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Polkamarkets: a DeFi-Powered Prediction Market

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Yesterday we witnessed the launch (first IDO then Uniswap listing) of POLK, one of the most anticipated tokens of the year. It is the governance token of PolkaMarkets, a DeFi protocol on Polkadot that allows participating in prediction markets of real events from all over the world. A bit like Augur or PolyMarkets on Ethereum, two projects that have been going in the same direction for some time but have not been very successful so far (especially Augur). 

What is the PolkaMarkets project?

As already mentioned, it is a project that connects people around the world to bet on real events or even create their own events for other users to bet on. It is a kind of decentralized forecast that uses smart contracts and the Polkadot network to function, eliminating intermediaries altogether. Users can participate either as bettors or as liquidity providers, in the latter case earning fees for their service. 

The events on which it will be possible to make predictions vary from Politics to Sport, from Finance to crypto and so on. To make it more attractive there will of course also be virtual chats, online events, games including NFTs and much more. At launch, the project was still running on the Ethereum network, but in Q2 2021 it will be fully transferred to Polkadot’s sidechain. Q2 will be an important period since alongside the migration to Polkadot there will also arrive Sports Market, Informational Market, Politics Market, NFTs and finally the live stream of events.

In short, 3 months full of work that will demonstrate the full capabilities of the team behind Polkadot. Towards the end of the year, there will be a DAO, a decentralized system to manage the entire protocol through proposals and votes where it will be possible to actively participate by holding POLK, PolkaMarkets’ proprietary token. Let’s find out more about the token!

The PolkaMarkets POLK token

The POLK token was launched yesterday on Polkastarter and subsequently listed on Uniswap, immediately increasing in value by 100-300 times. The max supply is only 100 million units, while the marketcap at launch was only 700 thousand dollars. At the moment, however, the marketcap has risen dramatically, reaching $300 million when looking at all existing tokens (not just those in circulation). 

The price per token during the strategic presale phase was 0.025 cents, the price in the public sale was 0.03 cents and the listing on Uniswap was 0.05 cents. Obviously, the hype and the bots on Uniswap raised the price of the current 3$. However, considering the various market caps of the projects launched so far on Polkastarter, 300 million dollars is really not much. Now let’s take a look at the distribution of the tokens:

  • 20% of the tokens go to the reserves of the Polkastarter Foundation.
  • 25% of the tokens were sold in the Strategic Sale
  • 10% of the tokens go to the team and are locked for 12 months.
  • 20% of the tokens are dedicated to Marketing with linear unlocking month after month
  • 22% is the Liquidity Fund, tokens that are used for liquidity
  • 3% is Public Sale, a very low figure but with bargain prices

Obviously, not all tokens are unlocked at launch, so the circulating supply is much lower than the total supply. At the moment the trading volumes on Uniswap are really high, as POLK touched almost 100 million dollars in less than 24 hours. Projects like this end up on well-known centralized exchanges sooner or later, so if you’re thinking of investing something, maybe now is the right time. 

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