Polymarket token airdrop speculations surface after U.S. elections

Polymarket is reportedly teasing users with a possible token airdrop meant for those who reinvest their winnings. The platform has not yet confirmed the hearsays but had initial plans to airdrop Polymarket users with its token post-launch.

The decentralized crypto prediction market website is allegedly working on launching its token to benefit its user base. The circulating rumors have caused a wave of excitement among Polymarket’s users. The information is still unconfirmed, but Polymarket recently sent a message to users informing them that those who reinvest their winnings into new markets could get additional rewards and future drops. 

Polymarket promises ‘drops’ to users who reinvest their winnings

⚠️ Polymarket , A Famous Betting Crypto Platform, To Give Airdrops? ⚠️

Previously, Polymarket Is Being Said To Consider Launching A Token

As For Today, Polymarket Has Secured Total Of $74 Million Funding , Including From Vitalik Buterin

🖼️RuggedPikachu#Polymarket #Airdrop… pic.twitter.com/KbSBajzeJ8

— Chad All-In Top Daily Crypto News (@Chad_allin) November 9, 2024

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 would receive. The meaning of the message in the image was unclear. However, many crypto enthusiasts anticipated that the prediction markets website could be working on a token airdrop. 

If the rumors are true, the token launch will signify remarkable progress for the decentralized betting platform. Polymarket had previously avoided confirming 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.

September saw reports that Polymarket was considering raising $50 million and introducing a token. However, no formal communication regarding the reports was issued. The recent elections significantly boosted the website’s popularity and yielded $3.6 billion 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 recorded 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 grabbed the attention of lawmakers who have threatened to ban the platform. The Big Whale, a local media outlet in France, reported that the National Gambling Authority of France has launched investigations into Polymarket’s operations and may soon ban the platform in the country. 

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

Leading financial data and news outlet Bloomberg LP announced plans to incorporate the Polymarket’s election odds into its terminal. The crypto betting site operates on the Polygon network. The platform allows users to bet on a wide range of event outcomes while leveraging transparent on-chain data. Polymarket relies on 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 such as crypto-investment firm Polychain and Airbnb co-founder Joe Gebbia.

Vitalik Buterin’s recent blog post, dated October 9th, referenced 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 emphasized that Polymarket’s info finance concept could transform decentralized autonomous organizations (DAOs) and how they operate.