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Polymarket renewed discussions of launching a native token. Unnamed sources shared the possibility that the next funding round for Polymarket may come from a token sale.&nbsp;
Polymarket is considering a token as a fundraising tool and as a utility asset on its betting markets. The discussion of a new Polymarket token first appeared in a publication citing unnamed sources close to the matter. According to the sources, Polymarket is looking to raise an additional $50M, with tokenization as one of the options.&nbsp;
Polymarket has not confirmed or denied the rumors, although expectations of a token airdrop have been ongoing for months. The tokenless betting platform uses USDC as its main payment and betting tool. 
Currently, the platform carries multiple small-scale bets on upcoming crypto events, including airdrops. However, there is no betting market for a native token airdrop for Polymarket itself. &nbsp;
Polymarket already raised <a href="https://cryptorank.io/ico/polymarket" rel="noopener noreferrer nofollow" target="_blank">$74M</a> in previous funding rounds, with the last inflow in May 2024. That last funding round was also the largest, capped at $45M and involving five VC backers, including Vitalik Buterin.&nbsp;
Polymarket has been listed as a potential source for <a href="https://cryptorank.io/drophunting/polymarket-activity190" rel="noopener noreferrer nofollow" target="_blank">airdrops</a>, though only as an open-ended opportunity. Based on community interest, the airdrop may be in high demand and valuable, but there is no active marketing for specific tasks and quests.
<h3 id="span-style-font-weight-400-polymarket-users-may-expect-airdrop-span">Polymarket users may expect airdrop</h3>
Polymarket became highly popular during the boom of airdrops and point farming. The platform did not specify how it would distribute an eventual token.&nbsp;
However, users and traders continue to discuss the potential for an airdrop, similar to other tokenless protocols. Polymarket also tracks the record of its users, including top accounts with high-stakes bets and significant balances.&nbsp;
Polymarket had <a href="https://dune.com/queries/2684122/4463552" rel="noopener noreferrer nofollow" target="_blank">66,015</a> active traders as of September 1, the preceding month. The platform has continued to set new highs over the last three months. The growing user count and potential valuation of Polymarket have fueled expectations for a valuable airdrop.&nbsp;
The platform counts more than 46K registered addresses, with close to <a href="https://dune.com/queries/3857562/6488231" rel="noopener noreferrer nofollow" target="_blank">10K</a> unique active users during days with peak activity. Polymarket reached a total of $472M in volumes for August, and more than $402M in September, potentially aiming for a similar result by the end of the month.&nbsp;
There are also speculations that Polymarket already took a snapshot of its activity, following the recent inflow of new users. Polymarket expanded its activity in H2, especially based on bets leading to the US Presidential elections in November.&nbsp;
The big difference for Polymarket is the growth is organic, and has not been driven by incentives. Polymarket showed a steady growth of adoption, based on <a href="https://dune.com/queries/3848583/6472891" rel="noopener noreferrer nofollow" target="_blank">questions</a> initiated. September already saw 1,530 questions, getting close to August’s activity levels.&nbsp;
Due to those levels of activity, Polymarket has almost no need of extending additional point farming. The option of using a Polymarket token does not necessarily include an airdrop.&nbsp;
<h3 id="span-style-font-weight-400-polymarket-uses-temporary-tokens-for-bets-span">Polymarket uses temporary tokens for bets</h3>
Polymarket is not a truly tokenless protocol, in that it uses a type of unnamed token to process transactions on Polygon. The betting platform matches the outcomes off the blockchain, but all value transfers and USDC payouts still depend on the Polygon chain.&nbsp;
Each bet creates a pair of Binary Outcome Tokens, which only exist for the purposes of the Central Limit Order Book (CLOB). The tokens themselves are not meaningful and cannot be traded outside the platform. Polymarket also calculates fees for every bet, but uses USDC for payments. The above activities may be replaced by a native token, used for some of the betting functions.&nbsp;
<h3 id="span-style-font-weight-400-sports-and-celebrities-could-replace-politics-span">Sports and celebrities could replace politics</h3>
The Presidential election winner betting pair is now the largest on the platform, with <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1727180593686" rel="noopener noreferrer nofollow" target="_blank">$995.9M</a> in outstanding bets. However, Polymarket’s political season may slow down after November. 
The highly active political market may be replaced by a mix of celebrity and sports market. Bets on <a href="https://polymarket.com/markets/pop-culture" rel="noopener noreferrer nofollow" target="_blank">pop culture</a> markets are relatively smaller, but any event can qualify for a betting pair. Sports markets become more active around high-profile events, such as the Superbowl winner with <a href="https://polymarket.com/event/superbowl-champion-2025?tid=1727180792275" rel="noopener noreferrer nofollow" target="_blank">$58.3M</a> in bets already.&nbsp;
Crypto markets also contain high-profile questions, especially around Ethereum and other leading crypto assets. Economic events such as Fed interest rate decisions are also among top 15 bets. Eigen Layer also attracts a healthy market with $3.9M in total bets on the range of its market cap after its token launch.
Cryptopolitan reporting by Hristina Vasileva.

Polymarket may be exploring a token launch as users expect airdrop

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