Polkamarkets V2 is live!
Polkamarkets Labs is happy to announce that Polkamarkets V2 is now live on Polygon, Moonbeam, and Moonriver, with exciting new features that advance the usability of decentralized Prediction Markets.
After many months of development and a subsequent audit, Polkamarkets Protocol V2 is now available on Polygon, Moonbeam, and Moonriver.
The new version of the decentralized Polkamarkets prediction markets protocol includes several new features both in the protocol and web app, such as support for ERC-20 tokens, the ability for prediction market creators to receive rewards from every trade, the ability to set multiple outcomes and set initial outcome prices, and more!
The launch will be followed by a series of incremental releases that will make it even simpler and better to participate in decentralized prediction markets.
Polkamarkets V2: the best choice for Web3 Prediction Markets
The goal of Polkamarkets is to be the best Web3 prediction markets protocol. Polkamarkets V2 builds upon the technological foundations laid out in V1, and the learnings gathered from being a top 10 protocol on Moonbeam and Moonriver, to offer unprecedented incentives and usability to users of decentralized prediction markets.
There were 10 goals for Polkamarkets V2, most of which are accomplished with this initial release, and some of which will be accomplished in incremental releases.
- 100% in the hands of the users — Polkamarkets is a decentralized protocol that doesn’t rely on any single entity to operate. This principle is at the core of how Polkamarkets was envisioned and built from inception, and how it will be further developed in the future.
- Better token options for markets — eliminate impermanent loss risk by allowing market creators to use any ERC-20 token, including stablecoins such as USDT, USDC, or DAI.
- Better markets — introduce multiple outcomes, the ability to set initial probabilities/outcome prices, and a market description field to clarify market resolution criteria.
- More rewarding to create markets — allow market creators to set a Market Creator Fee, paid out from every trade, to reward themselves or fund a community treasury.
- More appealing to add liquidity — give market creators the ability to adjust the fee that is paid to the Liquidity Providers and makes their markets more appealing. This will be completed by an upcoming new liquidity mining program which will be detailed soon.
- Expand to larger EVM blockchains that have a pre-existing prediction market user base — launch on Polygon, and consider other blockchains like Gnosis, BNB, etc.
- More robust market resolution — V2 makes it possible to escalate the resolution of a market to a Kleros Court for arbitration to complement the crowd-sourced bond escalation mechanism (feature will soon be available on Polygon).
- Mobile compatibility — the web app is now usable on mobile browsers that have Web3 wallet support, such as MetaMask Mobile, Brave Mobile, etc.
- Improved Web App design — based on user feedback, the web app is now even easier to use and remains open-source so that developers can use the code base to deploy their own apps.
- Make Polkamarkets more social — while the initial V2 release doesn’t include social features yet, incremental releases will be mostly focused on adding a social layer that will enrich the Polkamarkets experience for all users.
Ready to experience Polkamarkets V2? Access it now at app.polkamarkets.com.
POLK: a token with growing utility
In V2, the POLK utility token continues to serve as the resolution and curation mechanism for Polkamarkets.
Like in V1, certain features of Polkamarkets are only accessible to POLK holders:
- Market creators are required to hold 1000 POLK in their wallet balance to create prediction markets (no POLK is spent).
- Oracles can bond POLK to the correct outcomes to resolve markets (and earn POLK by challenging incorrectly bonded outcomes).
- Curators must hold POLK in their wallets to upvote and downvote markets and help curate market lists.
With the new V2 features, POLK holders who are Polkamarkets users gain access to new rewards:
- Market creators can receive fees from all trades in their markets with the Creator fee.
- When the new Liquidity Mining Program is launched in Q3, Liquidity Providers who use their POLK unlock reward multipliers (details will be revealed when the Liquidity Mining Program is announced).
The POLK token is native to the Ethereum mainnet, and can now be bridged to/from Polygon, in addition to Moonbean and Moonriver.
Learn more about the POLK token.
Important: Before you use Polkamarkets and/or acquire and/or use the POLK token, you are required to read and agree to the Terms & Conditions and Risk Disclosure.
Feature list: V2 vs V1
You can learn more in the Polkamarkets Help Center, which has been completely revamped and updated for the release of Polkamarkets V2.
What happens to Polkamarkets V1?
The Polkamarkets V1 web app will be live and accessible at https://v1.polkamarkets.com until the very last market closes. Market creation, however, has been disabled in the V1 web app.
The V1 smart contracts will live forever on Moonriver and Moonbeam, but you should avoid using them to create new markets.
What happens to the V1 Rewards Program?
The Polkamarkets V1 weekly rewards Program is now over, but the same reward program currently applies to Polkamarkets V2.
The following rewards are awarded weekly for activity on Polygon, Moonbeam, and Moonriver. More details.
A redesigned V2 Rewards Program will soon be announced — stay tuned!
What are the smart contract addresses for Polkamarkets Protocol V2?
Join the Polkamarkets Discord Server to discuss with other forecasters and the Polkamarkets Labs team. If you’re a business looking to leverage prediction markets, don’t hesitate to talk with us!
About Polygon
Polygon believes in Web3 for all. Polygon is a decentralised Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees without ever sacrificing on security.
About Polkamarkets
Polkamarkets is a Web 3 Prediction Markets Protocol enabling decentralised forecasting and information exchange.
