Ryan

Polymarket is a little bit more international.

Who do you think is better set up to make grounds, gain ground in 2026?

Do you have a take there?

Okay, so no prediction market token.

I mean, I think it makes sense that there's no polymarket token when prediction markets are growing, you know, month over month, quarter over quarter in volumes anyways, like why distract yourself with a token?

You've, you're doing the growth thing, focus on growth, focus on doing what you need to do to, to focus on your core competencies.

It seems too early when, while these, both of these prediction markets are in more or less their hyper growth stage, uh,

do you really need a token to like even add any more jet fuel onto that fire?

Like maybe there's an argument that it could, you know, it could really, you know, you're already doing the growth thing, but maybe you could do even more growth.

But I don't know why a whole company would want to distract themselves by introducing a financial asset into the market at a very early stage in both of their respective lifetimes.

From what I heard you say, it sounds like Kalshi has more domestic competition with Robinhood, with FanDuel leaning into prediction markets, and their customer acquisitions are all kind of more natively U.S.

customers.

And there's more in that environment is going to be more competitive where polymarket is kind of privileged in the sense that it's a little bit.

It's like the tether.

You know, it's not USCC.

It's tether.

It's offshore, has fewer rules, has a little larger audience that can go on to polymarket and trade on polymarket.

And for that reason, it's not in that same competitive pressure that Kalshi is in.

Would you agree with that statement?

Let's talk about tokens.