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Vitalik Buterin, one of the co-founders of Ethereum 
$2,542, defended the Polymarket platform amidst criticism regarding its role in conflicts in the Middle East. He argued that Polymarket plays a vital role in combating misinformation that spreads on social media.
Buterin Supports Polymarket
Buterin emphasized Polymarket’s contributions to ensuring information accuracy. He noted that the platform helps reduce confusion by allowing predictions based on real events. His statement included the following:
There are various individuals making harmful and incorrect predictions about conflicts. Seeing the predictions of those investing in real events can help people maintain common sense.
Polymarket’s Growth and Funding Plans
Polymarket gained popularity by allowing users to predict the outcomes of various events during the US election period. In May, Buterin participated in a $70 million investment round for Polymarket, which included investors like Peter Thiel’s Founders Fund.
Ethical Discussions and Platform Boundaries
The predictions made by Polymarket regarding Middle Eastern conflicts raised ethical debates. Buterin asserted his opposition to bets that could encourage illegal actions such as assassination predictions.
The platform operates on Ethereum’s Layer-2 Polygon, enabling users to buy and sell stakes with cryptocurrencies. Those who make accurate predictions can reclaim their stakes, while incorrect predictions render stakes worthless.
Recent reports also suggest that Polymarket plans to launch its own cryptocurrency, which will play a significant role in the platform’s future operations. This new cryptocurrency aims to increase user engagement and market liquidity.
The platform aims to ensure the free flow of accurate information without government or corporate censorship. Buterin expressed that this approach supports people’s access to healthy information.
