Polkamarkets — Telegram AMA — February 21
On Sunday, February 21, we had the pleasure to welcome to our Telegram chat:
We asked them questions about the development of Polkamarkets.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Polkamarkets is a DeFi-powered prediction market built for cross-chain information exchange and trading where users take positions on outcomes of real-world events–in a decentralized and interoperable platform based on Polkadot.
Polkamarkets will offer Sports and Esports daily markets with live feeds of events alongside forecasting. Users will be able to watch their favorite teams play while making live, in-play forecasts about the game’s outcome.
Polkamarkets utility token is used for mining, liquidity providing, fees collection, and yield farming. LPs earn $POLK by providing liquidity to Polkamarkets. Users mine $POLK by making forecasts.
Q — Ayeley Commodore-M from GAINS: Let’s start by hearing a bit about you. What did you do before crypto and did you have any other previous venture in crypto?
A — Ricardo from Polkamarkets: Ricardo here 👋 Co-founder and CEO. Coming from an engineering background and have been working with tech companies for the past 10 years.
Between corporate, contracting, and tech startups I have launched several ventures in the tech space.
This is actually my second venture in Crypto, as I was one of the co-founders of Coinvision, a membership-based community in the crypto space. 🚀
A — Francisco from Polkamarkets: Hi everyone, I’m Francisco, Co-founder, and CMO of Polkamarkets. I have more than 10 years of experience in disrupting big companies’ go-to-market strategies, specializing in digital, E-commerce, and social campaigns.
I was former Head of Partnerships at BEPRO Network, a blockchain-based SaaS empowering businesses and entrepreneurs to launch Esports gaming platforms. And now, as my 2nd role in the Crypto industry, CMO at Polkamarkets 🤘🏼
Q — Ayeley Commodore-M from GAINS: How many people are on the team?
A — Ricardo from Polkamarkets: In our core team we have 8 people (mostly developers + designers), and on top of that we have a great team of advisors helping us out in the token sale and giving us great support in building our community 🙂
Q — Ayeley Commodore-M from GAINS: What is the project about in a few simple sentences? And what existing problems are you looking to solve with Polkamarkets?
A — Ricardo from Polkamarkets: Our experience in crypto definitely brought us experience and a network that will help us make Polkamarkets succeed 🙂
Polkamarkets is a DeFi-Powered Prediction Market built for cross-chain information exchange and trading, where users take positions on outcomes of real-world events–in a decentralized and interoperable platform on Polkadot.
More than just a prediction market, Polkamarkets will have important entertainment features.
We’ve been working on Polkamarkets for half a year almost and we intend to launch our MVP in Q1 2021. We have a great team of designers and developers working hard to ensure we deliver the best possible user experience 🤓
A — Francisco from Polkamarkets: For the entertainment features we’ll include NFT-based gamification, live streaming integration for in-play positions on Esports & Sports, and daily crypto price markets.
Live chats and virtual events in online communities will also form a key entertainment value-add to our platform.
Q — Twitter user @lona321ama: “What does the Polkamarkets name stand for? There are interesting stories behind every successful project, and of course, you have to work hard every day. Can you share one of these interesting stories with us?”
A — Francisco from Polkamarkets: The name is pretty easy to understand and there’s no rocket science behind it. “Polka” because we’re building on the Polkadot ecosystem and “Markets” as we’re a Prediction Markets platform. On the other hand, the story of our logo can go a little bit deeper and is more interesting.
The logo is a 2-Dimensional representation of a 3-Dimensional Platonic Solid, namely, the Octahedron. The Octahedron was chosen since in Greek mythology it represents the classical element of Air.
Polkamarkets, as a prediction market, is in the business of forecasting the future. Common phrases such as “Winds of change” “Change is in the air” “Let’s see where the wind is blowing” are all colloquial expressions that everyone knows involving Air and the future. Therefore, the Octahedron seemed to be the most elegant and apt symbol for an application meant to forecast the future. 🔮
Q — Twitter user @Berat_lucky11: Most new DeFi projects are just copies of existing ones, they are just useless. So, what’s unique about your project & what makes Polkamarkets trustable as a long-term project for users and investors?
