A harder question is why Polymarket’s crypto pedigree makes it worth so much more than its rival. That’s especially the case at a time when Kalshi is scooping up big chunks of the U.S. sports gambling market, and is trouncing Polymarket in terms of app downloads and active users. The answer here can likely be summed up in two words: token drop.
Kalshi is the early leader in prediction markets, but its rival Polymarket is worth nearly twice as much. Why?

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