Open Access, Your Responsibility
PrometheX is a decentralized application — it runs on smart contracts deployed to the Arbitrum blockchain. The smart contracts are permissionless, meaning anyone with an internet connection and a wallet can interact with them. However, it’s your responsibility to make sure that using PrometheX is legal in your jurisdiction.How PrometheX Works
Decentralized Contracts
The prediction market smart contracts are deployed on the Arbitrum blockchain. They operate autonomously — no single entity can turn them on or off.
Web Interface
The PrometheX web app at app.promethex.market is one way to interact with the contracts. Other interfaces or direct contract interaction are also possible.
Your Responsibilities
Before using PrometheX, please consider:Local Laws and Regulations
Prediction markets, trading, and cryptocurrency may be subject to different rules depending on where you live. Some jurisdictions:- Permit prediction markets and crypto trading with few restrictions
- Require registration or licensing for certain types of trading platforms
- Restrict or prohibit certain types of financial activities, including prediction markets
- Have specific tax requirements for crypto gains and losses
What You Should Do
Check your local regulations
Research whether prediction markets and crypto trading are legal in your country, state, or region. Laws vary widely and can change.
Understand tax obligations
In many jurisdictions, profits from prediction market trading may be subject to income tax or capital gains tax. Keep records of your trades for tax purposes.
Age Requirement
You must be at least 18 years old (or the legal age of majority in your jurisdiction, if higher) to use PrometheX.Testnet vs. Mainnet
PrometheX is currently on Arbitrum Sepolia testnet, where all tokens are free test tokens with no real value. Testnet trading is purely for learning and experimentation — no real money is involved.When PrometheX launches on mainnet, real USDC will be at stake, and the regulatory considerations above become more relevant.
Common Questions
Does PrometheX block users from certain countries?
Does PrometheX block users from certain countries?
The decentralized smart contracts are permissionless and don’t restrict access by geography. The web interface may implement access policies as required. Check the latest terms of service for details.
Do I need to verify my identity (KYC)?
Do I need to verify my identity (KYC)?
PrometheX currently uses social login (email, Google, Twitter) and wallet-based authentication via Privy. Check the platform’s terms of service for the latest requirements on identity verification.
Is prediction market trading considered gambling?
Is prediction market trading considered gambling?
The classification of prediction markets varies by jurisdiction. Some regulators consider them financial instruments, others classify them differently. Consult a local legal professional if you’re unsure.
Do I need to pay taxes on my profits?
Do I need to pay taxes on my profits?
In most jurisdictions, yes — profits from trading (including prediction markets) are typically taxable. The specific rules depend on where you live. We recommend consulting a tax professional and keeping records of all your trades.
Need More Information?
If you have questions about using PrometheX in your jurisdiction, you can:- Review the Terms of Service on the PrometheX website
- Ask in the PrometheX Discord community
- Consult a legal professional familiar with cryptocurrency regulations in your area