Ethereum founder Vitalik Buterin has once again praised prediction markets and community notes, with Elon Musk also expressing agreement.
Vitalik articulated his appreciation on Twitter for fact-checking tools, even prompting Musk to endorse them. But what are community notes?
Table of Contents
Toggle
Vitalik Praises Prediction Markets and Community Notes
Prediction Markets Setting Records
Vitalik Praises Prediction Markets and Community Notes
Vitalik
stated:
Ad – Continued below
Prediction markets and community notes are becoming the flagship social cognition technologies of the 2020s. Both aim for truth and democracy, based on open public participation rather than elite pre-selection. I hope to see more of such initiatives.
Vitalik’s tweet also garnered support from Tesla founder Elon Musk.
Vitalik
further added:
In fact, I believe prediction markets complement community notes. The primary criticism of community notes is their slow update rate, while prediction markets can incentivize predictions of forthcoming information and strive to reveal it as quickly as possible.
Prediction Markets Set Records
Vitalik has repeatedly expressed fondness for projects like Polymarket and ENS domains, with Polymarket leveraging the heat of the recent U.S. election to sustainably increase its user base and trading volume to historic highs.
(
Chain News Translation | Vitalik Discusses ENS “Domain Cockroach” Chaos, Adjusting Annual Fees According to Demand, and Increasing Holding Costs
)
Polymarket announced a $45 million Series B funding round in May, with investors including Peter Thiel and Vitalik. According to Dune Analytics, post-funding Polymarket attracted nearly 30,000 active users monthly, with June trading volumes exceeding $110 million, all reaching historical highs.
Polymarket Daily Active Users
Currently, most of Polymarket’s activities are driven by election predictions. “Who will win the 2024 presidential election” is the platform’s most liquid prediction market, with wagers exceeding $206.6 million.
Coinbase Senior Engineering Manager Yuga Cohler recently tweeted:
Mainstream media continues to cite Polymarket to gauge election probabilities, which is a milestone for cryptocurrency. No one mentions that Polymarket is built on cryptographic technology, underscoring its market fit. Polymarket has quietly acted as a fortress against “manufactured consensus” and “misinformation.”
Polymarket
Vitalik
Community Notes
Further Reading
“MOTHER” Clashes with Vitalik over Anti-Celebrity Meme! Australian Rapper Iggy Azalea Responds with “Gas Fee Tax”
Is Ethereum the Ivory Tower Cursed by Decentralization? Vitalik: L1 Development Has Achieved Solid Consensus