Polkamarkets Labs
Published in

Polkamarkets Labs

Weekly Prizes Update — $POLK Rewards with V2 in mind

Weekly Prizes Update — $POLK Rewards with V2 in mind

Polkamarkets Labs is happy to announce that the weekly rewards will now award $POLK for different actions created on the Protocol, in line with our aspirations for Polkamarkets Protocol V2.

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 how users can now browse prediction markets from different blockchains in one integrated interface.

Today was the last time we distributed the weekly prizes in the old form. Activity from 00:00 UTC today, May 27, 2022, will already count towards the new incentive program detailed below. As usual, we will distribute the rewards every Friday, so the first distribution will happen next Friday, June 3, 2022.

For the past 30 weeks, we’ve been rewarding wallets with the most volume and have distributed close to $100K USDC to dozens of wallets. The new weekly rewards scheme will serve as a test-bed for Polkamarkets V2, in which the Protocol Rewards will be automated.

In Polkamarkets Protocol V2, rewards will be awarded more granularly, not only to top contributors, and not only per epoch. The goal of this iteration is to test the categorization of the awards.

The new rewards will be awarded for activity on Moonbeam and Moonriver, separately, and according to the following criteria:

  1. Top Gross Volume Makers, per chain: the top 3 wallets with the most trading volume (buy/sell positions, add/remove liquidity) weekly, receive 250 $POLK each.
  2. Top Net Traders, per chain: the top 3 wallets with the most net trading volume (buy-sell outcome positions) weekly, receive 500 $POLK each.
  3. Top Net Liquidity Providers, per chain: the top 3 wallets with the most net liquidity provision volume (add — remove liquidity positions) weekly, receive 500 $POLK each.
  4. Top Market Creators, per chain: the top 3 wallets with the most verified markets created weekly, receive 250 $POLK each.
  5. Top Oracles, per chain: the top 5 wallets that correctly resolved the most markets weekly, receive 100 $POLK each.

The rewards will be distributed from the Marketing fund, as detailed in the $POLK tokenomics and distribution schedule.

The table below summarizes the total rewards. The amounts are per chain, so the total reward pool is double the amounts listed, as we’re rewarding activity on Moonbeam and Moonriver.

We will evaluate the success of this program as we go, based on the results and on your feedback. You’re welcome to join the Polkamarkets community in Discord to discuss this new Protocol incentive program!

How will the winners be announced?

Polkamarkets Labs will use an off-chain script to determine the winning addresses. The announcements will be made on the official channels, make sure you follow us there:

Important: After announcing the winners, the distribution of the rewards will be made between Friday and Saturday of every week.

How to get in on the action?

Find all the help you need on how to use the Polkamarkets protocol here. We have recently launched a series of videos and tutorials to help you get started with Polkamarkets:

We highly recommend that you read our article on Strategies and risks for Liquidity Providers before you decide to create a market or provide liquidity. Before getting started, make sure you have read and agree with the Terms and Conditions and Risk Disclosure policies.

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

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.

Telegram

Discord

Twitter

LinkedIn

Website

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store