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About Polkamarkets
Key Points
- Polkamarkets is a DeFi-powered prediction market built on Polkadot.
- Users can monetize their forecasts of future outcomes and events.
- The platform has entertainment features like NFT-based gamification, live streaming, and daily crypto price markets.
- $POLK is the native utility token used for prediction markets creation, mining, direct fees for liquidity providers, yield farming, and gamification.
- Polkamarkets MVP core features include taking positions on events, promotions, liquidity provisioning, and rewards for LPs.
Numbers and Figures
- 100 million $POLK
About Polkamarkets
Introducing Polkamarkets, a decentralized information ecosystem that converges the realms of prediction markets and decentralized finance (DeFi) to create a novel, community-driven platform.
Introducing Polkamarkets ($POLK): A Revolutionary DeFi Platform
Polkamarkets is a decentralized finance (DeFi) powered prediction market, designed for seamless cross-chain information exchange and trading, where users can take positions on the outcomes of real-world events within a decentralized and interoperable platform built on Polkadot.
Within a decentralized and interoperable infrastructure, users can capitalize on their predictions of future outcomes and events, effectively transforming their convictions into tradable assets with tangible financial value, openly exchanged on the market.
Trade fractions of event outcomes or create your own bespoke events, allowing others to take positions. Additionally, participate and provide liquidity to generate earnings.
Beyond a mere prediction market, Polkamarkets is poised to offer a rich entertainment experience. This will be achieved through the incorporation of innovative features, including NFT-based gamification, seamless live streaming integration for in-play positions on Esports and Sports, and daily crypto price markets. Furthermore, live chats and virtual events within online communities will serve as a key value-add, elevating the overall platform experience.
Launched on 28/01/2021, Polkamarkets was founded by a fully remote team with members based in Bali, London, and Lisbon, with the ambitious goal of addressing the longstanding issues plaguing the Prediction Markets industry. Specifically, the platform seeks to overcome the hurdles of inadequate liquidity and markets, a scarcity of traders, and the prevalence of duplicate or confusing markets. To achieve this, Polkamarkets employs a novel approach, incentivizing liquidity providers and traders to take large positions, while a robust curation and resolution system ensures the integrity and efficiency of its markets.
The native utility token, $POLK, serves as the cornerstone for:
The $POLK token is instrumental in orchestrating incentives that drive network effects, thereby resolving the longstanding issues that have plagued prediction markets, including low trading volumes, inadequate liquidity, and minimal daily active engagement. Specifically, Polkamarkets has designed $POLK to cater to the following key DeFi and gamification use-cases:
● Prediction Markets Creation: The creation of new markets on Polkamarkets necessitates the use of $POLK, allowing users to tap into the collective wisdom of the crowd and gain valuable insights into the future. ● Mining: By making forecasts on the platform and providing liquidity, users and LPs are rewarded with $POLK, fostering a dynamic of engagement and participation. ● Direct Fees for Liquidity Providers (LPs): A 0.3% trading fee is levied on all markets within Polkamarkets. Of this, 2/3 (0.2%) is distributed to LPs in the native token (e.g., ETH or DOT) in which the fees were collected. The remaining 1/3 (0.1%) is utilized to auto-purchase $POLK via smart contract on decentralized exchanges. ● Yield Farming: The 1/3 of trading fees (0.1%) is allocated to acquire $POLK on DEXs, which is then distributed to LPs as a reward for their liquidity provision services. ● Gamification: As users accumulate higher tiers of earned $POLK, they unlock exclusive NFTs, gain access to larger markets, and enjoy special features, fostering a culture of engagement and competition.
At the heart of Polkamarkets’ Minimum Viable Product (MVP) lies a robust suite of core features, including:
● Engage in real-time event forecasting across Esports, Sports, Crypto Prices, Politics, and more. ● Enjoy exclusive promotions and giveaways. ● Benefit from liquidity provisioning and rewards for liquidity providers. ● Earn $POLK by accurately forecasting on Polkamarkets. ● Accumulate $POLK by providing liquidity to Polkamarkets. ● Yield farm $POLK for optimal returns.
The Circulating Supply of $POLK Coins: A Closer Look
Polkamarkets debuted its token, $POLK, on February 24, 2021, with an initial supply of 100 million tokens at genesis, subject to vesting, and a market capitalization of $610,000 USD. The Strategic Sale allocation is vested 25% at the time of the token generation event (TGE), followed by 25% monthly installments over the subsequent three months. Public tokens are fully unlocked. In terms of liquidity tokens, 10% are allocated at TGE, with an additional 10% released monthly over a nine-month period. Marketing tokens follow a similar vesting schedule, with 10% allocated at TGE and 5% released monthly over 18 months. Team and Foundational tokens, meanwhile, are fully locked for a one-year period, after which they will be vested quarterly at a rate of 25%. The token distribution is allocated as follows: 28% is reserved for Strategic and public sales. The Marketing allocation is dedicated to fostering awareness, forging partnerships, and securing exchange listings. The Liquidity Fund is designed to provide capital for Uniswap and other exchanges’ liquidity needs. The Team and Advisors retain 10% of the total token distribution, while the Foundational Reserve holds the remaining 20%.
The Visionaries Behind Polkamarkets: Meet the Founders
At the helm of Polkamarkets are Ricardo Marques, CEO and Co-Founder, and Francisco Lourenço, CMO and Co-Founder. As a seasoned entrepreneur, Ricardo boasts a proven track record of launching ventures in the prediction market space, complemented by over a decade of expertise as a full-stack developer and software engineer. Meanwhile, Francisco brings a wealth of marketing acumen, having spent more than 10 years disrupting traditional go-to-market strategies for major corporations, with a particular focus on digital, e-commerce, and social campaigns.
In 2015, Ricardo, then head of product at Tradiio, a pioneering Predictions Markets platform catering to the music industry, crossed paths with Francisco, who was not only an ardent user of the platform but also a fervent enthusiast of general Prediction Markets, Gamification strategies at the enterprise level, as well as in the realms of crypto and blockchain.
On the Advisors’ side, the team is collaborating with Henrique Caiano, a seasoned Product Advisor boasting over 10 years of experience in crafting innovative products within the tech and blockchain realms. As a serial entrepreneur, he has successfully spearheaded multiple SaaS and consumer products as a product owner. Furthermore, Rui Teixeira, a Tech Advisor, brings his expertise as the CEO and Co-Founder of BEPRO.Network, a pioneering blockchain-based SaaS platform that empowers businesses and entrepreneurs to launch Esports gaming platforms. With a proven track record as a serial entrepreneur, Rui possesses over 5 years of experience in developing blockchain-based products.
Acquiring Polkamarkets ($POLK): A Comprehensive Guide
The inaugural sale of $POLK will take place on the Polkastarter IDO platform, followed by its listing on the decentralized exchange Uniswap, where it will be available for trading.