The decentralized marketplace that enjoyed a meteoric rise this year, Polymarket, is reportedly considering its very own token launch. Indeed, the platform is seeking a $50 million funding round and could rely on a debuting token to generate the necessary capital, according to a report from The Information.
The platform has surged amid increased interest in the 2024 presidential election. The marketplace has allowed individuals to bet on the ongoing election while releasing odds connected to the positions of both candidates. With all eyes on Donald Trump and Kamal Harris heading to the November election, Polymarket should only gain even more activity.
Source: CoinMarketCap
Also Read: What is Polymarket?
Polymarket Token on the Way? Reports Hint It May be a Matter of Time
Although it launched on Ethereum in 2020, Polymarket has skyrocketed in popularity this year. It has undoubtedly become a top crypto product over the last six months. Moreover, it has ascended within the political sphere in particular. Television networks like CNN and Bloomberg have included the platform’s data in their coverage, further solidifying its position.
That could equate to a new kind of success for the platform. According to reports, Polymarket is considering a token launch as part of its efforts to gain $50 million in funding. The marketplace is eyeing the potential of offering warrants for future token purchases. To this point, it isn’t verified if the warrants would replace equity in the platform, or be an additional incentive.
Also Read: Meme Coins Plummet: Trump vs. Harris Debate Shakes Election Odds
The rumored Polymarket token would be integrated into the platform. Specifically, it would grant users the ability to verify outcomes in the real world. Moreover, it is likely to work in unison with its own UMA protocol. With its vast user base, a token would already be exposed to increased activity.
The platform reached $400 million in trading volume this month. Additionally, it saw more than 65,000 monthly active users amid the growing interest in the US presidential election. According to Dune Analytics, it has officially surpassed the landmark $1 billion in trading volume.