Polymarket
Polymarket can be used to make money and to hedge against possible risks.
Trading / betting Edit
The default deposit method costs ~13 basis points or 0.13%. You can avoid this fee by:
- Deposit with card: For beginners, this offers the smoothest experience. You don't even need a crypto wallet to do it.
- Getting USDC on the Polygon PoS chain yourself and using the "deposit crypto" option. ~10 basis points plus possible bridge fee
- Getting USDC on the Polygon PoS chain yourself and swapping for USDC.E yourself. ~5 basis points plus possible swap and/or bridge fee
- For advanced users: The default deposit dialog is an accouintless centralized exchange that enforces OFAC sanctions. Any method to send USDC.E to a Polygon PoS wallet will work. Note that different L2s have different "USDC.E" tokens, and it needs to be USDC.E wrapped by the official Polygon bridge- not USDC issued natively by Circle.
Always test with small amounts when trying a new method first.
Hedging / insuring Edit
Polymarket tends to have a bias towards things happening, so it tends to offer poor (but still sometimes useful) prices for insurance.[1] However, it can offer a potentially useful venue to create convex portfolios.