Polkamarkets V3
Polkamarkets V3 introduces a new era of Prediction Markets, weaving together social communities (“lands”) with prediction contests, customizable rewards, and a fully on-chain, upgradeable infrastructure. Below you’ll find an overview of the main concepts, features, and flows behind Polkamarkets V3.
Overview
In Polkamarkets V3, Prediction Markets are no longer isolated experiences. Instead, they can be embedded within dedicated communities, referred to as lands. Each land can host multiple contests, define rules, and distribute rewards to top predictors based on various criteria like the number of correct predictions or the highest return on investment (ROI).
Key Points
- Communities as Lands
Lands represent self-contained prediction communities. Each land can have its own markets, admins, and reward distribution settings.
- Contests & Rewards
- Number of winning predictions
- ROI on the markets
A single land can host multiple contests. Rewards can be based on:
- Social Layer
Prediction is more than just placing a bet; it’s about engaging with a community. Lands enable social features like leaderboards, discussions, and user-generated markets.
Examples of Polkamarkets V3 Lands
Several platforms are already leveraging Polkamarkets V3:
- Myriad Markets - Predictions platform launched by media companies Decrypt and Rug Radio
- Previsómetro - Partnership with media company Observador focused on the Portuguese elections, integrating prediction markets for real-world events.
- Topcasters - Topcasters is a predictions community powered by Polkamarkets and available to all Minipay users.
- Fantasy Padel Corporate League - Predictions platform for a corporate padel league.
These lands showcase how Polkamarkets V3 can be tailored to different audiences and use cases.
Polkamarkets V3 Contracts & Factory
Polkamarkets V3 is built around a factory architecture, allowing users to create their own Prediction Markets ecosystem by locking POLK tokens. The core pieces include:
- PredictionMarketV3Factory
- Deploys and manages individual PredictionMarketV3Controller instances.
- Ensures correct token locking before launching a new ecosystem.
- PredictionMarketV3Controller
- Main coordination contract for each land ecosystem.
- Manages admin roles, permissions (e.g., who can create markets), and contract upgrades.
- Links to an existing or newly deployed PredictionMarketV3 contract.
- PredictionMarketV3
- The underlying contract handling the prediction markets logic.
- Can be a shared or a dedicated contract for each controller.
Locking POLK to Deploy
To create an entirely new Social Prediction Markets ecosystem (a new controller and accompanying contracts):
- Lock X POLK
- Currently set to 1M POLK (initially, subject to future changes).
- This lock ensures commitment and helps reduce spam.
- Deployment
- A
PredictionMarketV3Controlleris deployed or allocated. - A
PredictionMarketV3contract is also deployed, or an existing one is specified.
Controller Features
- Land Creation
- Admins can create new lands without additional token locking.
- Admin Role Management
- Add or remove admins for a specific land.
- The owner who locked POLK cannot be removed as admin from the factory.
- Market Creation Permissions
- Lands can be configured to allow or disallow anyone from creating new markets.
- Upgradability
- The controller contract is upgradeable, ensuring future improvements or feature additions.
How It Works: Example Flow
- Lock POLK & Deploy
- A Polkamarkets team member (or any eligible user) locks 1M POLK.
- A new
PredictionMarketV3Controller(and optionallyPredictionMarketV3) contract is deployed.
- Connect to Foreland or Another Frontend
- The newly deployed contracts connect with the Foreland platform or other frontends (like Polkamarkets’ own API).
- Land Creation via Billing
- End-user signs up or pays via Stripe (or another billing system).
- The Polkamarkets backend then invokes
PredictionMarketV3Controller.createLand(...). - Permissions for admins, market creation, and market resolution are set according to the land’s rules.
- Users Engage in Predictions
- Within each land, users create or participate in markets.
- Rewards are distributed to top predictors based on land-specific rules.
Benefits & Future Outlook
- Scalable Communities Each land can evolve its own identity, brand, and predictive themes, from sports to politics to entertainment.
- Customizable Reward Systems Lands can define unique leaderboards, scoring, and token incentive structures.
- On-Chain Governance & Security Contracts are deployed on-chain, ensuring transparent and trustless execution of markets and rewards.
- Upgradeable Architecture As Polkamarkets V3 continues to evolve, existing lands can opt in to new features without redeploying from scratch.
Questions?
If you have any questions about Polkamarkets V3, please reach out via our Help Center or community channels. We’re here to help you bring the power of prediction markets to your community!