What is Polkamarkets (POLK) | What is Polkamarkets token

About Polkamarkets

Polkamarkets is a DeFi-Powered Prediction Market built for cross-chain information exchange and trading where users take positions on outcomes of real world events–in a decentralized and interoperable platform based on Polkadot.

Introducing Polkamarkets: a DeFi Powered Prediction Market Built on Polkadot

Introduction

At the intersection of DeFi and information exchange lies the Prediction Market: an area where traders can leverage their knowledge of the past, present and future to forecast specific, real world outcomes. The ability to profit off of information exchange and modeling has formed the basis for much of modern capital markets. With the rise of DeFi, traders are finding yield through decentralised exchange, lending, farming and providing liquidity for others to use. No current player in the market combines DeFi with prediction markets, until now.

The Problem

Currently, existing prediction markets suffer from key problems such as lack of liquidity & markets, lack of traders, and duplicate or confusing markets. Total prediction market volume averaged less than $1M USD per day in 2020 and even less in years prior. With such low volumes, it is impossible for traders to adequately hedge against future outcomes or take any sizable positions. With low volumes comes low liquidity and therefore low fees for platform providers due to the lack of active traders. A death spiral ensues as we have seen with existing prediction markets with virtually no users or daily volume.

It’s useful to point out that prediction markets in their current form offer little to no incentive for daily active use, nor entertainment value. People value their time and focused attention, and if there is no incentive to either earn money or be entertained, most people are not interested. Key markets such as sports, Esports, and daily crypto price prediction markets are notably missing from existing prediction markets. The vast majority of markets available are “long tail markets’’ with resolution (and payouts of winnings and fees) weeks, months or even years in the future. This does not incentivise daily active user volume, which is the life-blood of any online business.

On top of all of this, current prediction markets suffer from a total lack of curation where duplicate markets, confusing & disorganised markets, and illegal markets (such as assassination markets) are allowed to proliferate.

The Solution

Polkamarkets Platform Homepage and Overview

Polkamarkets aims to solve the low usage & volume problems by incentivising liquidity providers and traders to facilitate & take large positions, while a system for curation and resolution ensures efficient and trustworthy markets. The platform will also leverage tried and tested DeFi incentives such as liquidity mining and yield farming to incentivise daily active use.

As an “Entertainment DeFi Platform’’, Polkamarkets will offer Sports and Esports daily markets with live feeds of events alongside forecasting. Users will be able to watch their favorite teams play while making live, in-play forecasts about the game’s outcome. Live odds and automated market makers will dynamically adjust odds based on users’ forecasts on the markets. As users trade outcome fractions, they will mine $POLK tokens that they can later use to open their own prediction markets on Polkamarkets.

Daily crypto price markets & Over/Unders will also be available, with integrated real-time price feeds and charts for traders and professional trading desks to hedge the market.

On Politics and Information markets, our News Aggregator function will allow press and other media outlets to add links to news articles supporting either side of the trade. This way forecasters can make informed decisions about their trades, and researchers can become more informed about the likelihood of a contentious real world event actually happening or not.

Liquidity Providers on Polkamarkets will mine $POLK for providing liquidity, and additionally earn the trading fees generated by the platform. This way we are aligning incentives for both forecasters and LPs to come to Polkamarkets to make forecasts, provide liquidity, and earn rewards.

We believe we are on the cusp of prediction market mass adoption. The ability to make forecasts about an uncertain future, hedge your positions in the financial markets, and genuinely peer beyond the horizon of time to the best of our collective ability has never been more important. In this world where anything is possible, seeing the future will become more and more valuable with each forecast and trade on Polkamarkets.

In the early days of decentralised exchange, we saw platforms like EtherDelta struggle to serve their users in a burgeoning new market. We are seeing the exact same pattern play out with decentralised prediction markets. Current platforms are struggling and current users are underserved. It’s time to forecast a better future. It’s time for Polkamarkets.

Forecast & Earn

With Polkamarkets, users can take positions in Esports, Crypto Futures, Sports, Politics and other market types. Polkamarkets is a financial & informational marketplace where you can Tokenize your knowledge and earn from forecasting. Users can monetise their forecasts of future outcomes and events within an interoperable and decentralized infrastructure, where your beliefs become assets with financial value traded openly on the market. In return for adding their forecasts to the collective knowledge of the future, users will mine $POLK every time they take positions on Polkamarkets.

Buy & Sell fractions of event outcomes, or even create your own events where people can take their own positions. $POLK is required to create markets on Polkamarkets, as one of its key utilities and use-cases.

