AMA Recap Crypto Library with Polars


On 23rd May 2021, Polars conducted an AMA in the Crypto Library Community. Our guest is Yuri and Vlas. Lots of questions as usual from the Community about Polaras progress. The Polars team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into Polars.

Let’s take a look at the most interesting points of our conversation.

Crypto Library Team :
So, before we start the AMA could you please introduce yourself to our community?

Yuri (Polars) : I am Yuri, Tech lead of the Polars platform. I have more than 10 years experience in software development and more than 3 years of development in blockchain and crypto space. I was developing for CEX initially. Later I was working on projects by Soramitsu, Hyperledger, Interledger protocol, Iroha blockchain and Bakong central bank digital currency. So I know how crypto projects looks from the inside. Vlas is our product manager. His team is a company team. They provide market making services for many companies and know how tokenomics work and how token behaves. This knowledge was crucial for the team to start thinking about better type of assets which can solve problems of volatility and liquidity on the crypto markets. As a result we designed the Polars mathematical model which has some unique advantages comparing to standard approaches.
Crypto Library Team : What is Polars? and How does it work?

Yuri (Polars) : Polars is the prediction market protocol with unique math model. It means that you can vote for results of events on the platform and receive your profits if your prediction is correct. Comparing to other prediction market platforms our model is less risky. Also our unique concept gives possibility to provide better liquidity for events because liquidity is attached to events sequence, not to 1 event only. it makes easier for investor to provide liquidity and for traders it gives possibility to trade more. We will support any type of events on our platform and there will be community governance to add new events to the platform. You also can use our platform as a cryptocurrency trader using your favorit methods of technical analysis but having more opportunities for gains because if you trade on the market you depend on the market volatility - how match the price is changed and it limits your potential gains. Using our platform you just can vote if the price will be higher or lower and you will get your benefits even if price change is just 0.1% or even less.

Crypto Library Team : Could you give us some reason Why we have to choose Polars than other projects out there?

Yuri (Polars) : I think there good reasons do do so. We have different user roles on our platform. So there are many ways for different types of users to have some gains on our platform. For liquidity providers we give possibility to have not risky investment. We don't have impermanent losses on our platform and liquidity provider funds only can grow in value and are redeemable at any moment. The second role is a trader or bettor who participate in prediction markets itself and can benefit from own ability to predict results. here we have less risks than other prediction market platforms because if you lose you never lose all your bet and you have a good possibility to be in profit in long term or  at least have 0 losses. The point is that you can lose on the single event but in long term the price of betting tokens tend to grow because betting token not attached to 1 event but to event thread. it is not so simple concepts, but we proved it mathematically, so we can say we are one of the less risky protocols where traders can win. It is because of our unique token model with 2 tokens which price depends not only on the event result but also on the platform fees. A portion of platform fees goes to betting tokens so it slowly grow in value. But some risks still exists. You always shoul do DYOR. We have other beneficial roles on our platform like arbitrageurs, so you can do arbitrage between our unique platform pool with guaranteed price changes after event results and classic AMM pools where our betting tokens also can be traded. So many ways to benefit for different kinds of users.

Crypto Library Team : Please tell us about $POL token! What are the token use-case, distribution, and where we can buy it?

Yuri (Polars) : POL token is our utility token and a governance token at the same time. So you will be able to:
  1. Vote to add new events to the platform.
  2. Create your own event threads and liquidity pools on the platform for events you are interested in. You will gain more fee there.
  3. You will be able to vote on betting tokens volatility. It affects how much user can win/lose after event ends.
  4. You will be able to receive rewards from POL token buy back program. So we will buy back tokens from the market using fees and distribute it between token holders.
  5. And many more...
20% of POL tokens goes to the team. around 10% is a private sale and marketing allocation. 70% will be spent for farming so every one can become a POL token whale if will start to accumulate early.
To buy our POL token you can participate in our beta testing program. You can fing more information on Medium Also we will have 2 IDO on A2DAO and Mantra DAO. All sale activities will be till the end of May.

Crypto Library Team : Please share some information about your roadmap, your recent progress, and your future plans?

