Polkamarkets Releases Decentralized Market Creation

Polkamarkets Releases Decentralized Market Creation
Polkamarkets Releases Decentralized Market Creation

Polkamarkets team is really happy to announce another milestone towards mainnet!

Market creation is now decentralized and enabled on our testnet WebApp. POLK holders are now able to create markets and be part of our vision in building an Autonomous Prediction Market Protocol built for cross-chain information exchange and trading.

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 is running on the Kovan Testnet. Make sure you’re connected to the correct network in your Metamask Wallet and follow our guidelines to get your hands on it and be the first market creator.

How-to Instructions

Step 1: Get POLK on Kovan

On our Discord, send a message with your ethereum address only on the #🔷polk-faucet channel. A 1000 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

Step 2: Navigate to the “Create Market” page

Head to the “Create Market” page. You can navigate there by clicking “Create Market” on the top right corner (see image below), or by browsing to the following URL: https://app.polkamarkets.com/market/create

Step 2: Navigate to the “Create Market” page
Step 2: Navigate to the “Create Market” page

You’ll be prompted with the following message If you do not have enough POLK in your balance. To solve it, head back to step 1 to get testnet POLK in your wallet.

You need an additional 500 POLK to create markets
You need an additional 500 POLK to create markets

Step 3: Fill in Market details

Fill out the form with market details — Market & Outcome names, Image, Categories, and Closing Date. All the fields are required.

Note: The number of outcomes is limited to 2 and probabilities are set to start at 50%-50%. We’re working on the possibility of setting initial probabilities, as well as having more than having 2 outcomes in the future.

Step 3: Fill in Market details
Step 3: Fill in Market details

Step 4: Setup market liquidity

As the market creator, you’ll need to add liquidity to the market so trading of outcomes is possible for other users. Use the input to set up the liquidity you want to fund the market with.

Step 4: Setup market liquidity
Step 4: Setup market liquidity

Step 5: Review market data and confirm the transaction

Click on “Create Market”. Ensure all the input fields are filled, otherwise, you’ll get an error message. Proceed to confirm the transaction on metamask. You’ll be prompted with a transaction value equal to the amount of liquidity setup for that market.

Step 6: Market is created and ready for trading 🎉

Step 6: Market is created and ready for trading 🎉
Step 6: Market is created and ready for trading 🎉

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.

Telegram

Discord

Twitter

LinkedIn

Website

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