Polkamarkets, a Polkadot-based and DeFi-powered prediction marketplace for real-life occasions which facilitates cross-chain info alternate and buying and selling, has just lately concluded its Preliminary Dex Providing (IDO) on Polkastarter, thereby assembly its fundraising goal of $90,000.
Recapping the Polkamarkets IDO
Not way back, Polkamarkets introduced its upcoming IDO on Polkastarter, the interoperable protocol for cross-chain token swimming pools and auctions. The preliminary announcement generated a substantial quantity of hype, given the truth that over 1 million folks have expressed their intent to speculate by finishing the whitelisting process.
The IDO efficiently kicked off on the twenty fourth of February, at 1PM UTC. Inside a matter of minutes, the fundraising cap of $90,000 was accomplished, and the IDO subsequently closed. A complete of 300 whitelisted individuals had been in a position to buy as much as $300 USD of $POLK, the platform’s utility token. 167 individuals had been chosen from the Polkastarter token holders pool whereas 133 public pool individuals gained eligibility to participate within the IDO, on a primary come first served foundation.
By this level, IDO traders who bought $POLK at a beginning value of $0.03, at the moment are eligible to withdraw the tokens and do with them as they please. In reality, there’s fairly an incentive to interact in buying and selling granted that the $POLK token has now been listed on Uniswap.
The $POLK Uniswap Itemizing
In a bid to encourage $POLK buying and selling, the Polkamarkets workforce has determined to listing the ERC-20 token on Uniswap, including an preliminary liquidity of $200,000. With a beginning value of $0.05 per token, it’s anticipated that Uniswap buying and selling will rapidly drive up the token’s worth, as folks worldwide rush to buy, hodl, commerce, and use the much-anticipated utility token.
The Uniswap itemizing subsequently kicked off on the twenty fourth of February at 3:00PM UTC, one hour earlier than the IDO individuals had been in a position to withdraw their tokens. Vital buying and selling quantity has already been attained, and expectations are that the quantity will additional rise within the coming days.
$POLK holders are inspired so as to add extra liquidity to Uniswap, in an effort to profit from the transaction charges generated for his or her fraction of pool possession.
Polkamarkets recommends that customers entry the $POLK contract deal with solely by way of the official communication channels, as to stop scams.
The $POLK Tokenomics
Polkamarkets has opted for a complete provide of 100bn $POLK tokens, with solely 13.45% being a part of the preliminary circulating provide. With an preliminary market cap of $672,500 USD and a complete fundraised quantity of $200,000, there’s appreciable leeway for the $POLK token to rise in worth, based mostly on the legal guidelines of provide and demand.
Highlighting Polkamarket’s Worth Proposition
At this time limit, the world’s blockchain-based prediction markets are dealing with a number of key challenges, together with however not restricted to inadequate liquidity, duplicate markets, complicated interfaces, and an total lack of merchants.
Polkamarkets finds itself on the intersection between decentralized finance and knowledge alternate, giving it the higher hand in designing a strong prediction protocol. A lot of the challenges numbered above are effortlessly solved, since Polkamarkets incentivises merchants and liquidity suppliers in supporting the platform by offering liquidity and taking bigger buying and selling positions. Incentivisation is feasible by means of a $POLK mining system open to LPs and merchants. Furthermore, NFTs are given out as rewards to contributing customers.
With Polkamarkets, customers can simply revenue off their future predictions, as forecasts are handled as monetary property with an inherent worth that may be simply traded by way of the built-in alternate. There’s an enormous leisure potential at play right here, as customers can guess on a number of sorts of occasions that are gamified by way of reside streams and reside value feeds.
Polkamarkets has designed a system that effectively curates markets and helps with decision each time essential. $POLK token holders act as governors of the platform, by voting on the creation and curation of prediction markets which can be secure, open, reliable, and attention-grabbing.
Polkamarket’s Future Plans
Within the first quarter of 2021, Polkamarkets is releasing a number of options, together with the crypto futures market, esports market, fractions portfolio, liquidity provision, DeFi integrations, curated lists, and the $POLK mining protocol.
In Q2 2021, customers can anticipate to see the total migration to Polkadot, alongside the discharge of the sports activities market, politics market, informational market, but additionally AI-powered odds, NFT gamification, and reside streams. Later through the yr, Polkamarkets has introduced the launch of admin instruments, the governance protocol, the modelDAO R&D effort, alongside cross-chain fractions buying and selling, stablecoin integration, and DAO governance.
With these elements in thoughts, it’s fairly obvious that Polkamarkets will utterly disrupt the worldwide predictions market as we all know it. With unparalleled person incentives, cross-chain integration, and an enormous anticipated inflow of customers, $POLK token holders could have quite a bit to learn from. Those who haven’t had an opportunity to take part within the IDO shouldn’t fear, as there’s nonetheless time to buy $POLK cheaply earlier than it features mainstream adoption.