Polkamarkets Efficiently Completes IDO; Token Now Listed on Uniswap
Polkamarkets, a Polkadot-based and DeFi-powered prediction market for real-life events which facilitates cross-chain information exchange and trading, has recently concluded its Initial Dex Offering (IDO) on Polkastarter, thereby meeting its fundraising target of $90,000.
Recapping the Polkamarkets IDO
Not long ago, Polkamarkets announced its upcoming IDO on Polkastarter, the interoperable protocol for cross-chain token pools and auctions. The initial announcement generated a considerable amount of hype, given the fact that over 1 million people have expressed their intent to invest by completing the whitelisting procedure.
The IDO successfully kicked off on the 24th of February, at 1PM UTC. Within a matter of minutes, the fundraising cap of $90,000 was completed, and the IDO subsequently closed. A total of 300 whitelisted participants were able to purchase up to $300 USD of $POLK, the platform’s utility token. 167 participants were selected from the Polkastarter token holders pool whereas 133 public pool participants gained eligibility to take part in the IDO, on a first come first served basis.
By this point, IDO investors who purchased $POLK at a starting price of $0.03, are now eligible to withdraw the tokens and do with them as they please. In fact, there’s quite an incentive to engage in trading granted that the $POLK token has now been listed on Uniswap.
The $POLK Uniswap Listing
In a bid to encourage $POLK trading, the Polkamarkets team has decided to list the ERC-20 token on Uniswap, adding an initial liquidity of $200,000. With a starting price of $0.05 per token, it is expected that Uniswap trading will quickly drive up the token’s value, as people worldwide rush to purchase, hodl, trade, and use the much-anticipated utility token.
The Uniswap listing therefore kicked off on the 24th of February at 3:00PM UTC, one hour before the IDO participants were able to withdraw their tokens. Significant trading volume has already been attained, and expectations are that the volume will further rise in the coming days.
$POLK holders are encouraged to add additional liquidity to Uniswap, in order to benefit from the transaction fees generated for their fraction of pool ownership.
Polkamarkets recommends that users access the $POLK contract address solely via the official communication channels, as to prevent scams.
The $POLK Tokenomics
Polkamarkets has opted for a total supply of 100bn $POLK tokens, with only 13.45% being part of the initial circulating supply. With an initial market cap of $672,500 USD and a total fundraised amount of $200,000, there’s considerable leeway for the $POLK token to rise in value, based on the laws of supply and demand.
Highlighting Polkamarket’s Value Proposition
At this point in time, the world’s blockchain-based prediction markets are facing several key challenges, including but not limited to insufficient liquidity, duplicate markets, confusing interfaces, and an overall lack of traders.
Polkamarkets finds itself at the intersection between decentralized finance and information exchange, giving it the upper hand in designing a solid prediction protocol. Most of the challenges numbered above are effortlessly solved, since Polkamarkets incentivises traders and liquidity providers in supporting the platform by providing liquidity and taking larger trading positions. Incentivisation is possible through a $POLK mining system open to LPs and traders. Moreover, NFTs are given out as rewards to contributing users.
With Polkamarkets, users can easily profit off their future predictions, as forecasts are treated as financial assets with an inherent value that can be easily traded via the built-in exchange. There’s a huge entertainment potential at play here, as users can bet on multiple types of events which are gamified via live streams and live price feeds.
Polkamarkets has designed a system that efficiently curates markets and helps with resolution whenever necessary. $POLK token holders act as governors of the platform, by voting on the creation and curation of prediction markets that are safe, open, trustworthy, and interesting.
Polkamarket’s Future Plans
In the first quarter of 2021, Polkamarkets is releasing multiple features, including the crypto futures market, esports market, fractions portfolio, liquidity provision, DeFi integrations, curated lists, and the $POLK mining protocol.
In Q2 2021, users can expect to see the full migration to Polkadot, alongside the release of the sports market, politics market, informational market, but also AI-powered odds, NFT gamification, and live streams. Later during the year, Polkamarkets has announced the launch of admin tools, the governance protocol, the modelDAO R&D effort, alongside cross-chain fractions trading, stablecoin integration, and DAO governance.
Bottom Line
With these aspects in mind, it is quite apparent that Polkamarkets will completely disrupt the worldwide predictions market as we know it. With unparalleled user incentives, cross-chain integration, and a huge expected influx of users, $POLK token holders will have a lot to benefit from. Those that haven’t had a chance to participate in the IDO shouldn’t worry, as there’s still time to purchase $POLK cheaply before it gains mainstream adoption.