For the past three months, Polkamarkets has been hard at work on their predictive market models and products that will be launched to the public. We happened to get an exclusive look into some of their most recent progress and would like to share what we have seen first hand.
In this report, we will do an overview on the following:
The Polkamarkets Forecasting MVP
Giving a Walkthrough of the Polkamarkets Forecasting Dashboard
A Summary of Polkamarkets
Walking Through the Dashboard
With our inside look through our white-listed access, we have found quite a number of impressive features and visuals that stack up well to what Polkamarkets has promised in the pipeline. First and foremost, we were presented with an extremely beautiful dashboard that is not only visually striking but has all the necessary elements to view, create, and respond to predictive market information.
Front and center, you have a colorful and categorized display of the different types of forecasting subjects available to all users, which upon interacting with each one will filter all the visual connections to that particular sub-market. These card-based visuals are shown on the front page of the MVP but can still be accessed at all times by a secondary sidebar on the left hand side of the product.
Speaking of the sidebar, this pillar of iconography is a list of all your relative information in order to interact with the Polkamarkets product. The top icon is for the Market Overview, which brings you to the page we just discussed, acting much like a “main page”. The second icon is your “Portfolio” page, This page helps show all your information for your portfolio including Total Earnings, Open Positions, Liquidity Provided, and Liquidity Earnings. The Portfolio page also shows your total balance, Market Positions, and Liquidity Positions.
Mini-Guide And Setup
Now that you have been shown the basics, let's do a brief overview on the user capabilities on Polkamarkets. One thing that stands out is the simplicity and ease of use for the entire MVP. Here is an organized list of functions:
Search Markets: a prominent line of functionality on the top left of every page, there is a search bar that allows users to search the Polkamarkets app for a particular market of interest based on a narrowing topic. Typing in your desired search will filter out the search results that include what you have entered into the tab.
Connect Wallet: the second functional item on the top bar is located off center, toward the right, and gives users the ability to connect their wallets. This enables a decentralized wallet like MetaMask to be connected where a user can interact with the Portfolio dashboard, in addition to participating in shares, adding liquidity, and creating markets.
Create Market: on the far right of the bar on each page is the ability to create a new predictive market, If a user decides they wish to create a new market that can be users for predictive entertainment, they can fill out a form where they can explain the name and relation of the market, the time of resolution, and the logical outcomes of the market. Markets can only be created by POLK holders. During beta, the POLK team will directly approve markets until it transitions at a later date.
Add Liquidity: each market has the ability to add liquidity to a pool in order for the market activity to be more efficient. By adding liquidity, which is found by clicking on the market you wish to inquire and find the “Add Liquidity” on the right side of the panel, you can gain benefits by contributing in this way. Users can gain 0.3% of all trades from the pool of that market, proportional to the shares added from the user in relation to the entire pool. In addition, fees relative to the market will be added to the liquidity pool as well, as the fees are recycled and not given to the POLK team or any miners of the sort. Liquidity can be added or removed by a user at any time.
Predictive Market Information: by clicking on a market directly, a user will go to an information page for that market. This page will share an interactive chart and order book that allows you to view the statistics of the predictive values on that market, what percentage of users have created a result, and shows the positions that have been made.
Buy or Sell Shares: while on the predictive market information page, a user also has the option to buy or sell shares for that market. This gives the user the ability to fully participate in the market, establishing risk while also participating in the outcome.
Taking a look at the Polkamarkets MVP, we are impressed and delighted to see both the progress and passion from the POLK team and have it materialize into a functional product for the public. Although this is still in beta, progress is being made to have this fully on mainnet so everyone can participate in an integrative market.
We look forward to seeing what Polkamarkets continues to do in the predictive market space.
Creating entertainment in the DeFi space, Polkamarkets is a predictive market environment that allows anyone to participate in predictive analysis and trading in a variety of categories such as cryptocurrency, sports, gaming, and more. The strengths of Polkamarkets are their unique solutions to the predictive niche such as the user base economy that gives rewards and recycles fees to their users and creation of markets for POLK token holders. Polkamarkets is designed to work on the Polkadot ecosystem.