Mar 26, 2021
How Are We Better Than Other Protocols?
Polkamarkets is on a mission to bring the best forecasting tool to the market. Prediction markets have proven to be one of the most accurate methods for seeing into the future. Polkamarkets aims to be the best, by combining innovative DeFi and entertainment features to bring you high-volume, high-liquidity prediction markets across a wide range of categories. In a world where uncertainty is at all-time highs, the ability to forecast has never been more important. In this post, we will explain how Polkamarkets aims to be better than other protocols.
There is no market winner, yet.
The ability to profit off of information exchange and modeling has formed the basis for much of modern capital markets.
If you haven’t already joined our Discord and Twitter, click here to join the conversation! Please also read this article to learn more about Polkamarkets ($POLK) Uniswap Liquidity Program!
With the rise of Decentralised Finance (DeFi), traders are finding yield through decentralised exchange, lending, farming, and providing liquidity for others to use.
No current player in the market provides all of this together. And the main reason why it isn’t working for other protocols like Augur, Gnosis, and Polymarkets is the lack of liquidity & markets, lack of traders, and duplicate or confusing markets. Another reason is the fact that most of their markets resolve in monthly/yearly timeframes, giving users no reason to come back to the platform after placing their predictions. All of these are simply financial products.
Why are we better than other protocols?
Polkamarkets has an edge on all the other protocols in the information exchange business, but it’s important to know how we are able to thrive in a particularly competitive area. Let’s take a look at each protocol and see what we have in common, but more importantly what we excel at:
- Augur: when comparing Polkamarkets to Augur, there isn’t much that stacks up to what Polkamarkets can do. Although Augur has a reputation for being the most mature prediction market platform and one of the first, they are showing the signs of their limitations. One of their biggest legacy issues is the concern that they are only available on the Ethereum network and they have no plans for cross-chain compatibility. In addition, they do not offer the type of DeFi rewards that Polkamarkets provides by default.
- Gnosis: although Gnosis is trying to get more involved with prediction markets through decentralized finance, they also struggle against Polkamarkets for the same reasons that Augur does with the lack of cross-chain communication and lack of rewards. Gnosis also doesn’t fare well with high volume markets and doesn’t provide anything in relation to sports or esports like Polkamarkets offers.
- PolyMarket: being a little more adaptive, PolyMarket has similar benefits compared to Polkamarkets in the areas of high volume and for market curation. Beyond the ability to take on market-related logistics, PolyMarket has many issues on a deeper level as they are very narrow with the types of prediction market information available, specifically lacking in the sports category. They also do not offer any DeFi rewards, and do not have a plan for multiple chains. More recently, because of their dedication to only using the Ethereum network, they have reported significant delays in users withdrawing their money.
We are combining DeFi features with liquidity incentives
We think this will be successful because we’re solving problems that other protocols didn’t solve. We’re solving problems such as lack of liquidity and markets, lack of traders, and duplicate or confusing markets by incentivising liquidity providers and traders to facilitate and take large positions, while a system for curation and resolution ensures efficiency and trustworthy markets.
Polkamarkets wants feedback from our users. That’s why we are releasing our MVP in stages, and for each stage, inviting early adopters to test it out. With this valuable feedback we will be able to make our product better for our users.
We’re using the $POLK token to incentivize liquidity provision, and coordinate Liquidity Providers (LPs) by employing an skin-in-the-game model. You can learn more about how we’re incentivising LP’s with our utility token here.
Beautiful UX/UI experience for the end-user
Polkamarkets is committed to bringing the market a powerful forecasting tool where traders, liquidity providers, and users can come to see the future. One of the most important aspects of the Polkamarkets prediction market product is making the UI/UX as smooth, simple to use, and visually appealing as possible. As an Entertainment DeFi platform, Polkamarkets will integrate value-added features like live streaming and events, NFT gamification, yield farming, and liquidity mining incentives for users.
Please also read this article for an introduction to our product showcase, a sneak peek of the MVP!
About Polkamarkets
Polkamarkets is an Autonomous Prediction Market Protocol built for multi-chain information exchange and trading where users take positions on outcomes of real-world events–in decentralized and interoperable EVMs.
