Decentralized predictions market challenge Polkamarkets has accomplished its token sale by way of the Polkastarter platform, and the challenge’s POLK tokens at the moment are out there 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 enable customers to invest on the outcomes of assorted occasions, starting from (e)sports activities matches and politics to cryptocurrency costs. 

The challenge can even incorporate DeFi incentives into its predictions market platform, with the aim of guaranteeing ample liquidity and enhancing participation. Polkamarkets additionally goals to incorporate an leisure part by offering gamified experiences with the assistance of NFTs, in addition to dwell streams. Polkamarkets has already introduced partnerships with NFT platform Terra Virtua, in addition to properly as decentralized oracles challenge Kylin Community.

Polkamarkets will first launch on Ethereum, however the workforce 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 carried out earlier than immediately’s public sale. Within the strategic sale, Polkamarkets bought $625,000 value of tokens to traders equivalent to Moonrock Capital, Morningstar Ventures and Spark Digital Capital. In whole, there have been a whopping $80 million in allocation requests from traders within the strategic sale. 

The POLK token is critical 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 person incentives packages – customers will have the ability to earn POLK by supplying liquidity to Polkamarkets or through the use of 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 dwell by way of Polkastarter IDO and Uniswap itemizing

So as 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 initiatives, this sale was fairly unique – in whole, solely 300 individuals had been allowed to buy tokens at this stage, with the challenge trying to increase $90,000. Within the Polkastarter IDO, POLK tokens had been promoting at $0.03 apiece, with every participant’s buy being capped at $300.

Just a few 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 lively to date, 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 present, POLK tokens are going for about $2.59 at Uniswap, however it’s affordable to anticipate a number of volatility within the first few days of buying and selling because the token goes by way of the preliminary strategy of worth discovery. There has already been a number of volatility – the token shot as much as nearly $5.1 inside one hour of the launch.

The entire provide of POLK is capped at 100 million tokens, so the present worth would suggest a market cap valuation of $259 million. Nevertheless, the whole provide of POLK tokens is not going to be in circulation till 21 months after the token sale. The preliminary circulating provide of the token is 13.45% of the whole provide.

The underside line

In idea, predictions markets look like a slam dunk use-case for blockchain tech and decentralized finance. Nevertheless, initiatives equivalent to Augur and Gnosis haven’t actually taken off but, suggesting that there’s nonetheless loads of room for enchancment within the decentralized predictions markets house. Will combining prediction markets with NFTs and DeFi incentives show to be a successful recipe for Polkamarkets?

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