What makes the decentralized prediction market TrueMarkets different?

Although Polymarket faces strict scrutiny and challenges from U.S. regulators, it gained fame by accurately predicting the U.S. election and successfully ignited enthusiasm for the prediction track.

Behind the rise of Polymarket, there is no shortage of strong support from Ethereum co-founder Vitalik Buterin. Now, another decentralized prediction market TrueMarkets has also gained Vitalik's favor and endorsement.

On November 19, according to Shield monitoring, the address marked on-chain as 'vitalik.eth' has bridged 32 ETH from the Ethereum chain to Base and minted 400 Patron NFTs.

Vitalik's 'endorsement' immediately attracted market attention. OpenSea data shows that over 3,300 Patron NFTs were sold in the past 24 hours, with sales totaling approximately 703 ETH, ranking first in the market's daily trading volume.

As of the publication, the floor price of Patron NFT has risen to 0.23 ETH, more than 2.8 times the minting price (0.08 ETH).

It is reported that Patron NFT is launched by TrueMarkets, a decentralized binary prediction market based on Base, allowing users to predict the outcomes of real-world events, aiming to break the information asymmetry related to global news, enabling people to express immediate sentiment about the possibilities of potential outcomes.

TrueMarkets plans to release version V1 by the end of this year.

The operational mechanisms of Truemarkets and prediction platforms like Polymarket are fundamentally similar, simplifying complex event predictions into two answers of 'yes/no', thereby creating a binary trading market, where the two answers are adjusted in real-time based on the odds perceived by the market, with traders and market makers providing liquidity to maintain market balance and stability.

When the outcome of the event is finally revealed, the tokens matching the correct answer can be redeemed at a value of $1, whereas the others will lose all value.

But Truemarkets also has its uniqueness. According to Millie, the project manager of TrueMarkets, in most other prediction markets, minting prediction tokens is usually limited to whitelisted users, while Truemarkets will ultimately achieve permissionless market creation realized by AI agents.

All transactions on Truemarkets are completed directly on-chain through Uniswap V3, including trading, liquidity provision, and market creation.

At the same time, Truemarkets uses an oracle established through a protocol to interpret market outcomes, which combines decentralized jury pools, etc., to achieve accurate decision-making in a transparent manner.

It is worth mentioning that TrueMarkets has also opened a challenge window during which anyone can raise objections to the proposed solutions.

To prevent manipulation and ensure the orderly operation of the oracle, TrueMarkets has introduced the important role of Disputer.

Specifically, when a prediction outcome triggers a dispute, the Disputer can challenge by paying a $250 deposit and explaining the grounds for the challenge. If the challenge is accepted, the Disputer can not only reclaim the deposit but also receive a corresponding reward.

To ensure fairness and justice, TrueMarkets has set up a three-stage arbitration mechanism, including challenges to preliminary proposals, oracle committee decisions on disputes, and token holder voting disputes, with different challenge costs for each stage being $250, $5000, and holding 250,000 platform tokens TRUE in a wallet.

Additionally, although Polymarket has been reported or is conducting token airdrops, the platform has not clearly stated that it will issue its own token.

TrueMarkets has announced its token economics and will launch the TGE (Token Generation Event) by the end of this year.

It is reported that TRUE is a multifunctional utility token in TrueMarkets, which can be used for controlling protocol fees and governance, etc.

The total supply of TRUE is 100 million tokens, of which 40.3% is allocated to Oracle Patron NFT (15,071) and Truth Seeker Patron NFT (59) holders, with each NFT corresponding to 2666.67 TRUE tokens; 2.2% is airdropped to Discord and beta users, etc.; 7.5% is for market incentives; 12.5% will be allocated to TRUE/ETH liquidity providers (LP) on Base over two years; 12.5% is allocated for oracle incentives; the remaining 25% will be allocated to the TrueMarkets team and advisors, which will be unlocked linearly over two years.

"Once the prediction market reaches a critical scale, a strong feedback loop will form. The wider their audience, the more accurate the predictions will be. Elections are a turning point for prediction markets, as this event proves that such platforms are the most accurate indicators and primary sources of news. Looking ahead, it is expected that the world will increasingly rely on prediction markets for news and entertainment, and the more people participate, the stronger the predictive power of prediction markets will be."

Regarding the development prospects of the prediction market, Millie expressed this.

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