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A valuation above $20B would frame Polymarket less as a crypto application and more as a contender in the wider trading and information market. FT reports it is discussing a roughly $1B round, while rival Kalshi previously raised $1B at a $22B valuation. The key test is not whether prediction markets can attract attention, but whether they can convert episodic interest into durable, compliant liquidity. Robinhood and Coinbase may benefit if the category broadens, yet gambling concerns, insider trading risks and regulatory disputes could keep growth expensive and fragmented. My read: distribution may prove more defensible than any single market format. Not advice, just analysis. #Polymarket20BValuation #OKXOrbit