For more information on how UMA works, please visit the following site: https://uma.xyz/#how-it-works
Role: Oracle for Polymarket
Description:
UMA is the oracle responsible for market resolutions on Polymarket, the leading blockchain-based predictive market platform. Every market resolution on Polymarket must be proposed and validated through UMA.
When an event meets the criteria set by Polymarket’s rules, any user can propose a resolution outcome through UMA. To do this, the proposing user must post a bond that typically ranges between $750 and $1,000. This bond ensures the user’s good faith and accuracy in proposing the market’s outcome.
After the proposed resolution is submitted, there is a dispute period lasting approximately two hours. During this timeframe, other users can dispute the proposed outcome if they believe it to be incorrect or unfair. If no disputes occur within this period, the proposing user receives a reward, the amount of which can vary depending on the market and other conditions.
Markets that undergo a dispute are judged and voted upon by holders of the UMA token. These disputed markets are known for being highly volatile and particularly dangerous for beginner traders.
UMA’s mechanism ensures accurate, transparent, and decentralized verification of outcomes, maintaining trust and integrity within the Polymarket community.
The nightmare of every user: a dispute on UMA