David

No, I don't think so either.

Actually, well, Koshy's a little bit more up in the air.

I'm not sure.

And I'm also not as knowledgeable about their business.

But Polymarket, I really don't think so.

The reason why is because this year they're waiting for a lot more regulatory clarity as far as like, are these derivatives or is this gaming, right?

Because the way that these things would be enforced are wildly different.

Of course, they want this to be derivatives.

And I think Shane is probably just going to wait.

And the reason why is like, you look back on like the 2024 election when PolyMarket's OI was crazy high and they had like a billion eyeballs on their front end.

99% of founders would have probably launched a token in that scenario.

If Shane didn't launch one then, I suspect he won't launch one now.

I completely agree.

I mean, it's shocked me how quickly both Colsheet and PolyMarket's OI has grown like relatively organically.

Mind you, they're both spending a lot of money on customer acquisition, but even their retention metrics on prediction markets are actually quite good.

So I definitely agree.

No need for a token right now.

Yeah, I wouldn't say because of regulation anymore because polymarket has actually moved onshore.

So that's no longer the case.

But generally speaking, probably the better mental model is that if anybody wants to structure an exotic bet on anything, I feel like intuitively the first thing I think about, let's spin up a polymarket on this.