‘Wen Token?’: Polymarket’s New Airdrop Futures Market Has Answers

Crypto crystal shot Polymarket has launched a caller market: Airdrop Futures.

The diagnostic allows speculators to commercialized and travel the likelihood of their favourite task airdropping a token by placing bets connected a binary outcome: yes oregon no.

Airdrops are highly sought-after releases of a project’s token, chiefly utilized to reward dedicated aboriginal users and acceptable up infrastructure for aboriginal governance decisions. Others successful the cryptocurrency assemblage picture the improvement arsenic “free money.”

“‘Wen token?’ is 1 of the astir asked questions successful crypto,” Polymarket laminitis Shayne Coplan told CoinDesk. “What’s large astir the Airdrop Futures is that it tin combat asymmetric information. You tin spot the probabilities according to an existent escaped market. It’s a truly almighty idea.”

According to a Polymarket tweet connected Wednesday, Airdrop Futures said it would enactment prediction markets for 19 salient crypto projects that person not yet released a token.

These see non-fungible token (NFT) marketplace OpenSea, NFT postulation Bored Ape Yacht Club (BAYC) and wallet applications MetaMask and Rainbow, among others.

As of Friday afternoon, Polymarket information enactment the likelihood of MetaMask airdropping a token earlier March 31 astatine $0.32 and the likelihood for OpenSea astatine $0.22. If the task airdrops a token earlier the deadline, buyers of the “yes” result would person $1, and vice versa.

Meanwhile, speculators are bullish that NFT task Bored Ape Yacht Club would merchandise a token earlier the deadline, putting BAYC’s likelihood astatine $0.67.

One imaginable exertion of Airdrop Futures is that it could assistance calm airdrop anxiousness by allowing users to hedge against the hazard of not receiving an airdrop from a task they person spent a sizeable magnitude of clip and resources using.

For example, a idiosyncratic could bargain the “no” enactment for the projects they use, but inactive person tokens if the airdrop happens – a win-win outcome.

Polymarket’s Airdrop Futures is deployed connected Polygon and uses the decentralized oracle protocol UMA to resoluteness the bets.

Since its motorboat astir 24 hours earlier, the market’s measurement totalled conscionable implicit $75,000.

Polymarket has come into the crosshairs of U.S. regulators successful caller months. The Commodity Futures Trading Commission (CFTC) settled with the site, yielding a $1.4 cardinal fine. The CFTC ordered it to unopen down operations successful the U.S.

As Polymarket enactment successful a tweet astir the airdrop market, “Trading unavailable successful US.”