How to Participate in Prediction Markets: From Polymarket to On-Chain Operations
Conclusion: Participation is possible, but the path depends on your account status
There are two main ways to participate in prediction markets: Polymarket's "compliant main account" and direct on-chain wallet interaction.
Which path you choose depends entirely on whether you have completed identity verification (KYC). Unverified users cannot use Polymarket's custodial deposit function, but can indirectly hold shares via on-chain methods; verified users can directly deposit and trade using fiat currency or USDC, with a relatively mature operational process.
Path 1: Direct Participation via Polymarket Official (Suitable for Verified Users)
This is the most direct method, provided you can complete identity verification and accept local policy restrictions. If the system indicates your region is not supported, switch to Path 2.
Prerequisites: Prepare an Ethereum wallet (e.g., MetaMask) and deposit a small amount of ETH (on mainnet) for gas fees, or USDC for purchases.
Registration and Binding: Visit the Polymarket website, connect your wallet, and complete identity verification. This step confirms your account permissions.
Deposit Funds: On the platform interface, select "Deposit." Options typically include purchasing USDC directly via credit card or transferring on-chain USDC from your wallet.
Select Market and Place Order: Browse the event list (e.g., politics, sports, economic events). Buy "Yes" or "No" shares based on probabilities, with order placement similar to limit order trading.
Redemption and Withdrawal: After the event settles, winning shares can be redeemed for USDC. Withdrawals require review and typically take 1-3 business days to reach your bank account.
Path 2: Participation via On-Chain Aggregator (Suitable for Unverified or Restricted Region Users)
If you cannot use Polymarket's custodial account, you can trade shares directly through a decentralized aggregator without a platform account.
Preparation: Prepare a wallet that supports EVM chains (Ethereum). The wallet must hold native tokens (ETH) for gas fees and USDC or WETH for swaps.
Connect DEX Aggregator: Visit an aggregator platform that supports Polymarket share trading (e.g., Odds) and connect your wallet. No identity information is required here.
Direct Swap Trade: Via the contract or interface, swap USDC directly for "Yes" or "No" tokens of a specific market. This operation is executed on-chain, and assets go directly into your wallet.
Settlement and Processing: After the event outcome is determined, winning tokens can be swapped back to USDC through the aggregator. This process is fully decentralized and does not rely on platform review.
Risks and Reminders for the Two Paths
| Dimension | Polymarket Custodial Account (Verified) | On-Chain Aggregator (Non-Custodial) | Notes |
|---|---|---|---|
| Identity Requirement | Must submit KYC information | Fully anonymous, only need to connect wallet | Verified accounts have the advantage of fiat currency channels |
| Withdrawal Speed | Requires review, typically T+1~3 days | On-chain real-time settlement, instant arrival | Decentralized path offers higher capital efficiency |
| Operational Difficulty | Low, interface similar to traditional trading platforms | Medium, requires familiarity with DEX operations and gas settings | Pay attention to slippage settings when trading via aggregator |
| Policy Risk | May be subject to regional restrictions; need to confirm compliance | Interacts directly with smart contracts, bypassing geographical restrictions | If unable to verify, on-chain is the only universal solution |
How to Confirm Results:
Verified Account: Log in to your account and check "My Positions" to view order status and market settlement progress.
On-Chain Wallet: Enter your wallet address in a block explorer to view contract transfer records; or directly check settled balance changes on the aggregator interface.
