Everyday, it seems that a new, innovative use case for blockchain technology appears. As adoption increases and trends begin to appear, these new developments come to the forefront to fulfill these demands and capitalize on the growing market. This was the case for Polkamarkets, who saw a gap in the market for a gamified predictions platform.
Powered by DeFi, NFTs and Polkadot, Polkamarkets is a prediction market that uses the blockchain to offer a decentralized and interoperable information exchange and trading network where users take positions on outcomes of real world events.
What Is Polkamarkets?
Polkamarkets offers a gamified predictions market, where users are able to monetize their predictions and forecasts for events taking place in the real world. Whether predicting the outcomes for live sports, elections or crypto prices, Polkamarkets provides the infrastructure for users to securely participate in popular markets.
A major draw for Polamarkets is the entertainment value. For certain live events, live feeds will be available for users to stay up to date with the latest scores and data. The economy is entirely user based, with event lists being curated by POLK holders to ensure and uphold safety on the platform.
The platform is based on Polkadot, which enables it to leverage the power and interoperability provided by the protocol. It is seeking to innovate not only in how it incentivises use through DeFi principles such as yield farming and reward distribution, but also in UX/UI. In addition, users must mine their POLK to make their prediction, solving the liquidity and volume issue faced by other platforms in the space.
Who Created Polkamarkets?
Polkamarkets was co-founded by a team of three experienced individuals. The current CEO is Ricardo Marques, who is experienced in launching promising ventures in the prediction market industry. His background is in software engineering, working as a full-stack developer.
CMO Francisco Lourenco is also a co-founder. With more than a decade of experience, Francisco specializes in developing and implementing marketing strategies and digital campaigns.
Finally, there is Rui Teixeira, board member at Polkamarkets. Rui previously founded BEPRO Network, a codebase for blockchain that helps businesses launch Esports, DeFi, NFTs and prediction market platforms. He brings this experience, along with more than five years experience in decentralized and distributed product development to the platform.
What Is The POLK Token?
POLK is the utility token of the Polkamarkets platform. It is required for users to open prediction markets, as well as mining and more. The token distribution is as follows:
- Strategic Sale: 25%
- Liquidity Fund: 22%
- Foundational Reserve: 20%
- Marketing: 20%
- Team and Advisors: 10%
- Public Sale: 3%
What Is POLK Used For?
As the utility token, POLK has numerous uses. Firstly, POLK is needed to create markets on the platform. Its key use case is market curation and ensuring that prediction markets on Polkamarkets are efficient and well-formed.
Next, POLK is used for paying fees. A 0.3% fee is levied on all markets, two thirds of which are paid to liquidity providers , while the remaining third is used to buy POLK via decentralized exchanges - a process automated by smart contract. This allows for yield farming.
Mining is another key use for POLK on Polkamarkets. Both users and liquidity providers earn the token by making predictions and providing liquidity to the market.
Closing Thoughts
Polkamarkets is fixing the numerous problems currently faced in the prediction markets space, namely the low usage and volume problems. It does this by incentivizing users and liquidity providers to get involved, while also leveraging the power of DeFi incentives like liquidity mining and yield farming to keep users coming back for more.
Add to this the entertainment value of the platform, the experienced team leading the platform and the current growth it is experiencing, and it becomes clear that the best prediction for Polkamarkets is success.
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