On June 3rd, 2022, the QuickSwap community voted in favor of introducing a predictions market built by PRDT Finance. We couldn’t be more excited to introduce this new feature that will add revenue both to $QUICK stakers in the Dragon’s Lair and the QuickSwap Foundation.
TL; DR:
- On June 3rd, 98.6% of QUICK and dQUICK holders voted to feature a predictions market on QuickSwap
- All the details about how this predictions market will work and how it will benefit QuickSwap can be found here
- This predictions market will likely increase revenue to stakers in the Dragon’s Lair as well as the QuickSwap Foundation, which enables QuickSwap’s team to fund future development
- The proposal received overwhelmingly positive support from the QuickSwap community
- The prediction market feature will be added to QuickSwap’s new beta UI on Monday, June 6th (estimate)
- The predictions market is built by PRDT Finance, the first fully decentralised cross-chain prediction platform on BSC and Polygon. PRDT will also be responsible for the platform’s customer support
- QuickSwap users have the option to use the new PRDT prediction market, but they don’t have to. The QuickSwap UI/UX will remain the same
- QuickSwap and PRDT Finance strongly encourage those who want to use the predictions market to do so only with extreme caution
Dragons (and Bears) Roar
When we first introduced a governance temperature check on May 27th to talk through this proposal and gauge the community’s sentiments, we were thrilled that for the first time ever, almost no one was opposed to this proposal. Maybe that’s because there’s almost no disadvantage to adding this feature.
In a bear market, everyone is looking for new ways of adding revenue, and featuring this predictions market will do that for $QUICK stakers in the Dragon’s Lair and for the QuickSwap Foundation, which is used to fund further development and operations costs. Additionally, since PRDT built this platform, it didn’t take away any of our dev team’s capacity nor will QuickSwap’s team need to manage the platform.
Only a few days after opening the discussion, and with virtually no pushback from our community, we moved to vote. We asked all eligible QUICK holders if QuickSwap should feature a predictions market built by PRDT Finance.
That vote concluded today (June 3rd, 2022) with 98.6% in favor. In total, 15,213 QUICK from 86 wallets participated in the vote. Of the 15,213 total QUICK, 15 thousand QUICK from 83 wallets (~97%) voted in favor and only 3 wallets (~3%) opposed the proposal.
Now that the vote is final, PRDT and QuickSwap are working together to add a tab to our new UI so that QuickSwap’s users can begin making predictions. We anticipate that this integration will be complete by Monday, June 6th, but that date is subject to change.
What does this mean for me?
It doesn’t have to mean anything at all. We believe that adding this feature to QuickSwap’s UI will bring new users, add another fun feature, and increase revenue to Dragon’s Lair stakers and the QuickSwap Foundation. But if you don’t want to use the predictions market, you absolutely don’t have to!
If you’re a QUICK staker, this could mean you’ll soon be earning a much higher APY, though there is no guarantee that the predictions market will immediately produce substantial revenue.
How will the predictions market work?
First of all, QuickSwap users must know that by featuring a predictions market on the platform, their swaps and other actions won’t be affected.
Users who do want to make predictions will pay a 3% fee regardless of the outcome.
The fees will be split as follows:
- 40% of fees collected will go to PRDT Finance for building and maintaining the predictions market
- 40% will be used to market buy QUICK and distribute to stakers in the Dragon’s Lair
- 20% will go to the QuickSwap Foundation, which is used to fund our development and operational costs
We will publish a tutorial on how to use the PRDT predictions market prior to launch.
When will the PRDT prediction market be launched?
The code is complete and QuickSwap is working closely with PRDT Finance to complete the integration. We estimate that the predictions market will be ready to launch on Monday, June 6th, but you know us! Sometimes unforeseen circumstances get in the way and cause delays. We will provide updates on the status of the predictions market launch as soon as they’re available.
Let us know if you have any additional questions about the PRDT predictions market in the comments below, and join us on social media to stay up-to-date on all things QuickSwap — Polygon’s most established DEX.
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By QuickSwap Official on June 3, 2022.
Exported from Medium on May 2, 2023.