What is POLK Token by Polkamarkets?

av LCX Team · April 30, 2021 · 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

Who 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.

How $POLK Works?

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.