Polymarket Eyes Token Launch After US Return

Polymarket, the popular prediction market platform, has officially confirmed plans for its long-awaited native token, POLY, and a corresponding airdrop. This announcement comes as the platform focuses on re-entering the US market following a settlement with the CFTC in 2022.

CMO Matthew Modabber revealed the news, emphasizing the company's commitment to creating a token with "true utility" and "longevity." He stated that the launch will be carefully considered to ensure its success and value to the Polymarket ecosystem.

US Relaunch Takes Priority

Currently, Polymarket's primary focus is relaunching its platform in the United States. The US app is in early testing, with access limited to users with invitations. Modabber indicated that the token launch would gain momentum once the US operations are stable.

"We just want to make sure that when we do shift our focus to a token, it is one of our core priorities. Right now, our core priority is launching the U.S.," Modabber explained.

Background and Future Plans

Polymarket faced regulatory challenges in 2022, resulting in a $1.2 million fine from the CFTC. Despite the setback, the platform continued to grow and establish itself as a prominent source of sentiment analysis, particularly in areas like US elections.

The acquisition of derivatives exchange QCX in July, followed by a no-action letter from the CFTC in September, paved the way for Polymarket's US relaunch.

Token Speculation and Farming

The POLY token has been a subject of speculation, with CEO Shayne Coplan previously hinting at its existence. Some users have actively engaged in strategies to maximize their potential airdrop allocation, employing increasingly sophisticated methods to conceal their efforts.

The anticipation surrounding the token launch has influenced betting odds on platforms like Myriad, indicating a growing expectation of an official announcement before the end of the year.

Polymarket's recent valuation at $9 billion, boosted by a $2 billion investment from Intercontinental Exchange, further underscores its significance in the tokenized prediction market space.

Key Takeaways:

• Polymarket officially confirms plans for a POLY token and airdrop.
• US market relaunch is the immediate priority.
• Token launch will follow the successful re-establishment of US operations.
• The Polymarket platform is already tokenized under the hood to facilitate prediction markets.
• Speculation around the token has been rampant, with users actively trying to farm the airdrop.