Regarding the controversy surrounding Polymarket being controlled by oracles, last month, Musk's xAI and Polymarket officially announced their collaboration. I estimate that it is highly likely that Polymarket will abandon its partnership with oracles like UMA and directly use AI as the basis for determining the results.
The voting results on Polymarket have been manipulated many times, and this time they directly reversed the $2.4 bet, causing all those who bet correctly to lose everything. There were over $200 million in bets regarding whether Zelensky would wear a suit before July. Just four days before the results were announced, on June 26, Zelensky indeed wore a suit during talks with Trump in The Hague, yet the final result was "no." This was because the UMA whales, who are the oracles for Polymarket, were unwilling to accept defeat and manipulated the voting results. Since UMA operates on a POS mechanism, the determination of results is based solely on the choices of the most staked voters, allowing the whales to completely control the outcome. Additionally, due to the POS reduction mechanism, other smaller holders are also forced to go along with the whales' narrative, otherwise, if their voting results do not "align with the facts," they will be fined.
Currently, UMA's market cap is only $130 million, meaning that the entire Polymarket, with bets in the tens or hundreds of billions of dollars, relies solely on this $130 million POS. As long as you can control UMA, it is equivalent to controlling Polymarket, and the whales hold 95% of UMA's tokens.
10.19K
23
The content on this page is provided by third parties. Unless otherwise stated, OKX TR is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX TR. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX TR is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.