FAQ
General Information
What is Polyquest? Polyquest is a Web3 prediction platform built on the Solana blockchain, allowing users to engage in market predictions by depositing USDC or other SPL tokens in market contracts and earning extra rewards based on their participation and timing.
What makes Polyquest special? Polyquest stands out with several unique features:
Staking Mechanism: Rewards early participants with staking rewards in $POLY, ensuring a balanced approach to market participation.
SPL-Token Support: Seamlessly integrates with Solana's SPL tokens, enhancing liquidity and utility within the platform.
APY-Prediction Integration: Offers a sophisticated model where users can earn based on annual percentage yield (APY) predictions.
Winner Takes It All Method: The platform employs a "winner takes it all" approach, providing clear, high-reward outcomes for market participants.
Which wallets are supported by Polyquest? Polyquest supports a wide range of crypto wallets, including Circle Wallet, Bitget Wallet, WalletConnect, Phantom, Backpack, and other Web3 wallets compatible with Solana. The platform automatically detects compatible wallets installed on the user's device.
What are the benefits of using the Polyquest wallet? Users with the Polyquest wallet, developed using Circle's programmable wallet technology, enjoy discounted fees and exclusive benefits, enhancing their overall experience on the platform.
Staking and Rewards
How does the staking mechanism work in Polyquest? Users can stake USDC by depositing it into market contracts. The deposited amount acts as the staking principal, eligible for staking rewards at an APY set by Polyquest for the duration of the quest. Rewards are distributed in $POLY tokens.
Why should I vote my USDC early? Early voting in Polyquest provides additional rewards through its unique staking mechanism, designed to offset the disadvantage early voters may have compared to those who vote closer to the closing date, who may have more information.
What is $POLY, and how is it used? $POLY is the native token of the Polyquest platform, used for rewarding users, participating in governance, and accessing premium features within the platform.
Security and Privacy
How does Polyquest ensure user security? Polyquest is built on Solana, a secure and scalable blockchain. We use secure wallet integrations and encourage best practices for wallet management to ensure user funds and data are protected.
What data is stored by Polyquest? Polyquest does not store sensitive user data on-chain to minimize security risks. Transaction data related to market participation is stored securely within the blockchain, following best practices in data security.
Fundraising and Tokenomics
What are Polyquest's fundraising plans? Polyquest plans to start fundraising following the release of its MVP. Funds raised will support transaction fees for programmable wallet users, provide initial pool deposits, invest in Key Opinion Leaders (KoLs) for promotion, scale up the development team, and participate in global crypto events to promote the project.
User Experience & Features
What features does Polyquest offer to enhance user experience? Polyquest provides a seamless prediction market experience with multiple wallet support, real-time market updates, staking rewards, and token-gated features for managing privacy and engagement.
Can I participate in Polyquest from any location? Yes, Polyquest is accessible globally, provided that local regulations in your jurisdiction allow participation in crypto-based prediction markets.
Community and Support
How can I stay updated on Polyquest developments? Stay informed by following us on our official channels on External Links.
Where can I get support if I face any issues? For support or assistance, please refer to the official channels provided in our documentation.
Future Developments
What’s next for Polyquest? Polyquest is continuously evolving, with future developments outlined in our ROADMAP. Planned updates include expanding platform features, integrating additional blockchain networks, and enhancing user experience through advanced functionalities like token-gated market access and deeper wallet integrations.
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