Polkamarkets — Gamified Prediction Markets
As said, Polkamarkets is a DeFi-powered prediction market built for cross-chain trading and information exchange. The platform allows its users to take positions on the outcomes of real-world events. Interestingly, all this operates in a completely decentralized manner and the interoperable platform Polkadot. Today, I will review a little bit so that we have an overview of this project. Now, let’s get started!
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.
Currently, existing prediction markets suffer from key problems such as lack of liquidity & markets, lack of traders, and duplicate or confusing markets.
And Polkamarkets aims to solve these problems by incentivising liquidity providers and traders to facilitate & take large positions, while a system for curation and resolution ensures efficient and trustworthy markets.
1 .What is Polkamarkets ?
- As I said at the beginning of this post, Polkamarkets is a DeFi-powered prediction market built for cross-chain trading and information exchange. The platform allows its users to take positions on the outcomes of real-world events. Interestingly, all this operates in a completely decentralized manner and the interoperable platform 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.
2. The Product
- Exchange : Gain based on market odds or make profits trading outcome fractions
- Asset Forecast : Users can monetise their forecasts of future outcomes and events within an interoperable and decentralized infrastructure.
- Liquidity Market : Uniswap Market Incentives for LPs and stakers.
- DeFi API : Automated API to access market liquidity
- Entertainment DeFi : Polkamarkets will have important entertainment features. These include NFT-based gamification, live streaming integration for in-play positions on Esports & Sports, and daily crypto price markets. Live chats and virtual events in online communities will also form a key entertainment value-add to our platform.
3. Features of Polkamartket
- Open & Liquid Market : Liquidity Providers are incentivised to provide liquid markets and earn trading fees and yield farming rewards.
- DeFi Powered Rewards Model : Users and LPs can mine $POLK tokens by making forecasts and providing liquidity. NFTs give exclusive access to special features.
- Entertainment Value : Polkamarkets will have live streaming for in-play markets in Esports & Sports, daily crypto markets with live price feeds, and virtual events in online communities
- User Based Fee Economy : All platform fees on Polkamarkets go directly to the users and liquidity providers.
- Governance Tools : $POLK token is required to create prediction markets on Polkamarkets, as one of its key use cases.
- Curated Event List : Prediction markets will be curated by $POLK holders to ensure safe and open markets.
4. Roadmap of Polkamarkets
- Q1 2021 — Phase 1.0 (Minimum Viable Product)
- Q2 and Q3 2021 — Phase 2.0
- Q3 and Q4 2021 — Phase 2.1
5. Token economics
- Token Distribution : 100M TOTAL SUPPLY
- Unlock Schedule
- Ricardo Marques ( Co-founder and CEO ) : A serial entrepreneur with several ventures launched in the prediction market space. He has over a decade of experience as a full-stack developer and software engineer.
- Francisco Lourenço ( Co-founder and CMO ) : A marketing leader with more than 10 years experience in disrupting big companies’ go-to market strategies, specializing in digital and social campaigns.
- Henrique Caiano ( Product Advisor ) : With 10 years of experience creating products in the tech and blockchain worlds. Serial entrepreneur and product owner for multiple SaaS and consumer products.
- Rui Teixeira ( Advisor ) : CEO and co-founder of bepro.network, a blockchain-based SaaS empowering businesses and entrepreneurs to launch Esports gaming platforms. Rui is a serial entrepreneur and has +5 years experience with blockchain product development.
7. Other information
- Compare the overview with competitors
- Buy Back — Yield Farming Mechanism : In each transaction, 0.3% of transaction value will be added to Market Fees, at the rate: 0.2% Direct Fee for LP and 0.1% used to buy back $POLK in the marketplace
- Sale Structure : $715,000 TOTAL RAISE
In my opinion, this flatform is not new but it was several years ago. But with this flatform, I noticed many new ideas emerge and it is also more complete than other competitors. The application of DeFi and Crosschain to the platform is new and innovative. Besides, I was quite curious about “Entertainment DeFi”. In general, with a team of experienced more than 10 years launching a project with new and bold ideas, this is a project worth our investment and concern. If it was on a 10-point scale, I would rate it first 8.5/10. How about you? Let me know…