Polymarket founder participated in Ethereum ICO in high school

Mars Finance reported on October 13th that Fortune magazine reported a battle between Kalshi and Polymarket for dominance in the prediction market sector. The prediction market sector has been around for years, but it didn't truly take off until 2024, fueled by a more relaxed regulatory environment. Both companies announced new funding rounds last week, but Polymarket's multi-billion dollar valuation has generated even greater buzz. The product differences between the two startups are almost as subtle as those between Uber and Lyft. Besides Kalshi's slight lead in regulatory progress, the most significant difference is that Polymarket is built on blockchain infrastructure. Kalshi is eager to add crypto functionality, but catching up will be difficult. Polymarket has relied on the Polygon Layer 2 network for transaction settlement since its inception, and its founder, Shayne Coplan (now 27), even participated in an Ethereum ICO while in high school. Critics can find many flaws with Polymarket, but none can dispute its crypto heritage. The more difficult question is: Why does Polymarket's crypto pedigree allow it to command a valuation so much higher than its competitors? Especially considering Kalshi has already made a major push into the US sports betting market, far surpassing Polymarket in both app downloads and active users. The answer can perhaps be summed up in two words: token airdrops. Shayne Coplan published a post last week ranking cryptocurrencies, and a (currently fictitious) token called POLY came in fifth.