Polkamarkets Releases Decentralized Event Resolution

Polkamarkets Releases Decentralized Event Resolution
Polkamarkets Releases Decentralized Event Resolution

The Polkamarkets team is really happy to announce that we’re one step closer to the mainnet. Our decentralized resolution system is now live! You can learn more about our partnership with Kleros and Reality.eth for crowdsourced event resolution here to understand how it represents an important step towards the full decentralization of our prediction markets.

If you haven’t already joined our Telegram and Twitter, click here to join the conversation! Please also read this article for more information about our Vision for 2022, the next years of our development, and our long-term vision of Prediction Markets and their adoption.

The WebApp will be running on the Kovan Testnet. Make sure you’re connected to the correct network in your Metamask Wallet.

How-to Instructions

After the event expiration date lapses, users can now place a bond, using POLK as an ERC20 for disputes.

On our Discord, send a message with your ethereum address only on the #🔷polk-faucet channel. A 500 testnet POLK transfer will be made to the address that is sent. Do not include other text beside your ETH address.

NOTE: This is testnet POLK.

Allow our platform to use your POLK. Click on the Allow Polkamarkets button. You’ll get a wallet popup to authorize the transaction.

Allow Polkamarkets button
Allow Polkamarkets button
Metamask Notification
Metamask Notification

Place a bond on the correct outcome. Use the input field or slider for your convenience.

Place a bond by using the input field or slider for your convenience
Place a bond by using the input field or slider for your convenience

After the bond is placed, a 3-day timeout period is started, which will allow other users to dispute and place bonds on other outcomes. Every time a user places a bond on a different outcome, that 3-day period restarts.

You can show how much time is left until the timeout period expires and the market resolves on the report screen above the input.

Timeout period
Timeout period

Please wait until the timeout period has elapsed.

Once elapsed, you are now one step away from claiming your winnings! After the timeout period is completed, the smart contract needs to acknowledge the bonds placed and compute the market payouts. That can be done by clicking Resolve on the screen below:

Market payouts with Resolve button
Market payouts with Resolve button

The market is resolved 🎉 Go to your portfolio and claim your winnings. Join us and try it out at https://app.polkamarkets.com/

About Polkamarkets

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.

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Autonomous Prediction Market Protocol Powered by DeFi, NFTs and Polkadot. https://www.polkamarkets.com/