Polkamarkets as the Future of Cryptocurrency
The information contained herein, mainly regarding cryptocurrencies and the state of digital networks does not intend to be a source of advice or credit analysis with respect to the material presented. Ergo, the information and/or documents contained in this website do not constitute investment advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting the company with an expertise in crypto. The author suggests to consider and evaluate each of the risk factors and all other information contained herein. It is worth noting, however, that trading and investing in cryptocurrencies solely rely on how well a customer perceives the digital asset based on its market industry.
In today’s forecast
I was quite impressed after absorbing the whitepaper of this DeFi-Powered Prediction Market, and eventually embraced the urge of sharing some information with my readers. For today’s forecast, allow me to quote some reasons why Polkamarkets has the capacity of being the cryptocurrency future.
Over the last three months, Polkamarkets grew up with great progress from its competitors. Their website has been inundated with many positive reviews, as well as various accolades for its native token called POLK.
However, the other side of the coin has always been present. I honestly magnified what are the strengths and weaknesses of this market, so make sure to finish until the last sentence.
What is Polkamarkets?
Polkamarkets is a DeFi-Powered Prediction Market built for cross-chain information exchange and trading where users take positions on outcomes of real-world events in a decentralized and interoperable platform based on Polkadot. It provides the infrastructure for users to securely participate in the activities held in the market. Beyond that, users can monetize their forecasts for live sports, the price of its native token etc.
Furthermore, it has an entertainment DeFi platform that leverages its own DeFi technology stack based on Polkadot.
The economy is entirely based on users, with events monitored by holders to ensure security in the marketplace. Thus, it doesn’t just incentivize through DeFi principles but also in UX and UL.
Into the bargain, POLK plays a large part in the system and progression of this market. Let’s dig deeper what is the native token of Polkamarkets and its use-cases.
It is worth noting that users must mine their POLK first to make their prediction valid. Take note also that this token can be used to coordinate incentives and make network effects to solve the problems that plague prediction markets. Some of the challenges include low volumes, low liquidity, and low daily active use.
Both users and liquidity providers earn POLK by making predictions and providing liquidity to the market. This can also be used to pay fees. However, all markets on Polkamarkets pay a 0.3% trading fee. 2/3 of all trading fees (0.2%) on Polkamarkets will be paid to LPs in the token (ETH / DOT for example) in which they were collected. Glad that the remaining 1/3 of fees (0.1%) are used to auto-buy $POLK via smart contract on decentralized exchanges.
What are the edges of Polkamarkets?
According to the team, they are building the future of prediction markets in a decentralized and interoperable environment leveraging the power of DeFi and Polkadot.
It aims to solve the problem with lack of liquidity & markets, lack of traders, and duplicate or confusing markets while incentivizing liquidity providers and traders to facilitate & take large positions. In addition, there will be a system for curation and resolution that will ensure the network’s efficiency.
The purpose of the market is divided into two-fold. First, offer prediction and trading capabilities while second, offer the freedom of decentralized finance so the information isn’t in the hands of one company.
The biggest issue of prediction markets in the past have been low liquidity and the inability to use the platform in a wide variety of ways. Thus, Polkamarkets means to address the low utilization and volume issues by boosting liquidity suppliers and dealers to encourage and take enormous positions, while a framework for curation guarantees effective and reliable markets. The platform will use well-tested DeFi features, for example, liquidity mining and yield farming to boost everyday use.
Users can create forecasts, watch market outcomes and make forecasts on games. They can also get rewarded by providing liquidity, which allows others to enjoy the platform. The POLK token acts as the coordination and incentivisation mechanism to bring this all together.
In a short span of time, Polkamarkets has proven that it’s just the beginning of their future. They are still making their way to the highest summit of cryptocurrency. Undoubtedly, Polkamarkets will give their community the new standard of what prediction markets should be. I, myself, am so excited about what else this market can offer us in the subsequent years.
Where is POLK available?
There are many exchanges that claim the title of “best” exchange. While this may all seem simple enough, however, in choosing the best crypto exchange to invest in, a customer has to pay attention to a myriad of considerations like fees, reputation, security, verification processes, and geographical restrictions an exchange platform has to offer.
To better understand most of the exchanges, as well as some of them that are working actively towards this goal, first, we need to understand some several factors that these crypto exchanges are currently working on:
- Security: Safety should always come first. A good exchange will place great emphasis on the security of their users’ accounts, personal information, and the system in general. The majority of the assets should be stored offline in a cold storage system. Also be on the lookout for additional security features such as Two-factor authentication, withdrawal confirmations, etc.
- Reputation: A well-established, long-standing exchange is a much safer option.
- 24/7 Support: The support should be responsive, friendly, professional, and ideally reachable through several different channels. A call center is a big plus as it’s comforting to know you have the option to speak to someone in person.
- Payment methods: Take into consideration which payment methods are available — do they support credit card purchases, p2p fiat trades, and other methods of payment.
- Fees: Fees can vary substantially between different exchanges. The fee schedule has to be provided on the site.
- Interface: The site should be easy to navigate, even for crypto beginners.
- Geographical restrictions: Some exchanges are locally restricted and their service might not be available in your area.
- Uptime: Avoid exchanges with lots of downtime.
- Verification: Even though some users find verification and KYC procedures a hassle, you should look at it from another perspective. They are done with the best intention to protect the exchange from money laundering and all sorts of scams.
Taking everything into consideration, KuCoin is one of the many cryptocurrency exchanges who explored the concept of what the future of cryptocurrency trading looks like. It is also a reputable exchange that adds high-quality projects Avail here.
KuCoin has a highly trained research department that looks for top-quality projects throughout the crypto industry. The exchange has over 6 million registered users across 207 countries and regions around the world with 450+ trading pairs to date. KuCoin provides a highly secure and easy-to-use platform for users to engage in cryptocurrency trades and transactions efficiently and safely.
KuCoin also launched a series of other products in the past year designed to further help out crypto users, including futures markets, public chain, one-stop exchange solution, creating a platform for how your crypto can yield interest, as well as some upgrades to the main exchange to uphold its principle of security and transparency. KuCoin since its inception has insisted on taking the tech as its backbone to build a better trader relationship while constantly pushing for the sustainable development of the digital currency trading ecosystem as the ultimate goal.