Polkamarkets POLKPrice $ 0.00694

Polkamarkets is a blockchain-based platform that aims to tap into the Prediction Market. The Prediction Market lies at the crossroad between DeFi and information exchange, allowing traders to “leverage their knowledge of the past, present and future to forecast specific, real-world outcomes.” In particular, Polkamarkets focuses on Sports and Esports daily markets.

It hopes to address some of the issues facing prediction markets such as lack of liquidity, markets, and traders. Essentially, it hopes to grow the sector within the blockchain industry. To do so the Polkamarkets team has developed a platform that incentivizes liquidity providers to facilitate large positions. The project also incorporates DeFi practices such as liquidity mining and yield farming within its platform to encourage daily use.

The platform’s native cryptocurrency is the POLK token. It is needed for the settlement and dispute mechanisms in the Polkamarkets protocol. POLK has a total supply of 100,000,000.

What are Polkamarkets’ key features and how does it work?

Essentially, the Polkamarkets platform offers a range of scenarios and questions where users can predict the outcome. It covers a broad range of categories including Crypto, Gaming, Sports, Politics and Others. For example, users can predict if the price of Bitcoin (BTC) will stay below a given price on a particular date and time. An example from the gaming category includes, “Will the next Grand Theft Auto game (GTA) be released by the end of 2023?”. 

An outcome always has a price between 0 and 1, the total value of the outcomes of one market is 1. Prices for each outcome are determined by the number of shares of each outcome in a pool maintained by a smart contract. After the market is resolved, the winning outcome will have a value of 1, with other outcomes with a price of 0.

What is noteworthy about Polkamarkets?

Developers can use Polkamarkets open-source toolkit in order to create their own prediction marketplace or prediction DEX. Some examples of successful Polkamarket integrations include the following projects:

Lepricon.io’s FansPredict A peer-to-peer platform that allows users to stake their tokens across categories including sports, esports, celebrity and entertainment, as well as politics. Participants can predict the outcome of questions posed in each category.

OpenDAO’s SOSMarket An NFT prediction market that allows users to predict outcomes, such as project success, prices, governance, and more, within the NFT market.

Where can you buy POLK?

POLK is available for trading on the following CEXs and DEXs listed here. The most popular platforms with the highest liquidity are Uniswap V3, Gate.io, and KuCoin. The price of POLK will vary depending on the choice of exchange and overall market conditions. For up-to-date and historic data for POLK market prices, please view the price charts on this page.