A — Francisco from Polkamarkets: All these platforms are unique — Augur and Gnosis were the pioneers in the market. Polymarket has liquidity providing, however, all of these are simply financial products. By offering entertainment features we bring another reason to bring users to our platform and stand out by offering something more than just a cryptocurrency.
None of those competitors is really focused on entertainment value or community building, or building in DeFi features. These are critical to us for gaining users and traction. Additionally, we are doubling and tripling down on user experience and making the platform beautiful and easy to use.
Q — Ayeley Commodore-M from GAINS: Let’s talk about the POLK token. What is the token use case and how does it capture the value of the ecosystem you’re building?
A — Ricardo from Polkamarkets: We have $POLK as a utility token. We use the token to coordinate incentives to make network effects to solve the problems that Augur and others had regarding low volumes, low liquidity, etc.
We’re using it as a Buyback and Yield Farming strategy as well. Mining for users and liquidity providers earn $POLK for making forecasts and providing liquidity. And create incentives for high daily active users and for users to come back to the platform daily.
A — Francisco from Polkamarkets: A clear reason why you should HODL $POLK. We wanted to build an ecosystem behind the project with our own native token for Network effects for building a brand, Ability to Bootstrap, and Curation later on. 😎
Q — Telegram user Cassanova: Polkamarkets recently announced a Partnership with the Kylin Network. Surely this Partnership really helps investors prove that Polkamarkets is a very impressive project. I would like to know what kind of partnership does Polkamarkets hope to support the ecosystem?
A — Francisco from Polkamarkets: We’re aiming to have all sorts of partnerships that add value to the ecosystem ofc. Oracles, News Media, NFTs, and iGaming. In the upcoming weeks, you’ll see some of them 👌🏼
Q — Telegram user Alejandro P.: Which partners for the live streaming of sports would work with Polkamarkets? How would people with no crypto experience be able to predict or use the platform?
Will there be ads on the streams? I’m a tennis fan, will there be Tennis matches?
A — Ricardo from Polkamarkets: We have a great team of designers working on our product to ensure we deliver the best possible experience to our users, from crypto newcomers to experienced traders!
As for tennis matches being on our platform, being a HUGE tennis fan myself we certainly have it as one of our sports in our pipeline. I’m team Roger Federer by the way 🇨🇭😍
Q — Ayeley Commodore-M from GAINS: Am I right to assume that with the Polka in your name, you will be building on the Polkadot blockchain? That should make you the first prediction market on Polkadot, right?
A — Francisco from Polkamarkets: That’s correct! The Polkadot ecosystem has seen tremendous growth over 2020. On top of that, the Ethereum network, as of today, has scalability problems such as transaction time/gas fee costs.
Polkadot seemed like the natural choice to be the architecture for Polkamarkets.
Q — Telegram user Sepuluh: What chain will you be compatible with / or will work with other than Ethereum? Will stable coins be implemented into the ecosystem?
A — Ricardo from Polkamarkets: We’ll launch our MVP in the ETH chain and version 2.0 in DOT (Q2 2021). Stable coins are definitely in our pipeline for both these versions 🙂.
Q — Ayeley Commodore-M from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Francisco from Polkamarkets: We closed our strategic sale round for $625,000 with an amazing roster of strategic investors, including Moonrock Capital, Morningstar Ventures, NGC Ventures, Astronaut Capital, and Spark Capital.
We saw more than $80 million in strategic sale allocation requests with more than 10.000 pledgers — that’s 110x oversubscribed 😱 — showing the overwhelming demand for non-Ethereum based DeFi and prediction market solutions that are scalable and provide lower fee structures.
A — Ricardo from Polkamarkets: One of the value adds of the few funds we brought on board was how they can open doors for us in various markets. We are also reaching out to local communities in different languages to get the word out. Our product will also appeal to a wide variety of people in terms of what markets and live streams are offered.
Q — Telegram user Kunlefighter: I’m a bit worried about the fund you guys raised, isn’t $715,000 not too small for a project with great prospects like yours? Will this amount be sufficient enough to Carter for marketing, promotion, and other future developments of the project?
A — Ricardo from Polkamarkets: To contrast with 2017 greed in ICOs, we don’t want to go through the route of raising too much money.
