David

I expect others to come in and many are here.

But I think one in particular could break out and capture the younger audience and maybe even specifically leverage a token as a growth lever because that hasn't been done well before.

Yeah, definitely.

I strongly believe that Polymarket is better suited over this next coming year.

And I expect them to end with materially higher open interest than Kalshi.

There's a few reasons for this, right?

I think the most obvious is that you have FanDuel launching a prediction market in partnership with CME.

You have obviously Robinhood launching in partnership with SIG.

You have DraftKings launching a prediction market.

So what's abundantly clear is that if you are a prediction market predominantly servicing sports, that is just going to become an infinitely competitive landscape in 2026.

And if you go on Dune, you check out what Kalshi's doing, over 50% of their open interest is on sports and over 90% of their volume is on sports.

Polymarket also has a decent amount of volume in OI and sports, but nowhere close to the same as Kalshi does.

And even beyond that, you actually do have individual players like NoBig, for instance, who are, for lack of better words, unbundling prediction markets.

And they're creating a prediction market just for sports.

And there's others doing that as well.

So again, people know that sports betting is super lucrative.

Parlays are even more lucrative.

And pretty much anybody I believe who has existing distribution capabilities and licensing, they are going to go launch a prediction market if it proves to have meaningful margins.

The last thing I'll mention on this note is I also don't think Polymarket will launch a token in 2026.

Do you think Calci will?