š¢ Polymarket's new move: $50 million in financing is imminent, and the token voting function is about to be launched?
For users who like prediction markets, the news you are concerned about is here! The latest news is that the decentralized prediction market platform Polymarket is planning to raise up to $50 million in funds, and they may also want their own tokens.
Users can allegedly use this token to vote when predicting the outcome of actual events. Imagine what it would be like if you could use tokens to express your opinion on an event? This may make the entire prediction process more interactive and interesting.
Now, it is not clear whether this new token will be used with the UMA protocol. You know the UMA protocol? It's the one that Polymarket currently uses to determine market results. If the two are combined, it may open up some new ways to play.
Since joining Polygon in 2020, Polymarket's trading volume has exceeded $1 billion, largely thanks to the popularity of the US presidential election. Even mainstream media such as CNN and Bloomberg have begun to pay attention to Polymarket's prediction data.
By September of this year, Polymarket had more than 65,000 active traders per month, with a total locked value of more than $121 million. This growth rate is simply rocket-level!
However, as Polymarket's fame has risen, it has also attracted the attention of regulators, especially the U.S. Commodity Futures Trading Commission (CFTC). They warned that if a platform is found to offer offshore election betting to U.S. customers, it may face legal risks.
This financing may attract more users to Polymarket's decentralized prediction system, which will help expand its scale and market share. Token issuance may incentivize users to continue using the network, thereby increasing liquidity and growth.
With the U.S. presidential election approaching, Polymarket's predictions have also attracted much attention. Current predictions have Vice President Kamala Harris with the highest chance of winning the 2024 election, reaching 52%.
š¬If you are an investor, what do you think of this financing and potential token issuance? How do you think Polymarket should deal with potential regulatory challenges in the future and maintain its decentralization and user autonomy?