$Markets Overview: Buy & Sell fractions of event outcomes$

Markets Overview: Buy & Sell fractions of event outcomes

With Polkamarkets, we are building the future of prediction markets in a decentralized and interoperable environment leveraging the power of DeFi and Polkadot. In the next few weeks, we’ll be releasing more articles on the $POLK token utility, roadmap, and future token sale. We’d like to thank our early supporters for their interest and feedback.

Frequently Asked Questions

What is Polkmarkets?

Polkamarkets is a DeFi-Powered Prediction Market built for cross-chain information exchange and trading where users take positions on outcomes of real world events–in a decentralized and interoperable platform based on Polkadot.

Forecasting and providing liquidity to Polkamarkets will earn users** $POLK**, the platform’s native utility tokens. By joining the power of DeFi and liquidity incentives to prediction markets, Polkamarkets aims to be the premiere forecasting tool on blockchain.

The future is in the forecast. The future is Polkamarkets.

What are Polkamarkets use cases?

Polkamarkets is an open and decentralised prediction markets platform where traders can gather and exchange information. This information is tokenised as shares of specific outcomes in a variety of genres and timelines: from Sports and Esports, to crypto prices, politics and long-tail events resolving in the distant future.

Users can become liquidity providers to Polkamarkets and earn trading fees in liquid cryptocurrencies and additionally mine $POLK.

The Polkamarkets platform will allow users to make forecasts, monetise information advantages, hedge against the future, and earn fees by providing liquidity and trading.

How is Polkamarkets different from existing prediction markets?

Existing prediction market volume averaged less than $1M per day in 2020, and even less in years prior. Primary reasons for this are: No entertainment value due to lack of Esports/Sports and live feeds; No daily crypto markets; very long resolution times and no DeFi incentives for daily active usage.

The result of all these flaws is that very low volume on these prediction markets made it impossible to take any sizeable positions. Polkamarkets solves these issues by building in incentives for traders to forecast and LPs to provide liquidity.

As an entertainment DeFi platform, Polkamarkets will build in Esports and Sports markets with live feeds, crypto price charts and use NFTs and in-platform communities to drive adoption.

Our news aggregator tool will provide valuable context to Politics and Information markets to help users make informed trades, while engaging with external media outlets.

Who can use Polkamarkets?

Users on Ethereum and Polkadot will be able to join the platform, make forecasts, and provide liquidity. As an open and inclusive forecasting tool built on decentralised blockchain systems, Polkamarkets can be accessed by anyone in the world wanting to know more about the future.

We believe that the more minds making forecasts on Polkamarkets, the deeper and more accurately we can see into the beyond.

What is Polkamarkets token ($POLK) utility?

Prediction Markets Creation: $POLK is required for users to open new markets on Polkamarkets. If you want to know the future and receive the wisdom of the crowd, you must use $POLK.
Mining: Users and LPs earn $POLK by making forecasts on the platform, and by providing liquidity to Polkamarkets.
Direct Fees for Liquidity Providers (LPs): All markets on Polkamarkets pay a 0.3% trading fee. 2/3 of all trading fees (0.2%) on Polkamarkets will be paid to LPs in the token (ETH / DOT for example) in which they were collected. The remaining 1/3 of fees (0.1%) are used to auto-buy $POLK via smart contract on decentralised exchanges.
Yield Farming: The 1/3 of all trading fees (0.1%) on Polkamarkets will be used to purchase $POLK on DEXs, to be paid out to LPs for their service of providing liquidity.
Gamification: Achieving higher and higher tiers of earned $POLK will unlock exclusive NFTs, access to bigger markets, and special features.

About Polkamarkets Token ($POLK)

Polkamarkets utility token is used for mining, liquidity providing, fees collection and yield farming.

100M: Total Supply

$672k: Initial Market Cap

$715k: Total Raise

$200k: Initial Uniswap Liquidity

Token Distribution

Strategic Sale price: $0.025 USD
Public Sale price: $0.03 USD
Uniswap listing price: $0.05 USD
Strategic and public sales with 28% of the total token distribution
Marketing reserved for awareness, partnerships and exchange listings
Liquidity Fund will provide funds for Uniswap and other exchanges liquidity
Team and Advisors with 10% of the total token distribution, Foundational Reserve with the remaining 20%

Release Details

Strategic: 25% on TGE, then 25% monthly over the next 3 months
Public: Fully unlocked
Liquidity: 10% on TGE, 10% per month over 9 months
Marketing: 10% on TGE, 5% per month over 18 months
Team & Foundational tokens: 1 year fully locked, then 25% quarterly

Funds Allocation

45% of the funds will be used to support the developer team
Marketing actions such as partnerships, awareness and go-to market strategy will account for 20% of the total funds raised (Ecosystem Growth)
Legal and Accountancy will represent 5% of the total funds raised
30% of funds will be used to provide liquidity to Uniswap and other exchanges

Looking for more information…

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