Polkamarkets Labs
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Polkamarkets Labs

Polkamarkets Monthly Recap — September 2022

Polkamarkets Monthly Recap — September 2022

The month of September has been all about Polkamarkets V2 for the Polkamarkets Labs team. We have been ramping up conversations with partners and added two new people to the roster, totalizing three hires in the past couple of months.

On the product development side, whereas we have been able to push out web app and protocol features that were V1 compatible in the past few months, we have reached a point where most future novelties need to be tied to the V2 smart contracts.

Internally, we have finalized the ERC-20 token, multiple outcomes and initial price setting features on the smart contract. We are testing them thoroughly, and developing the web application features that will allow users to easily leverage them.

We’ll still be able to release the on-chain market curation feature tied to V1, though, so stay tuned.

On the communications side, we have started publishing the Weekly Radar, a weekly article that analyzes the context behind some markets created by the community and that are centered around world events. It’s a fantastic read, and we have received great feedback on this new content series. Subscribe to the Polkamarkets Medium Journal now, to make sure you don’t miss out.

Recapping Polkamarkets V1

So while we don’t have new features to share this month, let’s take this opportunity to recap our journey, from inception until today.

The initial MVP of Polkamarkets was deployed on Kovan testnet in the spring of 2021. Polkamarkets V1 was later released on Moonriver in the second half of 2021, shortly followed by a release on Moonbeam.

Throughout this time, we’ve witnessed a bull market, with an ATH of the cryptocurrency market cap in November 2021, followed by a bear market in 2022 that chipped away at the market excitement.

The Polkamarkets Labs has been building through the bear market, and we have released several new features and improvements to the protocol and web applications. The most important work we’ve been doing has been around Polkamarkets Protocol V2 and working with other organizations to expand the realm of possibility for prediction markets in general.

Here are some numbers to illustrate protocol usage:

  • Deployment in three different chains: Moonriver Network, Moonbeam Network, and Ethereum.
  • Three different full-scale security audits of Polkamarkets’ protocol — Hacken, Red4Sec, and Certik.
  • POLK, Polkamarket’s utility token, was listed by Kucoin, Uniswap, BitMart & Gate.io.
  • More than 4,000 protocol users
  • More than 600 markets created by protocol users
  • Over 125,000 POLK bonded to resolve markets
  • Over €590,000 (MOVR, GLMR and ETH converted at today’s prices) in trading volume
  • Over 100,000 USDC worth of protocol rewards distributed to over 130 wallets

The prediction market industry is expected to grow at a Compound Annual Growth rate (CAGR) of 24.5% between 2020 and 2025, with its market size forecasted to rise from USD $7.2 billion to $21.5 billion in this period.

There’s never been a better time to build the future of prediction markets, and we’re excited to be on this journey. None of this would have been possible without the Polkamarkets community’s help, support, and encouragement throughout the past year and a half. Thank you all for being with us.

If you’re reading this and are not part of the adventure yet, join the Polkamarkets community on Discord, where discussion is centered around protocol development, where the community shares feedback and debates the future. You can join Polkamarkets Discord Server and channels below:

  • #suggestions — Any feedback on improvements we can implement to make Polkamarkets protocol great.
  • #help — Troubleshooting and any issues you found while using Polkamarkets protocol.
  • #support — Use the free and open-source Polkamarkets codebase for your own purposes. The Polkamarkets Labs teams will support you.

What’s next?

We have a lot in our pipeline as we continue to build the leading multichain, decentralized Prediction Markets protocol. Check out the Polkamarkets Labs Development Roadmap, which we update regularly.

If you’re a business looking to leverage prediction markets, talk with us!

Forecast the future at https://app.polkamarkets.com

Before you get started, make sure you have read and agree with the Terms and Conditions and Risk Disclosure policies. You can always refer to the Polkamarkets Help Center if you need help.

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.

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Polkamarkets Labs

Polkamarkets Labs

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Autonomous Prediction Market Protocol, an EVM protocol solution for the Polkadot Ecosystem. https://www.polkamarkets.com/