Information is extremely valuable. It is essential to our lives and so are the things people do as a result of that information. Data collection and data utilization is fully integrated into our way of life today. Many services, especially mobile services that have a mobile application to do business require personal and often sensitive information in order to use the service. Many people suspect only Google is a main contributor of this, but handfuls of major companies do the same and even collect more data. But some people want to have fun and earn money with their information and knowledge, which is what Pollamarkets is bringing to market via their prediction market platform.
Polkamarkets is a gamified prediction market powered by Polkadot and fueled by DeFi and non-fungible tokens (NFTs). The purpose of the market is two-fold: offer prediction, information exchange and trading capabilities while offering the freedom of decentralized finance so your information isn’t in the hands of one company that uses or requires your data for service.
Polkamarkets At A Glance
Prediction markets can come in all shapes and sizes. Polkmarkets captures what matters for prediction markets and applies it to the DeFi community. Polkamarkets uses an information exchange as part of its main feature in addition to asset forecasting, a robust liquidity market that’s powered by users, and an API where Polkamarkets can be integrated into numerous software applications. Users will be able to monetize their forecasting which is highly interoperable with other DeFi chains and protocols.
The biggest issue of prediction markets in the past have been low liquidity and the inability to use the platform in a wide variety of ways. Polkamarkets means to address the low utilization and volume issues by boosting liquidity suppliers and dealers to encourage and take enormous positions, while a framework for curation guarantees effective and reliable markets. The platform will use well-tested DeFi features, for example, liquidity mining and yield farming to boost every day use. In addition to this, one huge feature that seems left out of most prediction markets are sports and esports use cases. Polkamarkets has a robust plan for sport-related content. Sports like FIFA generate $4.6 billion worldwide while eSports brings in over $1.6 billion dollars respectively, giving a huge advantage for Polkamarkets by bringing interactive and live markets. Clients can watch their favorite teams play while making live, in-play forecasts about the game’s result. Live odds and automated market makers will progressively change the odds dependent on clients’ forecasts. As clients trade outcome shares, they will mine $POLK tokens that they can later use to open their own prediction markets on Polkamarkets.
The $POLK Token
Another aspect of Polkamarkets that creates tremendous value is the POLK token, the asset that’s linked to the Polkamarkets platform and provides utility for the users of the platform. The token enables a variety of use cases across the board and gives power to the users. Here are a few main benefits of the token with sub-categories of what they provide:
- Mining: users on the platform are given the ability to mine POLK tokens by generating these tokens through smart contact based events. In this way, users can mine tokens in two distinct ways – through the use of being a liquidity provider on the platform and by making forecasts. Providing liquidity helps the market run more effectively “behind the scenes” by facilitating traders to trade outcome shares, while forecasting helps generate public interaction on the platform.
- Fees: 0.3% of every trade on Polkamarkets is taken as a fee and paid to liquidity providers.
- Yield Farming: talking along the same line with fees, transactions on the Polkamarket platform collect fees into a special pool. This pool will be used as a buyback program used for yield farming. The pool becomes a means of buying POLK tokens on decentralized exchanges, which then gets used as a payout for liquidity providers.
Conclusion
What really drives the heart of prediction markets is a community acting together in a common interest. Infogeeks and sport fanatics alike have a common interest to engage with each other and enjoy being a part of a culture. Polkamarkets really allows users in this fashion to run with their interest in a whole new way through decentralized finance. Users can create forecasts, watch market outcomes and make forecasts on games. They can also get rewarded by providing liquidity, which allows others to enjoy the platform. The POLK token acts as the coordination and incentivisation mechanism to bring this all together.
Polkamarkets will undoubtedly give the community the new standard of what prediction markets should be.
About Polkamarkets
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 based on Polkadot.
