Polkamarkets 101 Series: How to create a market?
In this second article of the Polkamarkets 101 Series, we cover the topic of how POLK holders are able to create Prediction Markets with Polkamarkets. Polkamarkets 101 is a series of videos and extended Help Center articles that make it easier for users to get started with Polkamarkets.
How to create a market?
A step-by-step guide on how to create a market in Polkamarkets.
POLK holders are able to create markets and are essential users of the Polkamarkets Protocol. The minimum balance you’ll need to hold in your wallet is 1000 POLK. This amount will not be deducted from your balance when creating a market.
Step 1: Get POLK on Moonriver. Check our guide on how to buy POLK on Moonriver, or how to bridge it from the Ethereum network.
Step 2: Navigate to the “Create Market” page. Head to the “Create Market” page. You can navigate there by clicking “Create Market” on the top right corner (see image below), or by browsing the following URL: https://app.polkamarkets.com/market/create
You’ll be prompted with the following message if you do not have enough POLK in your balance. To solve it, head back to step 1 to get POLK in your wallet.
Step 3: Fill in Market details. Fill out the form with market details — Market & Outcome names, Image, Categories, Resolution Source (URL), and Closing Date. (all the fields are required). Follow the guidelines in the What are Verified Markets article to make sure that the market meets the quality criteria.
Note: The number of outcomes is limited to 2 and probabilities are set to start at 50%-50%. We’re working on the possibility of setting initial probabilities, as well as having more than two outcomes in the future.
Step 4: Setup market liquidity. As the market creator, you’ll need to add liquidity to the market so trading of outcomes is possible for other users. Use the input to set up the liquidity you want to fund the market with.
Step 5: Review market data and confirm the transaction. Click on “Create Market”. Ensure all the input fields are filled, otherwise, you’ll get an error message. Proceed to confirm the transaction on Metamask. You’ll be prompted with a transaction value equal to the amount of liquidity setup for that market.
Step 6: The market is created and ready for trading 🎉Forecasters will now be able to place predictions on your market. Let our Discord community know and share the link widely!
You can learn more in the help center, where you’ll find information regarding the following topics:
- Basic information about the Polkamarkets Protocol
- How to create a verifiable market
- POLK Token & Tokenomics
- Other Frequently Asked Questions
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.