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Polars: Big Trading Competition
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
A decentralized prediction market Polars announced the launch of the mainnet.
The Big Trading Competition coincides with the launch of the mainnet.
The main task of the trading competition is to show users all the possibilities of the network, to teach them how to use it for different tasks, whether betting, trading, or arbitrage.
Big Trading Competition
The Big Trading Competition will take place on the HECO Chain testnet blockchain. Participants will be rewarded for their contribution to the platform’s development. The project made new partnerships that will sponsor the competition with their tokens and NFTs. The prize fund is now more than $300k. 30% of the fund will be allocated among all participants as airdrop, the remaining 70% will be allocated among the most enthusiastic participants, who were active every day, and reached the biggest trading volume.
This is not the first time Polars holds a trading competition. Earlier, while testing beta-version of the platform, the project carried out trading competition with more than 10k participants, with a trading volume of $800 million.
The Polars team plans to keep on holding trading competitions on mainnet, attracting sponsors for a big prize pool.
Why we need another prediction market
Polars is a decentralized prediction platform that offers a revolutionary concept for the market.
Traditional prediction markets face the problem of low liquidity. Unpopular events are not of users’ interest, they don’t buy illiquid forecast markets, and liquidity providers don’t supply liquidity to unpopular markets.
Polars have come with the idea of polar tokens, Black and White. Their prices are interconnected. Their price changes after the end of each event, while their aggregate collateral remains stable. So the liquidity is supplied not to the event but to a pair of polar tokens and it does not matter if the event is popular or not – every participant has earning opportunities like betting, trading, arbitrage.
Base concept
- There is a pair of polar tokens, Black and White.
- There is a Black and White team.
- Dozens of events can take place on the platform every day. If the White team wins, then the White token rises in value, and the Black token falls in value, and vice versa.
- Aggregate collateral remains unchanged
- The amount of volatility is determined before the start of each event and is a predicted value.
Updates
The Polars team has been preparing for the launch of the mainnet for a long time. Once beta testing the platform and trading competitions were over, the Polars team introduced the following updates:
- changed business model
- changed the structure of pools
- changed the distribution of fees
- updated tokenomics
- implemented buy back and burned mechanisms
- changed interface of the platform and redesigned social networks.
Polars will soon switch to DAO, which will enable true decentralization and allow users to have more influence on the platform’s development.
Stay tuned for the project’s further development, a lot more coming!
A quick 3min read about today's crypto news!