We decided to give the smallest allocation possible to strategic partners and have steady growth over time, and give a smaller allocation to value-add people to grow with us (to a lot of people).
That way we’ll manage to be sustainable, reduce sell pressure and we’ll guarantee to have a better chance on the secondary market performance.
Q — Ayeley Commodore-M from GAINS: What stage is the Polkamarkets project at? And what should we look forward to, following the IDO and in the coming months?
A — Ricardo from Polkamarkets: Product-wise, we’re developing our MVP and aiming to launch it in March in the Ethereum Network. We’ll be launching the 2.0 version integrated into the Polkadot ecosystem in Q2 of 2021. Exciting times ahead! And very likely no sleep 😄
Q — Twitter user @EgorCypto: Are you planning to host various tournaments or prediction contests on your Polkamarkets platform? What is your user retention strategy on the Polkamarkets platform?
A — Ricardo from Polkamarkets: Partnerships with major sports leagues are something we are looking into. We are planning on leveraging our partnerships in the NFT and iGaming space as well to open doors for us. We can’t reveal anything concrete yet, but it’s in the cards and host tournaments are an idea as well. Prediction Contests, we’re already doing them… so yeah, also a possibility of course.
As we’re building something unique, we’re aiming to have all sorts of partnerships that add value to the ecosystem. Oracles, Media, Gaming, NFTs. In the upcoming weeks, you’ll see some of them 😀
Q — Telegram user Ignat Beregnoy: Will Polkamarkets be able to work in markets with short to long time frames? How flexible is Polkamarkets’ design to change quickly and keep pace with technological trends?
A — Ricardo from Polkamarkets: Yes, we’ll start with markets that resolve daily, such as daily crypto prices and esports, but we’ll expand to other markets such as sports and financial markets. In both, you’ll be able to handle your shares of the event outcome prediction and sell them anywhere along the process if desired.
Q — Telegram user Bima sansetya: Since you’re adding E-sports as a part of your entertainment value to boost volume, going forward do you think reaching out to popular streamers/gamers would be a viable option for your marketing campaign?
A — Francisco from Polkamarkets: Great question! Yeah, that’s something that we’re looking in. Esports is growing so fast, essentially in these pandemic times, and we want to be part of and take advantage of that growth as well. It can be viable for sure 👍🏻
Q — Telegram user Triani Aditya: Can you share it with your roadmap for 2021 and events for this month, and are there any surprises this month for the community?
A — Ricardo from Polkamarkets: You can find all that information in our whitepaper.
Q — Telegram user Gita Darmaya: Will you offer the possibility to build your own prediction models and gamify users’ prediction models(e.g.monte-Carlo model, etc.), e.g. and reward the best model? And will you offer an API to build my own sentiment analysis tool based on your product?
A — Ricardo from Polkamarkets: However we’re still at the MVP stage and we still can’t disclose many details on that topic. I can tell you though that, being a data guy myself, prediction models & sentiment analysis are often topics of discussion in our team!
Q — Telegram user Lucyfar: What makes you feel confident about the survival & sustainable success of your projectsoone? While you build your project, do you take into account community feedback and demands?
A — Francisco from Polkamarkets: We believe we’ve built something that the market and people really needed. People love predicting things and the current Prediction Markets out there, such as Augur, Gnosis, or Polymarket aren’t so compelling and we want to change that.
We wanted to start on building a strong community to ride along with us so we’ve relied on our incredible partners and incubators Moonrock Capital and Morning Star Ventures for their support and for helping to get the word out.
Our community, our followers will play a big role with us for sure. One of the things we’re good at is listening to what you guys are saying. We will take into account any constructive feedback and demands for sure. We’re riding along ❤️.
It was a pleasure having you join our community today, Ricardo and Francisco. We wish you the best in the IDO on Polkastarter. We can definitely smell the 100x POLK! I look forward to getting my hands on some POLK and all the exciting features of the Polkamarkets platform. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-M from GAINS
It was great to be here, thanks for hosting us! Great questions and community you have here 🙌, and some really fast-typing users 😄
Thanks once again for having us. Great AMA everyone 🙂 Keep up the great work with your channel and your community — Francisco from Polkamarkets