Polkamarkets hype in overdrive ahead of upcoming IDO token sale on Feb. 24
The buzz around Polkamarkets is growing by the day as its much anticipated token sale edges closer. The project has established a huge community with a cult-like following across social media and other online forums frequented by crypto enthusiasts.
The blockchain has earned notoriety for hyping up projects especially immediately before a token sale or around big news announcements. However, the frenzy around Polkamarkets is of epic proportions even by the crypto space crazy standards.
The frenzy with a difference
At first glance, it’s tempting to think that the super hype around Polkamarkets is unwarranted and that it is another project with lofty ambitions but little evidence of its fruition. From some quarters, it is reminiscent of the 2017 ICO crazy that ended bad taste. However, nothing could be further from the truth.
Polkamarkets is a sound project with a visionary team capable of delivering on their promise. The project is tackling a big problem in the prediction market through an ingenious solution. Polkamarkets is developing a gamified prediction market powered by DeFi, NFTs and Polkadot that is set to completely transform the industry.
This article takes a deep dive into Polkamarkets to review the project and get a better understanding of its soaring popularity. But first, a quick glance at its hype.
Stats behind the hype
The first signs of the project’s popularity were seen during their first strategic sale round where they sought to raise funds to kick-start development and other operations. The result was an oversubscription by thousands of interested investors which is aptly reflected by these figures:
- Total raise amount for the $POLK sale: $715,000 USD
- Total open interest in just one week: Over $80,000,000!!!
- Total amount of pledges: Over 10,000 people!
- Open Interest to Cap: 110X+
This huge interest was a clear indicator of the overwhelming support and excitement that Polkamarkets has and the signs of things to come. Moreover, these outcomes were heavily publicised, sparking additional interest, even from those initially unaware of the project.
Predictably, this has in turn switched the hype a notch higher as evidenced over the last few days.
Interest in the upcoming public sale of Polkamarkets tokens has surged following their announcement on Feb. 15 in which they outlined the conditions for whitelisting investors. To qualify, interested investors are required to follow Polkamarkets on Telegram and Twitter and Retweet their pinned tweet before filling the whitelist form. These are the stats thus far:
- Over 57k members in Polkamarkets Telegram announcement channel
- Over 65k members in Polkamarkets Telegram group
- Over 56k retweets of pinned IDO announcement tweet
These are eye watering figures after just 2 days, pointing to the growing frenzy around Polkamarkets. With a week to go, the open interest in the project could rise exponentially as more people rush to join the party and get a piece of the pie.
What is driving the hype?
Firstly, it’s the herd mentality and the classic FOMO (fear of missing out). The good news cycle and constant reference within the crypto community is fuelling the demand for Polkamarkets, thereby triggering investors to jump on the bandwagon out of fear of missing out on a potential 1,000x opportunity.
Secondly, besides the good old-fashioned greed, there are other more practical and sound explanations behind Polkamarkets’ recent heightened popularity.
Polkamarkets is one of the few solid projects in the crypto space providing real world solutions. More importantly, it is achieving this by deploying a highly innovative approach to deliver the first DeFi-powered decentralised prediction market (DPM) platform. Its ingenuity helps it stand out from its predecessors such as Augur and Gnosis. Polkamarkets is the first blockchain-based DPM to integrate DeFi and NFTs. As such, they offer more earning opportunities to their users like providing liquidity, yield farming and trading NFTs.
Polkamarkets is being developed on the Polkadot blockchain, allowing it to benefit from the protocol’s various unique features and functionality. Interoperability is one such feature that will be quite useful to Polkamarkets as the platform can easily communicate with applications on other chains. The Polkadot ecosystem also has other useful applications and tools that will benefit the project. For instance, with Chainlink already built into the protocol will save Polkamarkets to build oracles from scratch, but rather plug them in directly. This will greatly improve settlement of bets through improved access to information outside the blockchain.
Polkamarkets enlisted a star studded list of strategic partners from their first round with their team prioritising them over retail investors. The amazing roster of their backers include Moonrock Capital, Morningstar Ventures, NGC Ventures, Astronaut Capital and Spark Capital that together contributed $625,000 to Polkamarkets. Having such respected funds in their corner significantly boosts the project’s outlook and greatly inspires confidence among investors.
In addition to these financiers, Polkamarkets is actively pursuing strategic partnerships aligned to their vision. For instance, they recently partnered with Kylin Network to provide decentralized and validated data via oracles to our prediction markets.
Polkamarkets has so much to offer, over and beyond these few aspects outlined in this article. The project promises to revolutionize the prediction markets by taking a completely different approach to the mainstream institutions and offering more to their users as compared to their decentralised counterparts.
Their multifaceted approach opens up numerous opportunities for the players and token holders. The platform will provide more open, inexpensive and inclusive prediction markets that are attractive to players. Their foray into the DeFi space will also expose Polkamarkets to extra liquidity while enabling their users to capitalise on existing opportunities to boost their earnings.
So, the increasing buzz around Polkamarkets is not the typical hype that has been normalised in the crypto space. Rather, it is an indication of the support and excitement by people with a strong belief that they are betting on the future by buying into Polkamarkets. If and when the project delivers on their promise, they are in for a big payoff, worthy of their strong conviction in their prediction.