It's a centralized service.
There were a few decentralized but they did not have traction. unfortunately people prefer ease of use. I consider it an application that I use.
It uses usdc.
What is decentralized about it is the price action, which is a result of trades (including arbitrage with other prediction markets).
So a centralized entity determines what you can bet on and the outcome but the bets are anonymous and decentralized? Or do I have to register to bet? There was some mystery over some whales moving the market but if it's all centralized, the company should know who they are?
You have to register then transfer money to your account just like any web2 website.
Ok. Disappointing. I thought it was one of those things where those shitcoin smart contracts would actually have a real world use case.
There were these smart contract markets, like Augur, but people did not value decentralization vs worse user experience. Traders prefer centralized and user friendly right now.
Best they offer is metamask login. But yes, it is centralized af. There is more security to it, as you need to sign every single bet or take out, so technically they can't rug it as easily, but it is definitely possible. It is also not borderless/permisionless , as US citizens are blocked (ip ban, but if they detect you are from US via customer service or any other means, you will lose the account)
