Polymarket Hints at Token Launch, Teasing Users with Potential Airdrop

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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November 8, 2024

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Decentralized prediction market platform Polymarket has sparked speculation about a potential token launch, fueling excitement among its users.

The platform, known for facilitating bets on events like the U.S. presidential election, appears to be hinting at an airdrop for users who actively participate in its markets.

An image reportedly shared with traders who claimed their winnings on Polymarket reads, “We predict future drops.”

Polymarket Users Incentivized to Reinvest Their Rewards

The message suggests that users reinvesting their rewards into other markets might qualify for enhanced future benefits, including potential token airdrops.

This would signify a major development for the platform, which has historically avoided confirming plans for its own token despite massive trading volumes.

In September, reports suggested Polymarket was considering raising $50 million and introducing a token, though no definitive announcements were made.

The buzz around this potential launch has only grown as the platform experiences unprecedented activity.

The 2024 U.S. presidential election was a major catalyst for Polymarket’s popularity, with over $3.6 billion wagered on the outcome.

October saw 235.3 million active users, and activity remains high with 166.9 million users recorded as of November 8.

Last week, it was reported that France’s National Gaming Authority (ANJ) is planning to block access to Polymarket.

According to a report from French news outlet The Big Whale, ANJ is investigating Polymarket’s operations to assess its compliance with French gambling laws.

The scrutiny intensified after a French trader, identified as “Theo,” placed multimillion-dollar bets on Donald Trump’s re-election.

The trader has earned a $19 million payout following Trump’s victory, sparking widespread regulatory concerns.

Bloomberg to Integrate Polymarket Election Odds into Terminal

In August, leading financial data and news service provider Bloomberg LP revealed that it aims to incorporate election odds data from the crypto betting platform Polymarket into its widely used Terminal.

Polymarket, a blockchain-based prediction market operating on the Polygon network, has become a prominent platform for tracking real-time election odds.

The platform allows users to bet on a wide range of event outcomes, leveraging transparent on-chain data and smart contracts for trade execution and payouts.

According to Dune Analytics, Polymarket’s trading volume for August approached $450 million, with nearly $760 million bet on the outcome of the U.S. presidential election as of late August.

Earlier this year, five United States Senators and three House representatives called for a ban on betting activities linked to the upcoming 2024 presidential election.

The bipartisan group consists of prominent figures such as Senators Jeff Merkley, Richard Blumenthal, Elizabeth Warren, and Representatives Jamie Raskin and John Sarbanes, among others.

The group expressed concerns over the possibility of billionaires leveraging large wagers to sway election outcomes, thereby eroding public trust in the democratic process.