- Discussion about token launch
- Polymarket users may expect airdrop
- Polymarket uses temporary tokens for bets
Polymarket is considering issuing a token as a fundraising tool and utility asset on its betting markets, according to sources close to the matter.
Discussion about token launch
The discussion of a new Polymarket token first appeared in a publication citing unnamed sources. According to the sources, Polymarket is looking to raise an additional $50M, with tokenization as one of the options. Polymarket has not confirmed or denied the rumors, although expectations of a token airdrop have been ongoing for months. Currently, the platform uses USDC as its main payment and betting tool.
Polymarket users may expect airdrop
Polymarket became highly popular during the boom of airdrops and point farming. The platform did not specify how it would distribute an eventual token. However, users and traders continue to discuss the potential for an airdrop, similar to other tokenless protocols. Polymarket tracks the record of its users, including top accounts with high-stakes bets and significant balances. As of September 1, the platform had 66,015 active traders. The total trading volume in August reached $472M, and in September it exceeded $402M.
Polymarket uses temporary tokens for bets
Polymarket uses temporary tokens to process transactions on Polygon. Each bet creates a pair of Binary Outcome Tokens, which only exist for the Central Limit Order Book. These tokens are not meaningful outside the platform and cannot be transferred. The platform also calculates fees for each bet, but uses USDC for payments. These activities may be replaced by using a native Polymarket token.
Polymarket remains one of the leading betting platforms with growing activity and user numbers. The future implementation of its own token could significantly impact the development and functioning of the platform.
Comments