Polymarket CMO confirms airdrop and looks to Hyperliquid token for inspiration

It’s official: Polymarket will launch a token and airdrop a portion to its users, and it’s looking to Hyperliquid for inspiration.

That’s according to Matthew Modabber, the prediction market’s chief marketing officer, who confirmed the news during an interview on the Degenz Live podcast on Thursday.

“There will be a token, there will be an airdrop,” he said, adding that the firm wants the token to have utility and to “be around forever.”

The announcement caused a wave of excitement in crypto circles. But users will have to wait a while before the token launches.

“Right now our core priority is launching in the US and making a big splash there,” Modabber said. “After we take care of business on the US app and US launch there will be a focus on the token.”

US relaunch

In recent months, Polymarket has pushed to relaunch in the US after pulling out of the country in 2022 amid regulatory uncertainty.

In July, Polymarket acquired QCX, a Commodity Futures Trading Commission-licensed derivatives exchange, for $112 million. In early September, the regulator granted a no-action letter to the exchange, paving the way for Polymarket to start offering its services in the US again.

The return comes at a critical time for the firm.

Rival prediction market Kalshi, already serves customers in the US. It briefly overtook Polymarket in trading volume in September due to an increase in sports betting on the platform.

The two platforms are now neck and neck, but that could change if Polymarket’s US launch helps draw in more bettors.

Hyperliquid praise

The excitement surrounding the Polymarket token is palpable. But it’s not clear what function it would serve.

Many investors view crypto tokens as a proxy for a stake in the product they represent — especially those that claim to be decentralised and use tokens for governance voting.

What’s more, Polymarket already has many private investors who own equity in the company.

Earlier this month, Intercontinental Exchange, the owner of the New York Stock Exchange, invested $2 billion in the prediction market, valuing it at approximately $8 billion.

Modabber didn’t reveal any specific details as to what the token would do, but praised perpetual futures exchange Hyperliquid for its token launch, “Teams like Hyperliquid who really thought it through will be around forever as a result.”

Hyperliquid launched its HYPE token in November 2024. It distributed 31% of the supply to users, an unusually high percentage compared to other crypto airdrops.

The HYPE token is one of the best performing crypto assets in recent years, soaring some 512% since its launch.

Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at [e-mail].