Truemarkets, Base L2’s cousin of Polymarket, is officially launched

A new prediction market platform Truemarkets has finally launched after raising over $4 million through its public Oracle Patron NFT sale in Nov. 2024, with Buterin minting 400 NFTs.

Truemarkets (TRUE), the decentralized prediction market platform built on the Base Layer 2 blockchain has officially launched. Similar to Polymarket, Truemarkets aggregates breaking headlines across different topics (politics, pop culture, etc.) in real-time, bringing real-world data to the on-chain ecosystem. Like Polymarket, it also allows users to bet on the outcomes of events, reflecting the current public sentiment.

Additionally, Truemarkets encourages participation by offering rewards for accurate predictions. Specifically, Truemarkets creates a trading market where people can buy and sell “YES” and “NO” tokens for each forecasting scenario (e.g. Will Solana (SOL) ETFs be approved by the end of 2025?). The price of the “YES” and “NO” tokens constantly changes based on how likely the market believes each answer is. Traders and liquidity providers buy/sell tokens, adjusting the prices. After the event actually happens, the tokens corresponding to the correct answer can be redeemed for $1 each. The tokens corresponding to the incorrect answer become worthless.

The long-awaited launch of Truemarkets comes after the company raised $4.03 million through its public NFT sale. Specifically, the company sold 15,071 of its Oracle Patron NFTs priced at 0.08 Ethereum (ETH). Vitalik Buterin bought 400 NFTs worth 32 ETH. Truemarkets will allocate 40.03% of its total 100 million TRUE token supply to the Patron NFT holders in the upcoming airdrop. TRUE will only function as a governance token.