Lack of Proposer Due Diligence

SJ criticized Wizard for submitting a proposal without understanding how the NASCAR market operated. Several UMA members agreed that the propose function should be reserved for users with genuine knowledge, not those chasing quick rewards.

OKAYWAY1 stressed that proposers need at least a basic understanding before making submissions.

JessicaOnlyChild pointed out that the second round of proposals was both timely and accurate because it came from more informed users who waited patiently instead of rushing.

Lala noted that automated bots, programmed to follow the rules, propose resolutions at the correct time. By contrast, less knowledgeable users often act impulsively and miss the proper timing.

When asked about his familiarity with NASCAR markets, Wizard admitted he was a fan but did not know the specific competition rules.

Wizard also revealed he had proposed several sporting markets before and believed it was easy money. Many UMA proposers start by winning simple proposals but eventually face losses when they branch out into markets they don't fully understand.

Polymarket, UMA, and community members in Discord have repeatedly warned against proposing. What may seem like a simple resolution criterion often carries more nuance than expected. Nevertheless, first-time and frequent proposers alike can overlook these warnings when rushing to claim the easy $5 reward.

Aenews ends by reflecting on UMA’s decentralized process and its benefits and drawbacks. He points out that the risk of the $5 reward is always the risk of a dispute. Nevertheless, proposers who rush in still tend to believe that the $5 is free.

Summary

UMA members consistently criticized Wizard for proposing without sufficient knowledge. The discussion revealed a broader problem: many users treat proposing as an easy way to earn money without fully understanding the resolution criteria. As Polymarket's user base grows, the risks of proposers losing money, stalled market resolutions, and related disputes also increase. Addressing these issues will require clearer guidelines, better education, and improved resolution mechanisms.

Coming Up

With concerns about proposers' due diligence addressed, we next turn to questions surrounding oracle integrity in the resolution process.