Polkamarkets POLK
About
What Is Polkamarkets ($POLK)?
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 on Polkadot.
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.
Buy & Sell fractions of event outcomes, or even create your own events where others can take their own positions. And Participate & Provide Liquidity to Earn.
More than just a prediction market, 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.
Launched on 28/01/2021, by a fully remote team based in Bali, London and Lisbon, Polkamarkets aims to solve problems in the Prediction Markets industry such as lack of liquidity & markets, lack of traders, and duplicate or confusing markets by incentivising liquidity providers and traders to facilitate & take large positions, while a system for curation and resolution ensures efficient and trustworthy markets.
$POLK is the native utility token that is used for:
The token is used to coordinate incentives to make network effects to solve the problems that plague prediction markets such as low volumes, low liquidity, and low daily active use. Polkamarkets has designed $POLK for the following key DeFi and gamification use-cases:
● 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.
Polkamarkets MVP core features include:
● Take positions on events in real time in Esports, Sports, Crypto Prices, Politics, & More.
● Promotions and Giveaways
● Liquidity Provisioning and Rewards for LPs
● Mine $POLK by forecasting on Polkamarkets
● Mine $POLK by providing liquidity to Polkamarkets
● Yield Farm $POLK
Who Are the Founders of Polkamarkets?[1] [2]
Polkamarkets is managed by Ricardo Marques (CEO and Co-Founder) and Francisco Lourenço (CMO and Co-Founder). Ricardo is a serial entrepreneur with several ventures launched in the prediction market space. He has over a decade of experience as a full-stack developer and software engineer. Francisco is a marketing leader with more than 10 years experience in disrupting big companies' go-to market strategies, specializing in digital, E-commerce and social campaigns.
The two met while Ricardo was head of product at Tradiio, a Predictions Markets platform for the music industry in 2015. Francisco was one of the most avid users on the platform as also an enthusiast of general Prediction Markets, Gamification strategies on the enterprise level and in crypto and blockchain.
As for the Advisors side, the team is working with Henrique Caiano (Product Advisor) who has more than 10 years of experience creating products in the tech and blockchain worlds and is a serial entrepreneur and product owner for multiple SaaS and consumer products. Also on the technical side, Rui Teixeira (Tech Advisor) who is the CEO and Co-Founder of BEPRO.Network, a blockchain-based SaaS empowering businesses and entrepreneurs to launch Esports gaming platforms. Rui is a serial entrepreneur and has +5 years experience with blockchain product development.
Where Can I Buy Polkamarkets ($POLK)?
$POLK will be first sold on the Polkastarter IDO platform, and later be made available for trading on decentralized exchange Uniswap.
More Info
How Many $POLK Coins Are There in Circulation?
Polkamarkets launched its token $POLK on February 24, 2021 with 100 million $POLK tokens created at genesis (subject to vesting) and an initial market cap of $610,000 USD. Strategic Sale is vested 25% on TGE, then 25% monthly over the next 3 months. Public tokens are fully unlocked. For liquidity tokens, 10% on TGE, 10% per month over 9 months. On Marketing tokens, 10% on TGE, 5% per month over 18 months. Team & Foundational tokens are fully locked for one year, then vested 25% quarterly.
As for the token distribution, 28% is for Strategic and public sales. Marketing is 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%.
AI Analysis
What is the Polkamarkets (POLK) cryptocurrency good for? What are its main use cases?
Polkamarkets (POLK) is a decentralized prediction market platform built on the Polkadot network, allowing users to create, trade, and settle prediction markets on various topics. Here are the main use cases and benefits of Polkamarkets:
Prediction Markets: Polkamarkets enables users to create and participate in prediction markets, where they can bet on the outcome of events (e.g., sports games, elections, or other occurrences), allowing for the aggregation of information and sentiments from the market participants.
