POLK Token Utility — Curation Mechanism and a Settlement & Dispute System
Polkamarkets is hard at work to provide an entertaining and high-volume prediction market. The POLK utility token is a critical part of that mission, and in this post, we will discuss how POLK is distributed to the market. The topics to be covered are:
- The POLK use within the Protocol
- Ecosystem Development
The POLK use within the Protocol
POLK is used as a curation mechanism and a settlement & dispute system in the protocol — where you are able to perform:
- Prediction Markets Creation: POLK is required for users to open new markets on Polkamarkets. If you want to know the future and receive the wisdom of the crowd, you must use POLK.
- Oracle Dispute: When automated oracles fail, POLK is used in a bonding system that leverages the wisdom of the crowd to arrive at a truthful event resolution based on distributed consensus.
How are we enabling the growth of the Polkamarkets Technology Ecosystem? The delivery of Polkamarkets Protocol V2 is already in the making. It will include several updates, such as:
- Protocol rewards: Claim POLK through protocol usage — buying/selling outcome shares, adding liquidity, creating markets, and placing oracle bonds.
- Partners: By integrating the API or SDK other Interfaces will be able to detect the shares of an address and create several dashboards integrating the traditional DeFi Protocols as well as the Polkamarkets Protocol
- Markets with multiple (3+) outcomes, in addition to the already existing binary markets.
- Deployment on other EVMs, such as Binance Smart Chain and Polygon.
- Cross-chain markets.
- Mobile version.
All this information can be found in our support documentation as well: https://help.polkamarkets.com/en/collections/3158729-polk-token-tokenomics
Polkamarkets is an Autonomous Prediction Market Protocol 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.