AMA Recap of Dude’s Army x Polkamarkets

On Thursday, March 11th, Dude’s Army community had the great opportunity to host an AMA with Polkamarkets’s team, very instructive and educational. We will share with you a little bit of what this experience was like.

Francisco $POLK:

Hey @dude56 ! How’s things going? A pleasure to be here, thanks for the invitation 🤜🏼🤛🏼

Ricardo Marques:

Hey everyone 👋 I’m Ricardo, CEO of Polkamarkets. Excited to be here!

Dude👨‍💼 :

Great to have you both here with us! I hope we have a great time today and a nice discussion!

Feel free to introduce yourselves first to our community and tell us how you guys got into Polkamarkets!

Ricardo Marques:

Let’s do this! Ricardo here 👋 coming from an engineering background and have been working with tech companies for the past 10 years.

Between corporate, contracting and tech startups I have launched a several ventures in the tech space.

Being CEO I wear multiple hats at Polkamarkets, bouncing between leading our product development and strategic positioning 🤓

Dude👨‍💼:

You guys are from Portugal as well right?

Francisco $POLK:

Thanks Ricardo for the intro 👍🏻 I’m Francisco, CMO and Co-Founder of Polkamarkets. I have more than 10 years experience in disrupting big companies’ go-to market strategies, specializing in digital, E-commerce and social campaigns. Joined the Crypto industry last year to help BEPRO.Network (a Code-as-a-Service protocol) scalability in terms of Partnerships, Sales and Community growth.

Since I can remember, I’ve been an avid user on Prediction Markets, Gamification strategies on the enterprise level and a crypto and blockchain enthusiast.

My main role at Polkamarkets is dealing with all sorts of partnerships, marketing operations, getting the word out coordinating things with different agencies and influencers. 🤘🏼

Ricardo Marques:

Yes! We’re both from Portugal, Francisco lives in Lisbon and I’m currently based in Bali, Indonesia 🏝

Francisco $POLK:

But I’m thinking moving to Bali as well ahah those beaches!

Dude👨‍💼:

So before we go deep into it explain to our community what Polkamarkets is doing and why should people onboard on it’s mission.

A generic question here to get the community onboard on the subject and understand more about it before we dive deep into it.

I’m sure as well we have token holders here that want to the DD after the buy hahaha

Francisco $POLK:

Great questions to start with ofc.

Ricardo Marques:

Let’s get started then! I’ll try to be brief…

Polkamarkets is a Prediction Markets for DeFi, where users take positions on outcomes of real world events–in a decentralized platform on Polkadot.

Users can monetise their forecasts of future outcomes and events, where their beliefs become assets with financial value traded openly on the market.

Buy & Sell shares of event outcomes, or even create your own events where others can take their own positions. Participate & Provide Liquidity to Earn.

Ricardo Marques:

That’s what we’re here for 💪

Dude👨‍💼:

I can’t express how exciting and fun it will be once it launches!

Francisco $POLK:

Yeah, Ricardo mentioned almost everything! But more than just a prediction market, Polkamarkets will have important entertainment features. These include NFT-based gamification, live streaming integration for in-play positions on Esports & Sports, and daily crypto price markets.

Live chats and virtual events in online communities will also form a key entertainment value-add to our platform. 🔥

Dude👨‍💼:

So let’s get into it

Great add! Definitely not a topic that is touched about much about you guys but something that adds a lot of value to it

When can we expect the platform launch? Which development stage are you guys right now?

How can I monetize with my forecasts? Do I create a forecast and buy shares of it or I already win if it works out and what if it doesn’t?

Explain a bit about how the process will work out👍

Ricardo Marques:

The answer everyone is waiting for 😄 we’re close to launching our MVP, putting all the final pieces together, between finalizing / auditing our smart contract and the interaction with our Web app.

We’re aiming to launch in late March / early April in the Ethereum testnet. We having a great tech team behind the scenes working full speed to have the launch everyone’s been craving for 🚀

Dude👨‍💼:

It will be so much fun! haha.

