There’s a lot going on in the world of blockchain. New products and partnerships come out seemingly every single day – but how much value do they bring? It’s hard to know.
Recently Kleros, the decentralized dispute resolution protocol, has been making some impressive moves designed to grow platform activity.
In this article we’re going to have a look at the growth, and then see what specifically is causing the influx of activity on the Kleros platform, look at some specific examples and then evaluate what this means for the ecosystem.
Up, up, and away
First of all, let’s have a look at the statistics so we can marvel at the recent spike in activity Kleros has experienced.
As of now there are more than 50 open cases, 250+ active jurors, 72 new jurors in the last month and a 40% retention rate for jurors. Also, nearly 5% of the PNK total supply is staked already.
The numbers are great, but wait until you see the charts that show the change over time. That’s when you realize how quickly Kleros’ growth has ramped up recently.
In the two above charts we can see the consistent growth of Kleros which then suddenly accelerates at the end of June 2020. Moving on to the graphs below we can see even more evidence.
As you can clearly see, the PNK staked was steadily increasing but has recently shot upwards. Likewise, the number of active jurors has massively increased in the last few months too, which is great to see. This shows the juror base is growing healthily, rather than the alternative, which would be a stagnant number of jurors just taking on more cases. The reality is much better.
To match the current trend, PNK hit an all time high too. PNK token holders are pretty chuffed right now.
What’s causing this growth?
As we said, Kleros has been releasing new products and forming partnerships which are largely responsible for the user base growth.
Omen is a decentralized prediction market that aggregates available information to determine the expected outcome of an upcoming event. The market offers financial incentives to people who can correctly predict the outcome of an event, and a financial penalty to those that get it wrong.
Kleros is integrated as a final arbitrator through realit.io and can be selected as an arbitrator for prediction markets created on Omen. This new integration is a big reason why the number of active court cases has jumped up.
If you click here you can browse the open markets and see what’s going on. Most of the open markets right now have chosen Kleros as their Arbitrator.
For example, ‘Will Omen have at least one market with a minimum total trading volume of $100000 by Wednesday, July 15, 2020?’
Or Will Vitalik Buterin tweet about Omen before Wednesday, July 15, 2020?
These prediction markets are bringing in sizable volume, 22,500 DAI and 11,500 DAI respectively. Acting as an arbitrator for these prediction markets puts a lot of trust in the Kleros platform, which is great to see.
Kleros also recently added a ‘Valid Market’ badge into Omen which allows the community to flag markets which are not valid. This could be impossible questions, badly formatted questions, any unsuitable content and more.
Curate is a decentralized application created by Kleros that allows the creation and decentralized management of Token Curated Registries using the Kleros platform. Curate has unfathomable potential to be a trusted store of community driven information and much more. You can learn more about Curate here.
The recently achieved all-time high of open cases on Curate was largely driven by Curate, which shows the community is already jumping on board and making use of this powerful decentralized application.
What does this recent growth mean for the future of Kleros?
This could be just the beginning. Kleros has a history of making business focused moves. They have proven to have a solid growth strategy that cleverly appeals to their target market inside and outside of crypto, something you don’t see from many other crypto companies.
The two recent updates, Omen integration and Curate, have shown to be highly effective for the growth of the Kleros ecosystem. Since the respective launches, platform activity has jumped. Providing both Curate and Omen grow as individual products, one would expect Kleros to continue growing alongside them.
Furthermore, if Kleros can continue their form in terms of product updates, business development and partnership formation, we can hope to see more volume flowing in from other sources.
This recent platform growth has also shown a convincing correlation between PNK price and Kleros platform activity which is promising. This could suggest that future platform growth can drive token demand.
The Daily Chain
*This article has been sponsored. The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space.