Yuri (Polars) : Currently we are in a public test net phase. You already can test most of our MVP functionality using Guides on our Medium can help you to try the project. Also we already working on mobile version and you can try our app from a mobile device. But there are still some UI bugs and several UX improvements are needed. it is also a good opportunity for you to become a part of a warm community of our project. We plan to have production release around end of June. Currently Zokyo auditing our platform and we finalizing WEB application. You already can try how it feels to invest, trade, bet, arbitrage on our platform. In future releases we plan to add user events and user event threads. We plan to add automated trading strategies so you will be able to setup what will happen with your tokens before and after each event and just do your other tasks and look in the end of the day to your personal results. We also planning to add community governance in upcoming releases after MVP. Margin trading and order book pools which will give you even more opportunities are also in plans.
Crypto Library Team : What is the structure of @polars_io, is it decentralised or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?

Yuri (Polars) : will be open sourced after main net release. We also plan to create developer bounties and possibility for other developer to build new services on top of our protocol and gain service fees. Speaking about governance we plan to have it in the second full release. Our platform has unique features so we cannot just take existing governance contracts and use it for our needs. So we will work on our governance model together with the community. We also using a couple of contracts from the curve protocol so I would like to big shout out to their team. Speaking about structure and can be understood from the multiple different points. In context of this question I understood it as a governance structure. So currently protocol is governed by the core team, but as I told earlier it will move to the community governed structure.

Crypto Library Team : How to apply social trading decentralized in Polars? And how to form private groups to coordinate in an micro liquidity?

Yuri (Polars) : I think there are good opportunities for a social trading on our platform but you have to understand our event math better. There are good articles on the Medium Once you understand, i believe you'll find several strategies.There are several kinds of trading pools on our platform and they have different price mechanics. Also several parameters like event results, betting balance, event sequence can affect prices, so you can create communities and create social trading strategies of your choice. Speaking about how to form private groups - you can use telegram or whatever communication tool you like.
Crypto Library Team : One of the things that is important is platform defense! how do you maintain your platform? is it true that your platform is protected from hackers? and can you explain, how will you be if there is an attack on your platform, including your platform user data? is your platform ready for this ?

Yuri (Polars) : We did not discussed security so I would like to answer this question.
  1. We are performing third-party audit of our smart contract currently by Zokyo team. We plan to have more audits in the future. We have checked our smart contracts for known types of exploints and always looking seriously to security.
  2. Speaking about user dat - Following principles of decentralized application we are not collecting user data we we don't have any servers when this user data will be stored, so now opportunity to steal this data from us. You also should understand that this is a public blockchain application and all your financial transactions are open to everyone.
Crypto Library Team : What is the difference between BLACK and WHITE polar tokens ?? What is your goal in creating two versions of the $ Polar token?

Yuri (Polars) : We have several tokens on the platform.
  1. POL -Governance token.
  2. Black & WHITE tokens represent different sides of event so you by one of these tokens if you want to bet on the event result.
  3. We also have liquidity provider tokens for each of 3 pool which gives users different kinds of opportunities to invest in our platform and gain from fees.
Crypto Library Team : Most users only care about immediate benefits rather than the real value of the project in the long-term. How can Your Project convince users invest to your platform in the long-term?

Yuri (Polars) : We will incentives long term investors more then people who just want to have a short speculation with our token. It is ok that some people want only fast gains but long term investor gicves more room to grow for the project so we will support them. Our governance token staking contract gives more rewards from platform fees to people who lock their token for a longer period. Also holding our governance token user will be able to create own pulls and event threads actually becoming a platform partner having additional opportunities to receive gains and provide new event listing strategies.There will be more in the future with new services on the platform.

Crypto Library Team : English is a popular language. How does your project plan to spread awareness of its project in different countries where English is not good? your great project have a local community for them to better understand your project?

Yuri (Polars) : We have 5 language specific communities in Telegram already. China, Indonesia, Russia, Turkey, English. We working with multiple funds and influencer from different countries to spread the word about project and support people in native languages.

Crypto Library Team : How do you plan to tackle the scalability issues? And how would you generate revenue to sustain your project?

Yuri (Polars) : We plan to be released on several EVM compatible blockchains. BSC, Ethereum and some other according to the market situation. Polkadot is also in our plans. Users who will by POL token will be able to participate in fees distribution during the POL buyback program on all of the Polars platform instances.