POLK holders are able to create markets and are essential users of the Polkamarkets Protocol.
The minimum balance you'll need to hold in your wallet is 1,000 POLK. This amount will not be deducted from your balance when creating a market.
Before you proceed, get acquainted with the Market Curation Guidelines to make sure you create a prediction market that is likely to be upvoted by other Polkamarkets users.
How to create a Prediction Market
Step 0: Decide the network on which you'll create your Market
You can create your market on either Moonbeam or Moonriver. Make sure you connect your MetaMask to the right network before continuing.
Step 1: Get POLK on Moonriver or Moonbeam
To create a Prediction Market, you'll need at least 1,000 POLK in your wallet.
Check out our guides on how to get POLK on Moonriver or Moonbeam, or how to bridge it from the Ethereum network.
Step 2: Navigate to the “Create Market” page.
Head to the “Create Market” page. You can navigate there by clicking “Create Market” on the top right corner (see image below), or by browsing the following URL: https://app.polkamarkets.com/market/create
You’ll be prompted with the following message if you do not have enough POLK in your balance. To solve it, head back to step 1 to get POLK in your wallet.
Step 3: Fill in Market details
Fill out the form with market details — Market & Outcome names, Image, Categories, Resolution Source (URL), and Closing Date. All the fields are required.
Note: The number of outcomes is limited to 2 and probabilities are set to start at 50%-50%. We’re working on the possibility of setting initial probabilities, as well as having more than two outcomes in the future.
Step 4: Setup market liquidity
As the market creator, you’ll need to add liquidity to the market so trading of outcomes is possible for other users. Use the input to set up the liquidity you want to fund the market with.
Step 5: Review market data and confirm the transaction.
Click on “Create Market”. Ensure all the input fields are filled, otherwise, you’ll get an error message. Proceed to confirm the transaction on Metamask. You’ll be prompted with a transaction value equal to the amount of liquidity setup for that market.
Step 6: Market is created and ready for trading 🎉
When creating a market, one must try de-risking either the market description or market resolution source as much as possible.
Here are some examples of resolution sources:
Flashscore for sports events, media websites like WSJ for business and financial news, Yahoo Finance for stock prices and indices, CoinGecko for cryptocurrencies;
Watch the video for a better understanding of how to create a market: