Decentralized predictions market challenge Polkamarkets has accomplished its token sale by the Polkastarter platform, and the challenge’s POLK tokens at the moment are obtainable for buying and selling on Uniswap.
Polkamarkets is combining decentralized predictions markets with DeFi incentives and NFTs
Polkamarkets might be launching an on-chain predictions market on the Polkadot platform that may permit customers to invest on the outcomes of assorted occasions, starting from (e)sports activities matches and politics to cryptocurrency costs.
The challenge will even incorporate DeFi incentives into its predictions market platform, with the purpose of making certain adequate liquidity and bettering participation. Polkamarkets additionally goals to incorporate an leisure element by offering gamified experiences with the assistance of NFTs, in addition to reside streams. Polkamarkets has already introduced partnerships with NFT platform Terra Virtua, in addition to effectively as decentralized oracles challenge Kylin Community.
Polkamarkets will first launch on Ethereum, however the crew plans emigrate over to Polkadot as soon as the Polkadot platform is ready to ship the sensible contracts performance that’s required by Polkamarkets. The primary beta model of Polkamarkets is anticipated to launch on Ethereum in Q1 this yr.
The challenge’s idea for a new-generation decentralized predictions market appears to be resonating with customers, as Polkamarkets boasts nearly 100,000 Twitter followers and over 55,000 members in two of its Telegram group. The hype was additionally evident within the strategic token sale, which was performed earlier than immediately’s public sale. Within the strategic sale, Polkamarkets offered $625,000 value of tokens to buyers reminiscent of Moonrock Capital, Morningstar Ventures and Spark Digital Capital. In complete, there have been a whopping $80 million in allocation requests from buyers within the strategic sale.
The POLK token is important for opening prediction markets on Polkamarkets, in addition to accumulating charges generated by the platform. The token can also be employed by the challenge for its consumer incentives packages – customers will be capable of earn POLK by supplying liquidity to Polkamarkets or by utilizing the platform to make predictions. As well as, 0.1% of the charges collected on Polkamarkets might be used to purchase POLK tokens on decentralized exchanges.
POLK goes reside through Polkastarter IDO and Uniswap itemizing
With a view to take part within the IDO (preliminary DEX providing) on Polkastarter, customers needed to apply to be whitelisted. As is the norm with many different Polkastarter tasks, this sale was fairly unique – in complete, solely 300 members have been allowed to buy tokens at this stage, with the challenge trying to elevate $90,000. Within the Polkastarter IDO, POLK tokens have been promoting at $0.03 apiece, with every participant’s buy being capped at $300.
A number of hours after the swimming pools on Polkastarter opened, the token was listed on Uniswap, the go-to automated market maker on Ethereum. The ETH-POLK pair on Uniswap has been extraordinarily energetic up to now, as is to be anticipated from the primary day of buying and selling for a extremely anticipated token. The pool has seen over $52 million in quantity within the final 24 hours, and its present liquidity stands at simply over $1.7 million.
At the moment, POLK tokens are going for about $2.59 at Uniswap, however it’s cheap to anticipate loads of volatility within the first few days of buying and selling because the token goes by the preliminary means of worth discovery. There has already been loads of volatility – the token shot as much as nearly $5.1 inside one hour of the launch.
The overall provide of POLK is capped at 100 million tokens, so the present worth would indicate a market cap valuation of $259 million. Nonetheless, your complete provide of POLK tokens won’t be in circulation till 21 months after the token sale. The preliminary circulating provide of the token is 13.45% of the overall provide.
The underside line
In idea, predictions markets appear to be a slam dunk use-case for blockchain tech and decentralized finance. Nonetheless, tasks reminiscent of Augur and Gnosis haven’t actually taken off but, suggesting that there’s nonetheless loads of room for enchancment within the decentralized predictions markets area. Will combining prediction markets with NFTs and DeFi incentives show to be a profitable recipe for Polkamarkets?