Prediction Market dApp Zeitgeist Partners with Polkassembly to Boost Blockchain Governance
Decentralized prediction markets protocol Zeitgeist has joined forces with Polkassembly, the open-source governance platform for Substrate-based chains. With the integration, the partners are aiming to revolutionize governance on the Polkadot network while furnishing community members with an opportunity to profit from their involvement.
A New Era of Governance Participation
With the coming integration of Zeitgeist’s prediction market dApp directly into the Polkassembly user interface, users will be able to actively participate in Polkadot governance decisions at their leisure. The integration effectively compels community members to place bets on various outcomes based on their ecosystem knowledge, community insight, or pure instinct.
For the most part, users will be compelled to predict the potential success or failure of tabled Polkadot proposals and to earn rewards according to the accuracy of their foresight. The initiative is expected to dramatically boost engagement within the Polkadot ecosystem, particularly as markets are expected to be denominated in $DOT tokens.
As well as serving as a useful governance mechanism, Zeitgeist’s novel “futarchy” model provides a forum for individuals to express their opinions on proposals and gain an opportunity to profit from doing so.
“Zeitgeist and Polkassembly are dedicated to providing a seamless experience for users,” said Zeitgeist CEO Logan Saether via a press release. “The integration allows easy access to ongoing referenda, with an added feature for making predictions on the proposal’s outcome.”
$DED Prediction Market Goes Live
Interestingly, Zeitgeist has also confirmed that its governance processes will now be accessible via Polkassembly’s interface. Zeitgeist says the move highlights its commitment to ensuring holders of $ZTG tokens have a transparent role in the protocol’s governance.
A prediction market has already gone live on Zeitgeist, challenging users to forecast the outcome of Referendum 385, titled “Community Memecoin launch marketing campaign.” Suggested by ecosystem growth agency Lunar Strategy, the motion outlines a strategic marketing plan for the first 75 days following the launch of Polkadot’s proposed $DED memecoin. The campaign aims to boost grassroots engagement and introduce the coin to a wider audience.
Zeitgeist’s prediction market opened on January 9 and will end on July 10, with a resolution scheduled for July 16. The prediction market serves as a real-world application of Zeitgeist’s platform, enabling Polkadot users to predict whether Lunar Strategy will make good on its various deliverables. At the time of writing, the market has tempted seven traders to come to the table, with liquidity of 515 $DOT (around $4.3k).
Naturally, those who believe the agency will fall short can bet on its failure, holding Lunar Strategy to account while potentially earning a tidy sum in the process. The feature underscores the practical utility of prediction markets in enhancing transparency and accountability within community-driven blockchain ecosystems.
As well as giving users an opportunity to make predictions on Polkadot proposals, Zeitgeist also lets them place bets on the performance of two categories of cryptocurrencies, having integrated CoinDesk’s Defi Select and Smart Contract Platform Select indexes late last year.
This particular partnership with Polkassembly, though, is less about market speculation and more geared towards strengthening community governance. By enabling Polkadot community members to participate in and profit from predictions, Zeitgeist aims to put its governance model in the spotlight.