Will Polymarket Launch a Native Token? Here’s What We Know

Polymarket, the world’s largest prediction market, is taking steps to launch its native cryptocurrency in the coming months. However, individuals familiar with the matter reveal that the debut is most likely not happening this year, as the establishment has other serious issues to settle, making the token launch a secondary matter.

Polymarket’s CEO, Shayne Coplan, gave the first hint about the forthcoming Polymarket native token in an October 8th post he made on the X social media platform, where he mentioned, “$POLY” alongside other crypto assets.

Polymarket to Recover U.S. Dominance

Polymarket has been off the U.S. market since 2022 following a case with the Commodity Futures Trading Commission (CFTC) accusing it of operating an unregistered derivatives-trading platform. During this time, Kalshi had dominated the U.S. prediction market.

However, as Coplan revealed last month, the government has given the firm its green light to resume operations in the U.S. Thus, Polymarket is working towards establishing a presence in the U.S. first and recovering many of the clients it has lost over the years.

Notably, Polymarket has an edge over its biggest competitor as it is powered by blockchain technology. While its rival, Kalshi, is not blockchain-enabled, it accepts crypto deposits.

According to data from Dune, Polymarket dominates only 31% of the U.S. prediction market, while Kalshi controls about 63%. Thus, Polymarket plans to improve and rebuild many facets of its operation to regain dominance. Thereafter, a token launch could come in.

Polymarket has not publicly disclosed much information on the utility of the crypto token. However, it has hinted at possible rewards of airdrops for customers who have stuck with it over the years.

Polymarket Grows Business

Following its return to the United States, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), invested a massive $2 billion in Polymarket. As a result, the prediction market’s value has risen to $9 billion. Notably, the partnership aims at boosting “future tokenization initiatives.”

The latest investment move from ICE highlights the growing institutional confidence in blockchain technologies. It is also a pivotal step towards integrating blockchain with traditional finance. Coplan also noted that the partnership would enable Polymarket to launch updated tools for advanced data analysis and decision-making.

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