Polymarket, EigenLayer, and UMA have teamed up to create the next-generation Oracle system. The intention is to improve the functionality and scalability of prediction markets and blockchain data.
Three organizations are joining forces to create a next-generation oracle system for blockchain data and prediction markets.
EigenLayer, Polymarket, and UMA announced their collaboration on Monday, aiming to build an oracle system that is more scalable, secure, and community-driven.
Oracles are crucial in blockchain ecosystems as they bridge the gap between decentralized applications (dApps) and the real world by providing external data, such as price, weather, event results, and more. In the realm of prediction markets, community dispute resolutions are particularly important.
EigenLayer’s infrastructure, including the EIGEN token and restake mechanism, will be utilized in the development of the oracle system to enhance its reliability and scalability at a lower cost.
“We’re excited to work with EigenLayer to develop new oracle designs that leverage the unique intersubjective security properties of EigenLayer and the EIGEN token,” UMA stated.
This collaboration marks a significant step towards improving the functionality and capacity of prediction markets and blockchain data.
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