I can already see memes about crazy forecasts working out or safe forecasts getting rekt.

Glad to see everything is getting sorted out on the tech side to be ready asap!

Any rewards for testnet users?

Francisco $POLK;

Yes for sure… and we’ve seen some good ones already!

You don’t need to create a market in order to place predictions in it. It is as simple as just placing predictions in the available markets 🔥 you can monetize them the following ways:

- Sell your shares if the outcome price increases

- Take profit if the market resolves in your correct prediction

- Being a liquidity provider to the market, earning a % of the fees on the transactions that take place in that market

Dude👨‍💼:

What if I make a prediction and it goes wrong? What do I need to spend to make a new forecast?

for @rsmarques I ask you what will be token use case/utilities?

Ricardo Marques;

We’re giving some beta testing spots for our early MVP testing for the prediction competitions we’re currently performing!

More details soon… 🔮

Francisco $POLK;

If you make a wrong prediction and you don’t sell it before the market resolves, I’m afraid those shares will be worth 0$… You’ll just need to work on your prediction skills 🔮

As of spending limits, you can place the amount you’d like in any market, as long as there’s enough liquidity in it! A very similar project with this use-case is: Uniswap!

Ricardo Marques:

You’ll need to be a $POLK holder in order to create markets. The markets with more activity/liquidity will be the ones with most emphasis in our platform. That’ll solve naturally the issue of having markets with more / less popularity.

Also, a 1/3 of the fees generated by trades on the prediction markets is used to auto-buy $POLK on dexes. This newly purchased $POLK is then given as an additional reward to the LPs and users on the platform.

Dude👨‍💼:

Ok! But I have to buy my own shares right?

When I see an ecosystem running and giving value to the token I know that mainnet will give it a nice long term boost.

Been watching you guys for a while and I’m sure the platform will be very interesting once it launches.

Francisco $POLK:

Yes, everything will be very easy to understand. With our user friendly interface it will pretty intuitive to anyone. You can check the sneak peek here: https://polkamarkets.medium.com/polkamarkets-product-showcase-3bc77d6c585e

Ricardo Marques:

That’s our exact goal! We just want to provide the tech + interface, and let the users/community run it

Dude👨‍💼:

Regarding this I’m asking if when I create a prediction I already allocate money or after making it, I bet on myself.

Yes! Must be fun to know the platform might go to a brand new direction you were never expecting.

Ricardo Marques:

When you create a market you’ll have the option to provide liquidity for it and therefore holding shares of both outcomes! You’re not placing a prediction against yourself 🙂

Dude👨‍💼:

Anything else important that you guys want to touch or can we move on to community questions?

Francisco $POLK:

thanks, we’re also very excited on what we’re building. We believe we’re building something that the market and people really needed. People love predicting things and the current Prediction Markets out there, such as Augur, Gnosis or Polymarket aren’t so compelling and we want to change that.

Dude👨‍💼:

Perfect!

Ricardo Marques:

Nothing comes to my mind! Anything @franlouco?

Otherwise let’s jump to the community’s favourite part 😎

Q1 from Muhammad:

If you want Polkamarket to get promoted further, Partnerships will surely boost its development, so, What are your plans on partnerships and who are your current partners?

Is it possible to get partnerships with NFL, UFC, etc?

Ricardo Marques:

We partnered already with Kylin Network to provide decentralized and validated data via oracles to our prediction markets. Partnerships with major sports leagues are something we are looking into. We are planning on leveraging our partnerships in the NFT space as well to open doors for us. We can’t reveal anything concrete yet, but it’s in the cards.

As we’re building something unique, we’re aiming to have all sorts of partnerships that add value to the ecosystem. Oracles, Media, Gaming. In the upcoming weeks you’ll see some of them 😀

Q2 from Martin:

How is Polkamarket different and unique from competitors like Gnosis, Polymarket, and Option Room who are also in the prediction market, What do you aim to do differently than them?

