Polkamarkets V2 Launches on Polygon, Moonbeam, and Moonriver, Revolutionizing Decentralized Prediction Markets

By 0xK2 On May 31, 2023

Polkamarkets Labs has just announced the launch of Polkamarkets V2 on Polygon, Moonbeam, and Moonriver. This new version of the decentralized prediction markets protocol comes with exciting features that enhance the usability of decentralized prediction markets.

After months of development and an extensive audit, Polkamarkets Protocol V2 is now available on three major blockchain networks. The updated protocol introduces a range of new features in both the protocol and the web app, offering users a more robust and rewarding experience.

One of the key enhancements in Polkamarkets V2 is the support for ERC-20 tokens, including stablecoins like USDT, USDC, and DAI. This feature eliminates the risk of impermanent loss for market creators, providing them with better token options for creating markets. Furthermore, market creators now have the ability to receive rewards from every trade through the Market Creator Fee, which can be used to reward themselves or fund a community treasury.

The introduction of multiple outcomes and the ability to set initial outcome prices adds more flexibility to the prediction markets, allowing users to create markets with a wide range of possibilities. Additionally, V2 includes improved market resolution mechanisms, such as the option to escalate the resolution of a market to a Kleros Court for arbitration.

Polkamarkets V2 also focuses on improving user experience and accessibility. The web app is now compatible with mobile browsers that support Web3 wallets like MetaMask Mobile and Brave Mobile. The user interface has been enhanced based on user feedback, making it even easier to use. The Polkamarkets team has also prioritized adding a social layer to the protocol in future releases, aiming to make the platform more engaging and interactive for users.

The launch of Polkamarkets V2 on Polygon, Moonbeam, and Moonriver marks a significant milestone for the protocol, as it expands to larger EVM blockchains with existing prediction market user bases. By reaching more users across different blockchain networks, Polkamarkets aims to become the go-to choice for Web3 prediction markets.

The POLK utility token continues to play a central role in Polkamarkets V2, serving as the security, resolution, and governance mechanism for the protocol. Holding POLK tokens provides users with additional benefits, such as the ability to create prediction markets, bond to correct outcomes as an oracle, and participate in market curation as a curator. With the new features in V2, POLK holders can also earn rewards through market fees and the upcoming Liquidity Mining Program.

Polkamarkets V1 will still be accessible for users until the final market closes, but market creation has been disabled. The V1 smart contracts will continue to exist on Moonbeam and Moonriver but should not be used for creating new markets.

As Polkamarkets V2 takes center stage, the team is also planning to unveil a redesigned rewards program soon. Users can stay updated on the latest developments through the Polkamarkets Help Center, which has been revamped and updated for the release of V2.

Polkamarkets’ collaboration with Polygon aligns with the platform’s vision of Web3 for all. Polygon is a decentralized Ethereum scaling platform that enables developers to build scalable and user-friendly decentralized applications with low transaction fees and high security.

With the launch of Polkamarkets V2, the protocol is set to revolutionize the decentralized prediction markets space by offering innovative features, enhanced usability, and exciting rewards for users. Whether you’re a seasoned forecaster or a business looking to leverage prediction markets, Polkamarkets is paving the way for decentralized forecasting and information exchange on the blockchain.

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