Polymarket Teases Possible Token Airdrop for Users Who Reinvest Winnings

The decentralized crypto prediction market website is allegedly working on launching its token to benefit its user base.

Crypto prediction markets platform Polymarket is teasing users with the possibility of a token airdrop for those who choose to reinvest their winnings.

While the platform has not yet confirmed the rumors, Polymarket did initially plan to airdrop its token to users post-launch.

Now, it seems that the decentralized platform may finally be preparing to launch its token, much to the benefit of its user base.

The circulating rumors have sparked excitement among Polymarket’s users. Although the information remains unconfirmed, Polymarket recently sent a message to users stating that those who choose to reinvest their winnings into new markets may be eligible for additional rewards and future drops.

Polymarket promises ‘drops’ to users who reinvest their winnings

An image reading “We Predict Future Drop” was reportedly shared with traders who claimed their winnings.

The image circulating online has raised further questions regarding the kind of “drops” users will receive.

The meaning of the message in the image was unclear. However, many crypto enthusiasts anticipated that the prediction markets website could be preparing to launch a token airdrop.

If the rumors are true, the token launch will mark significant progress for the decentralized betting platform.

Polymarket had previously refrained from confirming any plans to launch its token. However, that idea seems to have changed after the platform witnessed billions of dollars in trading volume during the U.S. elections.

Back in September, there were reports that Polymarket was planning to raise $50 million and introduce a token. However, there was no official communication regarding the matter.

The recent elections saw a massive surge in the website’s popularity, with up to $3.6 billion being wagered on the outcome of November 5.

According to Dune Analytics, the betting platform’s trading volume peaked on November 6th at $371 million.

The trading volume has since declined after the elections. Dune Analytics shows the platform recording a trading volume of $54.5 million on November 7th and $63.4 million on November 8th.

French betting regulator threatens to ban Polymarket in France

Polymarket’s popularity also attracted the attention of regulators, who are now threatening to ban the platform.

According to Big Whale, a local media outlet in France, the National Gambling Authority of France has begun investigating Polymarket’s operations and may soon ban the platform in the country.

One particular French user, identified as Theo, sparked the regulator’s scrutiny after netting $80 million from a $45 million stake in the winning candidate, Donald Trump.

Meanwhile, leading financial data and news outlet Bloomberg LP has announced plans to integrate the Polymarket’s election odds into its terminal.

The crypto betting site operates on the Polygon network and allows users to bet on a wide range of event outcomes, leveraging transparent on-chain data.

Polymarket utilizes smart contracts for trade execution and automated payouts.

The blockchain betting firm conducted a Series B round from investors and raised $45 million earlier this year.

Prominent figures who participated in the funding include PayPal co-founder Peter Thiel and Ethereum co-founder Vitalik Buterin.

The platform’s Series A round received $25 million from investors, including crypto-investment firm Polychain and Airbnb co-founder Joe Gebbia.

Vitalik Buterin’s recent blog post, dated October 9th, mentioned Polymarket as an info finance platform.

According to Buterin, Polymarket provided information and facilitated financial activities (betting) to top users in the just-concluded U.S. elections.

Vitalik also highlighted how Polymarket’s info finance concept could transform decentralized autonomous organizations (DAOs) and their operations.