and PlotX. Here’s an example:
Select the account(s) you want to connect with PlotX, and then click on ‘Next’.
Then, click on ‘Connect’, and you’re done! After you’ve successfully connected your wallet with PlotX, the text inside the ‘Connect Wallet’ button will change to a shortened version of your account address.
To select a market, we come down to the Prediction Pair menu.
When you click on the drop-down, a menu of all the assets available on the platform is displayed and you can select the asset whose value you want to predict.
One of the unique features of PlotX is that it allows its users to make predictions on a 4 Hour, Daily, and Weekly basis.
The time frame of a market is also known as the ‘Market Duration’. Each Market Duration has a few similar characteristics. These are: -
- Market Start Time - This is the time when a market becomes live on PlotX, and users can start making predictions in it.
- Market End Time - This is the time when a market stops accepting predictions from the users, and is awaiting results.
- Market Closing Time - This is the time when the results and the winners (along with their respective rewards) are decided.
- Market Settlement Time - This is when the rewards are distributed to the winners of the market.
4 Hour markets have a gap of 8 hours between the Market Start Time and the Market Closing Time. Daily markets and weekly markets have a gap of 2 days and 2 weeks respectively between the Market Start Time and the Market Closing Time.
Hence, a 4 Hour market that is starting at 12:00 PM will ask users to predict the price of the selected Prediction Pair (eg - BTC/USD, ETH/USD) at 8:00 PM. The same applies to Daily and Weekly markets as well.
Market Cycle is something that captures the duration between the various time-stamps (eg - Market Start Time, Market End Time etc) for every market.
There are 5 Market Cycles/Stages in total that apply to each and every market on the platform: -
- In Settlement
- In Cooling
- In Dispute
The aim is to allow the player to have better visibility on their predictions and results. So, for example - if you’re in a daily market of ETH-USD that is accepting predictions, then you can say that you’re in the live daily market of ETH-USD. (Live < Daily < ETH-USD). For more clarity around the subject, we've explained all the Market Cycles/Stages in a little more detail below:
- Duration: Market Start Time to Market End Time.
- The very first stage for a market after it is created is the ‘Live’ stage. This is when you can place your predictions in the market.
- 4 Hour markets are live for 4 hours, Daily markets are live for 24 hours, and Weekly markets are live for 7 days.
- Duration: Market End Time to Market Closing Time.
- This is when the market has stopped accepting predictions and is waiting for the results to come in.
- 4 Hour markets are In Settlement for 4 hours, Daily markets are In Settlement for 24 hours, and Weekly markets are In Settlement for 7 days.
- Duration: Market Closing Time + 1/4th of the Market Duration.
- This is when the results have arrived and the winners are decided. But, to ensure that everyone is on the same page and there’s no disagreement on the results, the market enters this stage for 1/4th the duration of the Market Duration you’re in.
- So, for 4 Hour markets, the ‘In Cooling’ stage lasts for 1 hour, for daily markets — 6 hours, and for weekly markets — 1 day 18 hours.
- During this time, anyone who disagrees with the results can raise a dispute and that’ll push the market into the ‘In Dispute’ stage.
- If someone raises a dispute during the ‘In Cooling’ time period, the market enters the ‘In Dispute’ stage.
- When the market is in this stage, the Dispute Resolution Governance Mechanism kicks in; the Dispute is reviewed and after following the due procedure of reviewing and voting, the dispute is resolved.
- Duration: 3 days are given to each dispute to either be rejected or accepted. Hence, if a market is pushed into the 'In Dispute' stage, it'll stay in this stage for 3 days. More on dispute resolution and governance later.
- The final destination of every market is the ‘Settled’ stage. If any disputes are raised while the market is cooling then the extra step of 'In Dispute' stage is added between the ‘In Cooling’ and the ‘Settled’ stage, otherwise, the market is settled right after the cooling period.
- The ‘Settled’ stage is when the rewards are distributed to the market winners.
Below the Market Cycles, you can see the Market Question and the Market Stats of the selected market.
As you can see in the screenshot above, the Market Question of the selected market is:
“What will be the value of ETH/USD at Dec 08 2020?”
You can also see other stats about the market such as the time remaining for you to make predictions in the market, the total number of participants in the market etc, in this section.
Below the Market Stats, you can see a detailed price feed chart of the selected asset. You can refer to it for applying technical analysis before deciding on your prediction.
And that's it! These were all the basics that you should know before making predictions on PlotX. Next, if you wish to learn things like the process of making predictions, analysing the 'LEADERBOARD' and the 'MY ACCOUNT' page, please read the 'How to make predictions on PlotX' guide.