Polars, a decentralized platform developing the concept of polar tokens for the prediction market, has launched a beta version of the protocol on the Ethereum Rinkeby testnet.
The Polars beta testing process is fun and practical. The developers have broken down the testing into several sequential stages, which users are encouraged to complete step by step. As a result, in the process, all smart contracts of the Polars ecosystem will be tested, and users will fully get acquainted with the basic functionality of the platform. At the moment, more than 25 thousand users are taking part in testing.
Before examining the testing process and what benefits the platform testers get, let’s briefly describe the basic concept of polar tokens and the plans of Polars developers for the near future.
The basic concept behind polar tokens is that there are two opposing teams within the Polars model. The first opposing teams on the Polars platform are the White Team and the Black Team.
Each team has a token of the same name – WHITE and BLACK. If the White Team wins, the WHITE token goes up and the BLACK token goes down. But their aggregate price remains unchanged. If Black Team wins, BLACK token goes up and WHITE token goes down. But their aggregate price remains unchanged. Which team will win and which will lose is influenced by the results of external events from the real world (exchange rates, results of sports events, political events, etc.).
Every day, the price of a particular pair of polar tokens is influenced by from 5 to 15 events, which constantly changes the price ratio of polar tokens, but their total price remains unchanged. Users are invited to place bets on the outcome of events by buying tokens of the corresponding team.
Polars solves the main problem of the prediction market in the DeFi segment – the problem of low liquidity. Within a specific pair of polar tokens, we get an excess level of liquidity due to the fact that at one point in time on the platform the interests of several groups of stakeholders of the Polars platform intersect. These are the users who buy, sell and exchange polar tokens, arbitrageurs, liquidity providers, holders and other interested parties. The platform’s commission distribution system and the Yield Farming mechanism stimulate the activity of each participant in the process.
Now more about the beta testing process for the Polars platform. First, the user needs to be added to the white list (whitelist) of testers. This can be done by following a special link in the fixed post of the official group in Telegram.
After adding to the whitelist, the user is prompted to go through STEP 0. This step is zero, because the user does not yet have to interact directly with the Polars platform. In this step, the user needs to receive 6,000 Test USDC (TUSDC), which he will use in the next steps when interacting with the Polars platform. Then the user proceeds to the next step, STEP 1, in which he needs to interact with the base pool, while generating the liquidity of the BWT token (the token of the aggregate price of the polar tokens BLACK and WHITE).
After that, within the framework of STEP 2, the user is invited to interact with the secondary pool (Liquid Pool), into which he will place the tokens received in the basic pool of BWT, while generating WHITE and BLACK tokens separately. At this step, users are prompted to buy and sell polar tokens in the secondary pool, thereby testing this feature. Next, the developers will launch the first event that will change the prices of the polar tokens WHITE and BLACK. After that, users will need to work with the trading pool, which is a fork of the Balancer pool.
Next, you will need to interact with the pharming contract by placing tokens from the secondary and trading pools there. This will allow you to receive rewards in test POL tokens. After that, the received POL tokens can be put into the Incentives contract, the tokens of which the user will put into the staking smart contract and will receive a part of the commissions of the Polars platform. This will end the technical testing of Polars and the fun begins.
This will be followed by the final stage of the MVP beta testing. This stage is conceptual. Events will be actively running on the test network, which will constantly change the prices of polar tokens. Users will be prompted to participate in a testnet competition. Testers who can earn the most test tokens within a week will receive real control POL tokens.
Polars platform testers will receive additional benefits. Users who pass the test will have access to the presale stage, where they can purchase POL control tokens on favorable terms.Additionally, after listing on Uniswap and launching on the mainnet, an additional distribution of POL control tokens will be carried out among all testers who have fulfilled the test conditions.
The Polars Protocol Control Token (POL) has several service functions: the ability to participate in voting on the platform, the ability to stake to receive incentives to Polars tokens, which entitle you to 30% of the platform’s commissions, and the creation of your own polar tokens.
Beta testing of the platform is already in full swing, but now everyone has the opportunity to join it absolutely freely. The platform developers made sure that you could join the process at any time throughout the beta testing period. This process not only can bring great opportunities and benefits, but also arouses genuine interest. More than 25 thousand users have already joined the testing.
