Polymarket teases upcoming token launch

Decentralized prediction market Polymarket is reportedly teasing a future token drop.

According to a recent report by industry news outlet The Block, Polymarket likely intends to airdrop its token to some of its users. The platform purportedly showed an image reading “We predict future drops” to users claiming their winnings. The text continued:

“Users who reinvest their winnings into other markets may be eligible for boosted future rewards and drops.”

Back in September, The Information reported that the prediction market was considering raising $50 million and launching its token. Still, the token launch was far from guaranteed at the time. The report reads:

“Investors in the round will receive token warrants, which grant them the right to purchase tokens if Polymarket launches them at a later date. […] The prediction site could use the tokens as a way for users to validate the outcome of real-world events, one of the people said. Polymarket has not made a decision regarding tokens and there’s no guarantee of a launch.”

In May, Polymarket raised $45 million in its Series B funding round led by Peter Thiel’s Founders Fund, also with the participation of Ethereum co-founder Vitalik Buterin. That was before the platform saw the unprecedented trading volume reported with its U.S. presidential race betting market.

Following the end of the United States elections, open interest on the platform fell by 65.5% to its current value of $176 million from nearly $510 million. Elections-related betting was responsible for nearly 90% of the volume on Polymarket on some days.

Some of those bettors have hit the jackpot. As recently reported, tens of thousands of people who gambled on the outcome of the US presidential election are waiting to claim their share of around $450 million in payouts after Donald Trump was elected.

Polymarket also grew enough to attract the ire of regulators. Recent news indicates that the gambling regulator in France is set to ban Polymarket, the blockchain-based prediction market that soared in prominence during the U.S. presidential election.

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