What is POLK Token by Polkamarkets?
a LCX Team · · Updated April 26, 2021
POLK token is the utility token by Polkamarkets and is used for mining, liquidity providing, fees collection and yield farming. It has a total supply of 100M tokens.
Trade $POLK at LCX Exchange
Sign InWho Created $POLK?
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.
How $POLK Works?
Polkamarkets is an open and decentralised prediction markets platform where traders can gather and exchange information. This information is tokenized as shares of specific outcomes in a variety of genres and timelines: from Sports and Esports, to crypto prices, politics and long-tail events resolving in the distant future.
Users can become liquidity providers to Polkamarkets and earn trading fees in liquid cryptocurrencies and additionally mine $POLK.
The Polkamarkets platform will allow users to make forecasts, monetise information advantages, hedge against the future, and earn fees by providing liquidity and trading.
Benefits of $POLK
- 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.
- Mining: Users and LPs earn $POLK by making forecasts on the platform, and by providing liquidity to Polkamarkets.
- Direct Fees for Liquidity Providers (LPs): 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. The remaining 1/3 of fees (0.1%) are used to auto-buy $POLK via smart contract on decentralised exchanges.
- Yield Farming: The 1/3 of all trading fees (0.1%) on Polkamarkets will be used to purchase $POLK on DEXs, to be paid out to LPs for their service of providing liquidity.
- Gamification: Achieving higher and higher tiers of earned $POLK will unlock exclusive NFTs, access to bigger markets, and special features.
Polkamarkets (POLK) is also available at LCX Exchange.
Register or Login at LCX to start trading $POLK.
