Polygon is launching a $1 million incentivization program to provide liquidity on Augur Turbo, a decentralized predictions platform that covers sports, crypto, politics and current events, the company announced Thursday.
- The program, to be named “Augur-Matic Rewards,” will boost Polygon’s existing Ethereum-based predictions platform that 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 prices, 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.”
