Multi-chain prediction marketplace Polars announced the launch of its mainnet on HECO Chain and Binance Smart Chain. Polars aims to fix the gaps in the prediction market industry and provide users with a whole new experience. To commemorate this important event, the Polars team is holding a trading competition on the HECO Chain with a prize pool of $300,000. Participants also have the chance to be rewarded with rare, non-tradable tokens (NFTs).
Polars Mainnet Live
Launched its mainnet on HECO Chain, a blockchain-based decentralized prediction marketplace that claims to focus on removing the challenges plaguing prediction markets and providing users with a whole new experience.
While the adoption of distributed ledger technology has managed to limit a wide range of issues limiting the growth of prediction markets, including manipulation of prediction results, transparency and lack of trust among others, the large number of blockchain-based prediction markets currently in existence still provide users with the most does not offer good experiences.
Now the Polars team claims to have successfully created an innovative system designed to revolutionize the traditional forecasting model.
“There is a deep and longstanding problem facing prediction markets in the decentralized financial industry. It is a liquidity and trading volume vicious circle based on the popularity of the forecast event. “Users are often reluctant to make predictions for unpopular events, and liquidity providers are not in a hurry to add liquidity to unpopular events, which leads to users’ reluctance to predict due to high slippage… and so in a circle.”
Polars says it has created a series of tokens with constantly concentrated liquidity. The price of these polar tokens is constantly and consistently affected by the outcome of various real-world events predicted by users.
“All activities on the Polars platform are extremely liquid regardless of popularity. Likewise, Polar token prices move constantly, regardless of whether users are guessing or not. This innovative pooling system provides users with endless arbitrage opportunities. This is what makes Polars the most liquid and high-volume prediction market in the DeFi space!” Explains Polars.
Polars Concept
There are two big teams on the platform: “White Team and Black Team. ” Both teams have a token with the corresponding name (White token and Black token). When real-world events predicted by the White team occur exactly as predicted, the value of the White icon increases while the Back icon decreases, and vice versa. The same mechanism applies to the Black token, but the total margin of both tokens always remains constant.
Polars users can vote for a wide variety of real-world events, including sports, politics, currency exchange rates and much more. Dozens of events take place on the platform every day, and the price of polar tokens is also constantly in motion, creating opportunities for users to trade, arbitrage, forecasts and provide liquidity.
Polars’ Journey So Far
At a time when hacks and robberies are rapidly becoming synonymous with the world of DeFi, the Polars team has put a lot of effort into creating a platform that is waterproof and as combat-ready as possible.
Notably, last May, Polars opened its platform to the public for beta testing. The team says the event attracted more than 30,000 testers from around the world. As part of the testing process, the team ran a highly successful trading competition that generated $800 million in trading volume within 10 days from more than 10,000 participants.
After a successful beta test event, feedback was received from the participants and necessary improvements were made.
And in July 2021, all of Polars smart contracts were audited by Zokyo.
Following the auditors’ recommendations, Polars has made numerous upgrades to its platform, including its pool system. It also refreshed its tokenomics by burning 400 million Polars tokens.
That’s not all, the team has also integrated a POL staking and farming, as well as a Polars token buyback and burn mechanism designed to enable the team to repurchase excess Polars tokens with fees generated on the platform. Polars management was transformed into a decentralized autonomous organization (DAO) to make the project more decentralized.
Finally, the team redesigned the Polars platform and integrated a referral and bug bounty program.
$300k Trade Contest
With the Polars platform now live on the HECO Chain mainnet, a new trading competition will be held on the HECO testnet with a prize pool of $300,000. The team believes that the competition will allow users to experience the workings of Polars and take advantage of its myriad features.
In the coming months, Polars will be rolled out on more blockchain networks, starting with Close Protocol. The team also says it plans to launch Polars Launchpad to give developing projects a chance to live on at Polars.
Medium