Francisco $POLK:

We believe the main reason these projects haven’t become a reference in prediction markets is the fact that most of their markets resolve in monthly/yearly timeframes, giving users no reason to come back to the platform after placing their predictions.

What we’re doing in Polkamarkets is providing markets that resolve daily, such as daily crypto/esports competitions where we create a space for users to come to Polkamarkets on a daily basis. We don’t want our users to ever leave our platform 🚀

We will be offering entertainment features and bring another reason for our users to come back to our platform and stand out by offering something more than just a cryptocurrency.

Q3 from LOVE YOU @HUBERTDOLATA ADMIN SIR:

What value does BEPRO network bring to the Polkamarket prediction market?

Ricardo Marques:

We’ve been working closely with the BEPRO team and recently closed a tech partnership. We’re using their vast peer-to-peer and on-chain prediction market codebase and backend systems for its prediction markets.

You can read all about it here: https://polkamarkets.medium.com/polkamarkets-partners-with-bepro-network-for-technology-provisioning-956f166cb761

Q4 from Jazz Music 🎷:

The key in platforms like Polkamarkets is to make it Fun and Entertaining for the Users. Do they really achieve this, what will they do? A mobile app would come great in this context as well, but I didn’t see it in your roadmap. You don’t plan to develop one?

Francisco $POLK:

Yes and that’s the essence of Polkamarkets as well. We want to make prediction markets fun and gamified and we’re combining DeFi and liquidity incentives to the Prediction Markets industry like no one used before.

We’ll have live streaming integration for in-play markets on Esports and crypto price markets. Live chats and virtual events in online communities. A Visual Portfolio on user’s forecasts, Live Feeds for Esports & Events. NFT Gamification to generate badges for achievements. NFTs for access to exclusive markets and finally Easter Egg NFTs for engagement and participation. 💥

Regarding the mobile app, we plan on releasing a mobile version of Polkamarkets in the future. Our webapp will be mobile responsive from the beginning, but having a mobile native app is on the pipeline 👍🏻

Q5 from Rmitch:

Polkamarkets recently annoytheir partnership with Polygon. What is the main reason behind this partnership? How this can help to solve the scaling problem?

Francisco $POLK:

We’re only partnering with projects that we feel can bring a lot value to Polkamarkets ofc. With Polygon, they will provide scaling solutions and facilitate low fee and fast trading on Polkamarkets. As an Ethereum interoperability protocol, this will facilitate our vision of being a cross-chain information exchange platform built on blockchains.

You can read more here: https://polkamarkets.medium.com/polkamarkets-partners-with-polygon-for-scaling-solutions-704461b81c67

Q6 from Rekt Raccoon:

Polkamarkets aims to reward its daily active users, and here especially a streak-based mechanism is quite appropriate. Could you please some more details regarding this? How will the mechanism work here and what is your strategy to keep the community engaged with the project?

Ricardo Marques:

One of our gamification features is through NFTs. We’ll be giving users the ability to customise their profiles and have bragging rights, and earn specific NFTs when it comes to streaks.

That way we’ll provide a unique experience to our users and organically strengthen our community

Q7 from Carlos Eduardo🇧🇷:

Many users want to learn project and are interested in blockchain technology. Do you provide educational videos related to your project and blockchain technology guidelines?

How friendly is your platform to new users?

Ricardo Marques:

We have a great team of designers working on our product to ensure we deliver the best possible experience to our users, from newcomers to experienced traders!

Dude👨‍💼

Thanks a lot guys! Loved the responses.

I appreciate your time here with us! Super excited for the launch and I will personally use it and have some fun and maybe monetize with it

About Polkamarkets

Polkamarkets is a revolutionary Defi powered prediction market built for cross-chain information exchange and trading, where users take positions and monetise their forecasts on the outcomes of real world events. Built on Polkadot.

More information about Polkamarkets:

Website: http://polkamarkets.com

Telegram: https://t.me/polkamarkets

Twitter: https://twitter.com/polkamarkets