Polymarket Expands Funding Options Via Solana Blockchain

Polymarket, a decentralized blockchain-based prediction platform, has recently expanded its services by allowing users to deposit funds via the Solana blockchain. This move is significant as it opens up new avenues for users to engage with the platform, which is known for its real prediction markets where users can bet on a wide range of events. The betting odds on Polymarket change dynamically based on market activity, providing a dynamic and interactive experience for users.

Some of the current bets available on the platform include predictions on the price of major cryptocurrencies such as Bitcoin, Ethereum, and Solana through the end of March 2025. Additionally, users can bet on more unusual events, such as the probability of the return of Jesus Christ in 2025, which is estimated at 3% at the time of writing. The platform has also gained attention for its accurate predictions regarding key events, particularly the results of the U.S. presidential election in 2024.

Despite its success, Polymarket faces regulatory challenges. Last year, a user was criminalized for betting on the country's presidential election in violation of local gambling laws. The platform is also banned in several regions, including Thailand, Singapore, and France. In the United States, access to Polymarket has been restricted since 2022 following a settlement with the Commodity Futures Trading Commission (CFTC) over unregistered binary options trading. However, the platform is working to improve attitudes from political and financial representatives. For example, Polymarket CEO Shane Coplan was invited to the first cryptosummit of the White House on March 7.

In addition to expanding its funding options, Polymarket is also collaborating with EigenLayer and UMA to develop a next-generation oracle system. This system will be based on the EigenLayer infrastructure, utilizing the EigenLayer restacking mechanism and the EIGEN token. The goal of this collaboration is to improve the functionality and reliability of oracles for prediction markets, allowing them to operate effectively in a variety of environments as markets expand and change. The new oracle system will emphasize community consensus and dispute resolution, making it well-suited for prediction markets.

This partnership with EigenLayer could enable Ethereum (ETH) stakers to provide oracle services, strengthening its economic support through network security. The EigenLayer platform allows users to re-stack ETH or liquid-stack tokens to provide additional services such as oracles, which improves their reliability. Unlike traditional decentralized oracle networks that collect data from multiple external sources, the new oracle system will focus on community consensus and dispute resolution, making it well-suited for prediction markets.