May 28, 2021
Polkamarkets Partners with DAFI to Enable Synthetic Token Rewards
We are thrilled to announce that Polkamarkets has partnered with DAFI Protocol to enable synthetic token incentivization! This partnership will help to explore the possibility of using DAFI synthetic tokens in our Prediction Markets platform. We’ll use DAFI synthetic tokens as a reward system for long-term users of Polkamarkets.
DAFI synthetic tokens open up a world of use-cases for projects in the early, mid, and late stages of product development. For early-stage projects, the use of synthetic tokens for community incentivization and marketing is useful for gaining traction while keeping initial inflation and circulating supply low. Early projects can issue synthetics that protect early adopters from dilution while getting newcomers into the project. Instead of distributing more tokens to the markets and potentially increasing sell-pressure, projects can issue synthetics.
If you haven’t already joined our Discord and Twitter, click here to join the conversation! Please also read this article for more information regarding Polkamarkets Uniswap Migration to V3.
New Use Cases for Synthetics
The introduction of synthetic tokens into the Polkamarkets Ecosystem could have many beneficial use cases for community incentivization and growth. Usually, such campaigns would incur significant costs and result in sell pressure on secondary markets, if project tokens were used. Now, with the use of synthetics, projects can incentivize communities and stakeholders to engage without the economic downside. Polkmarkets is doing research and development as to the best way to make use of synthetics in the Polkamarkets Ecosystem. Some possibilities include:
- Synthetics for rewards in liquidity mining.
- Synthetics for marketing and promotion incentivization
- Gamification strategies leveraging synthetics
- Loyalty points as synthetics
- Bounties for bugs, platform feedback, and referral rewards in synthetics
“Polkamarkets is excited to partner with DAFI to enable the possibility of synthetics into the Polkamarkets Ecosystem. As one of the most interesting projects in the DeFi ecosystem, DAFI is bringing new use cases for tokens and tokenization while solving a critical issue in the incentivization model for many crypto-projects. Synthetic tokens are a new frontier and we are excited to see where this technology will lead us in the future.” — Ricardo Marques, Co-Founder of Polkamarkets.
“The gaming and predictions market has witnessed incredible momentum and looks set for widespread traction. With the introduction of DAFI’s dTokens into the Polkamarkets’ ecosystem, we aim to redefine the reward distribution processes that can drive longevity and sustainability for future growth. We are excited to forge this journey with Polkamarkets by working towards integrating DAFI’s innovative staking model.” — Zain Rana, Dafi CEO.
About DAFI
DAFI uses synthetics pegged to different decentralized networks. Every blockchain, application, and cryptocurrency can create a flavor of a dToken to reward their early users, while still enhancing scarcity when demand is low.
DAFI can reward a network even when demand declines, by issuing synthetics that will reward user’s later — instead of earlier.
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.
