Polycule founder launches prediction platform PMX, related token surges nearly 44%

BlockBeats News, October 1st, Krish, the founder of the Polycule project, a trading bot based on Polymarket, announced on the X platform a partnership with Meteora to launch the prediction platform PMX.

It is reported that PMX works by transforming each prediction market into two tokens. "YES" and "NO" tokens are minted and added to an LP pool. Due to arbitrage wallets rebalancing the price, the prices add up to 1 USD. After the event outcome is confirmed, the losing token will be liquidated to 0, and the holders of the winning token will receive an airdrop reward.

Impacted by this news, the PCULE (now PMX) token saw a 43.97% price increase in 24 hours, with a market capitalization now standing at 22.8 million USD.

On June 8th, Polycule announced receiving a $560,000 investment from Alliance DAO.