Decentralized Governance: Holders of POLK tokens can participate in the platform's governance, voting on proposals and changes to the ecosystem. This encourages community involvement and ensures that the platform evolves according to user needs.
Market Creation: Users can create their own markets on any topic, which adds flexibility and diversity to the types of predictions available, allowing for niches and specialized events.
Incentives for Participation: Participants can earn rewards through trading fees and other mechanisms within the market, creating a financial incentive for engaging in the platform.
Liquidity Provider Incentives: Polkamarkets may offer rewards to users who provide liquidity to various markets, helping to ensure that there is sufficient liquidity for traders.
Integration with Other DeFi Services: Since Polkamarkets is built on Polkadot, it can leverage interoperability with other projects on the network, potentially integrating with a broader DeFi ecosystem and utilizing cross-chain functionalities.
Secure and Transparent: Being built on blockchain technology, Polkamarkets enhances security and transparency, as all transactions and market outcomes are recorded immutably.
By facilitating prediction markets, Polkamarkets aims to provide users with a robust platform for forecasting and trading, tapping into the wisdom of the crowd while also leveraging the benefits of decentralized finance (DeFi).
What blockchain does Polkamarkets use? Is it its own blockchain or built on top of another?
Polkamarkets is built on the Polkadot blockchain, which is a multi-chain framework designed to enable different blockchains to interoperate. Polkamarkets utilizes Polkadot's architecture to leverage its scalability and security features, allowing it to facilitate decentralized prediction markets. While it is not its own standalone blockchain, it operates within the Polkadot ecosystem, using the benefits of the substrate framework that Polkadot provides.
Is Polkamarkets programmable? Does it support smart contracts or decentralized applications?
Polkamarkets is a decentralized prediction market platform built on the Polkadot network, and it does support smart contracts and decentralized applications (dApps). It leverages the capabilities of Polkadot's Substrate framework, allowing developers to create programmable elements within the platform.
In Polkamarkets, users can create and trade on prediction markets, and the underlying technology enables various programmable features like automated market creation, settlement, and more. By using smart contracts, users can define the logic and rules governing their prediction markets.
Overall, Polkamarkets provides a programmable environment conducive to building and customizing decentralized applications within the realm of prediction markets.
How fast are Polkamarkets transactions? What is the typical confirmation time and throughput (transactions per second)?
Polkamarkets operates on the Polkadot ecosystem and utilizes the Substrate framework, which allows for efficient transactions. While specific transaction speeds can vary based on network conditions and congestion, generally, Polkadot-based blockchains can achieve considerable throughput.
In typical conditions, Polkadot has a block time of around 6 seconds. This means that transactions can be confirmed in about that time frame. Throughput can vary, but networks built on Polkadot can handle thousands of transactions per second due to its ability to process multiple transactions in parallel across different parachains.
For the most accurate and up-to-date information, it's best to check the official Polkamarkets documentation or community updates, as performance metrics can evolve with network updates and optimizations.
How much data can I store on the Polkamarkets blockchain? Does it support on-chain data storage?
Polkamarkets is primarily designed as a decentralized prediction market platform built on the Polkadot blockchain ecosystem. While its main focus is on enabling users to create and participate in prediction markets, it does not inherently offer a comprehensive on-chain data storage solution like some other blockchains designed specifically for data storage (e.g., Filecoin, Storj).
In general, while you can store a limited amount of data on blockchains, there are often constraints related to transaction size, costs, and efficiency. For Polkamarkets, which is based on Substrate (the framework used to build blockchains in the Polkadot ecosystem), you would likely be able to store some metadata or relevant information directly on-chain (for instance, details about prediction markets), but larger datasets or complex data structures typically are better suited for off-chain solutions.
For more extensive data storage needs, projects within the Polkadot ecosystem often use off-chain solutions or integrate with decentralized file storage networks. It's essential to review the specific documentation and guidelines relevant to Polkamarkets to understand optimal use cases and limits when it comes to data storage.
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