Summary
- Polymarket has announced plans to issue its own token 'POLY' and conduct an airdrop.
- It reported that the prediction market industry’s growth is attracting attention due to recent surging trading volume and inflows of institutional capital.
- It stated it will begin the token issuance procedures in earnest after resuming service in the U.S. market.
Prediction market platform Polymarket (Polymarket) has formalized plans to issue its own token 'POLY' and conduct an airdrop. With recent surges in trading volume and continued inflows of institutional capital, the prediction market industry is said to have entered a full-fledged growth phase.
According to The Block on the 24th (local time), Matthew Modabber, Polymarket's Chief Marketing Officer (CMO), said, "Polymarket plans to issue its own token and will also conduct an airdrop." He emphasized, "We could have launched a token at any time, but we wanted to create a token with genuine utility and sustainability," adding, "This token should be usable in perpetuity."
However, he said the current top priority is launching the U.S. app. He stated, "We will begin the token issuance procedures in earnest after resuming service in the U.S. market." Polymarket suspended operations in the U.S. in 2022 due to regulatory uncertainty, but this September founder Shayne Coplan said he had "received approval to resume service in the U.S."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
