Prediction market giant Polymarket is preparing to launch a native token and airdrop as it seeks to raise fresh capital at a higher valuation.
What Happened: Polymarket Chief Marketing Officer Matthew Modabber confirmed that the token will debut after the platform’s official U.S. relaunch, which is already underway.
The move is expected to spark a major liquidity wave as Polymarket, where users wager on elections, Fed decisions, and major world events, expands in the U.S.
The surge in prediction market activity has made the sector one of the most vibrant areas of on-chain trading.
Crypto independent media outlet Milk Road described the timing as “the perfect storm of liquidity” for Polymarket’s growth.
Polymarket is reportedly in early discussions with investors to raise additional funding at a valuation of $12-15 billion, Bloomberg reported.
Rival Kalshi is reportedly pursuing a valuation above $10 billion, more than double its last round.
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Why It Matters: Polymarket and Kalshi platforms hit a record $2 billion in trading volume during the week ending Oct. 19, reflecting booming retail and institutional participation.
Polymarket’s valuation has already soared this year from $1.2 billion to $9 billion earlier this month, after a $150 million round led by Peter Thiel’s Founders Fund in June.
It was also known that a major investment agreement with Intercontinental Exchange (NYSE:ICE) led to a $2 billion investment in the prediction platform.
In August, Polymarket listed a record 13,800 new markets, surpassing July’s total by nearly 2,000, with user engagement spiking during the 2024 U.S. presidential election cycle.
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