The founder of Polymarket participated in the Ethereum ICO during high school.

On October 13, according to Fortune magazine, Kalshi and Polymarket are competing for dominance in the prediction market. This field has existed for many years, but it is not until 2024, driven by a more relaxed regulatory environment, that it truly takes off. Both companies announced a new round of financing last week, but Polymarket's valuation has reached billions of dollars, causing a bigger sensation. The product differences between the two startups are almost as minimal as those between Uber and Lyft. Aside from Kalshi being slightly ahead in the regulatory process, the most significant difference is that Polymarket is built on Blockchain infrastructure. Kalshi is eager to add encryption features, but catching up with competitors is not easy—Polymarket has been trading on the Polygon Layer 2 network since its inception, and its founder Shayne Coplan (27 years old) was even involved in the Ethereum ICO during high school. Critics can find many issues with Polymarket, but no one can question the authenticity of its crypto background. The more difficult question is: why can Polymarket's 'crypto pedigree' allow it to have a valuation far higher than its competitors? Especially considering that Kalshi has made significant inroads into the U.S. sports betting market and far exceeds Polymarket in app downloads and active users. The answer may be summed up in two words: Token Airdrop. Shayne Coplan published a post last week ranking the crypto assets, and there is a ( currently fictitious ) Token POLY ranked fifth.