Polymarket is reportedly trying to launch a token amid talks of elevating $50 million in new funding, in line with The Data.
Based on the report, the decentralized market could provide traders warrants for future token purchases as a part of this spherical. Nevertheless, if the token plan proceeds, it’s unclear if traders will obtain fairness, token warrants, or each.
In the meantime, the token would reportedly enable customers to confirm real-world occasion outcomes. It’s unsure whether or not the token will substitute or complement the platform’s present use of the UMA Protocol, which depends on group votes to resolve market outcomes.
This fundraising follows a earlier complete elevate of $70 million in funding rounds that included billionaire investor Peter Thiel’s Founders Fund and Ethereum co-founder Vitalik Buterin.
Polymarket’s success
Since launching on the Ethereum layer-2 community Polygon in 2020, Polymarket has emerged as a prime crypto product. Over the previous 12 months, the platform has loved unbridled success because of its position within the impending US elections.
Notably, Polymarket has even gained consideration from main media retailers like CNN and Bloomberg, which combine the platform for his or her protection.
This vital success has helped it surpass $400 million in buying and selling quantity this September and recorded over 65,000 month-to-month lively merchants, in line with Dune Analytics knowledge. It has since surpassed $1 billion in quantity.
Nevertheless, this success has drawn regulatory scrutiny. The Commodity Futures Buying and selling Fee (CFTC) Chair Rostin Behnam reportedly acknowledged that the fee was “monitoring any exercise” on offshore election-betting platforms that uncovered US prospects to threat.
Potential airdrop
Information of the potential token launch has led to hypothesis that Polymarket could airdrop tokens to its early customers.
Merchants have reportedly been growing their buying and selling quantity, hoping to safe a bigger share of the potential airdrop rewards.
Well-liked airdrop farmer CC2Ventures acknowledged:
“[Polymarket] may probably be one of many fattest airdrops in historical past given their PMF and mindshare, and particularly if: The preliminary Snapshot is already taken Even a number of seasons can be advantageous, so long as early adopters who used the protocol ‘earlier than it was apparent’ have already obtained their share of incentives.”
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