Forecasting platform polymarket, whose market capitalization is approaching $20 billion, has begun testing startup apps that help users track traders whose success is attributed to insider trading. reported The Information publication.
polymarket has already been making efforts to curb insider trading, launching a program late last year to support startups that submit trade data to its prediction marketplace. However, these companies quickly began disclosing accounts suspected of being used for insider trading to their clients, allowing them to copy trades. This is why polymarket started checking such startups.
The startups being audited create so-called “copy trading apps” that help users track the activity of successful traders who may possess sensitive information.
In particular, one of the startups supported by the developer program polymarketPolycool offers a “guide to insider trading” on its website. polymarket».
“This isn’t the stock market, where using non-public information can lead to imprisonment,” Polycool writes on its website. “The rules for decentralized prediction markets are a completely different ballgame.”
Another startup, Kreo, offers users help in “finding insiders before anyone else.”
The teams behind these apps participated in a developer program launched by polymarket last November. External developers are creating applications based on the technology polymarket.
These copy trading apps provide their clients with lists of traders polymarket “[The Information] reports that clients are experiencing strong winning streaks or are noticing unusually large or ill-timed bets that may be based on confidential information. Clients can use bots to copy trades or receive notifications about seemingly successful trades. There is a fee for using the apps.”
Copy trading apps have helped increase trading volumes polymarket for hundreds of millions of dollars.
As for the profitability of traders, as the editorial staff of happy Coin News has already written, according to a recent Exploration Andrey Sergeenkov, 84,1% of all traders polymarket In April, they suffered losses. Six-figure profits are a statistical aberration rather than a true win. Only 0,033%, or 840 accounts, are known to have polymarket crossed the $100,000 threshold.
Most users adequately assess their chances of success, since after a one-time win they stop using the prediction market.
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