The Polymarket is locked in another UMA interpretation controversy, a decentralized oracle that uses the token holder’s voting to resolve the prophecy markets.
Uma – a protocol which is a separate creature from the polymarket – is not a stranger to controversy, to be ruled out before with interpretations that even The polymarket does not agree with.
At this time, it’s about Ukrainian president Volodymyr Zelenskyy’s clothing: Polymarket bettors were asked If the standard casual leader appears in a suit before July.
On June 25th, Zelenskyy wore a substance described by Bbc, New York Postand so on as a suit. However the market is scheduled to resolve the “no,” which avoids irritation from those who are set to lose their bets to $ 200 million markets.
“Uma’s voting incentives encourage people to vote in the majority noticed to avoid penalties, not based on the right of truth,” Remindamalek said. “It creates ripe conditions for manipulation.”
RememberMaMalek is a well -known polymarket bettor who Earn $ 300,000 Predicting Zohran Mamdani’s success in the main major New York major by recognizing critical flaws in polling data and betting against conventional wisdom. Between his many accountsHe has gained great over $ 1 million in wins.
In the UMA resolution system resolution, voters run on tokens that participate in the decision of market results. Those who voted against the final consensus face penalties known as “slashing,” where a portion of their staked tokens has been confiscated or reduced.
This economic structure motivates voters to align their options in the opinion of most people, even if it contradicts their true interpretation of realism.
“A person holding millions of tokens and the decision of multi-million dollars outcomes is not decentralization,” he said, referring to Uma’s largest whale holding a controlling part of the tokens and sometimes overthrowing those who voted against them.
On-chain data parsed by Intotblock shows 95% of UMA tokens are holds by large holders. For the sake of comparison, done Half of eth tokens is held by large holders.
“It drops the whole point of use of predicting markets to find the truth,” the businessman continued.
Meditation -Lets on his own techniques, the remindamalek openly admits to betting Uma’s resolutions rather than the underlying facts of the market.
“Polymarket and Uma need an immediate reflection of their resolution mechanism,” he said. “Every major dispute is harmful to the user’s confidence, especially the smaller bettors that feel scammed and leave.”
And what was the solution to his eyes? Probably ironically, centralization.
But done professionally and clearly. Through the polymarket itself, not some outside the protocol.
Because now, “it’s not decentralized,” he concluded.
Read more: The Polymarket that is membersly in $ 160m controversy if Zelenskyy wore a suit with NATO
