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Polymarket will upgrade the settlement rules for the cryptocurrency rise and fall market: abandoning the single price snapshot and switching to a time-weighted average price

According to official news, the prediction market Polymarket announced a significant adjustment to its settlement mechanism for cryptocurrency price fluctuation markets starting from August 7, to protect market integrity. From midnight UTC on that day, the affected markets will no longer settle based on a single price snapshot at a specific time but will instead use a time-weighted average price.Markets of different durations correspond to different TWAP windows: all cryptocurrency 5-minute markets will use a 30-second TWAP, 15-minute markets will use a 60-second TWAP, and 4-hour markets will also use a 60-second TWAP. The previous single snapshot settlement method was prone to price manipulation during periods of low liquidity, and this change is a proactive reinforcement of the market integrity system by Polymarket after facing regulatory scrutiny.To support this transition, Polymarket will inject $1 million in liquidity rewards into all affected markets throughout August. On the technical side, Chainlink TWAP testnet data streams are now available, and mainnet data streams along with Polymarket real-time data stream services will go live on August 4, at which point developers can access TWAP prices directly through Chainlink Data Streams or Polymarket's public WebSocket.

first_img Fake World Assets generated daily revenue exceeding Aave and Uniswap within four days of launch, briefly ranking second on Ethereum

According to DefiLlama data, the Ethereum chain random NFT acquisition protocol Fake World Assets, developed by the two-person team Token Works, surpassed the daily revenue of Collector Crypt on Solana within four days of its relaunch on July 20.On July 25, the peak daily revenue reached $447,604, with total fees of $1.6 million, and approximately 90,000 transactions including about 35,000 draws, with a trading volume of around 2,000 ETH. After that, activity declined, with revenue in the past 24 hours dropping to $167,869, ranking second in daily revenue among Ethereum protocols, only behind Sky ($464,303), and ahead of Aave ($105,282) and Uniswap ($76,028).In this protocol, depositors list NFTs along with their pledged ETH collateral (similar to Uniswap V2 trading pairs), where the collateral determines the weight of each NFT and provides depositors with irrevocable continuous bids to reacquire the NFT. Anyone can pay the acquisition price generated by the liquidity pool to obtain a randomly selected NFT.The pool has accumulated over 1,500 NFTs including CryptoPunks, with randomness provided by Chainlink VRF. The token emission incentives expire 15 days after launch, and daily fees have decreased by about half from their peak. Collector Crypt on Solana remains the leader in this sector, with users spending over $209 million on its card packs in June alone.
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