00:00When the outcome of a question is disputed on Polymarket, how does it get resolved?
00:04So it's actually on a separate blockchain entirely.
00:07So it's holders of a cryptocurrency called UMA who really get to have that vote
00:12and decide the resolution of the Polymarket issues.
00:17So why does this matter and who's complaining?
00:19This was, by the way, a fantastic data reporting project that you guys did.
00:23So our team crunched on the numbers on a couple thousand markets recently,
00:28which have disputed in the past few years.
00:30And really, as Polymarket's volume surges overall, as have all these disputes,
00:38there's been about $5 billion of trading on these markets in the past few years.
00:43So really, it's becoming a really real part of the issue here for them.
00:47So what is Polymarket doing about this?
00:50They've claimed that they want to reform this process because it is getting a lot of complaints
00:56from both Polymarket users and these holders of the UMA tokens because of this concentration of the whales.
01:02Just nine wallets, as we found, control about half of all the votes.
01:07So Polymarket has been working with both the kind of the org that runs this UMA token to reform it.
01:14But the reporting for the story found that it's actually been pretty much put on pause
01:18as Polymarket focuses on its expansion.
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