Recently, the parent company of the New York Stock Exchange, ICE, invested $2 billion in Polymarket. Following this, ICE will forward Polymarket's data to financial institutions worldwide.

In this regard, what first comes to my mind is that this is another typical case of a crypto application breaking out and inversely influencing traditional applications.

Polymarket is the largest prediction application platform in the Polygon ecosystem and the entire crypto ecosystem. For a long time after its launch, there were almost no competitors in the entire ecosystem. Only after entering this cycle did more teams begin to pay attention to the prediction track, leading to a batch of imitators emerging. However, so far, the gap between all these imitators and Polymarket remains quite large.

Nevertheless, I believe that after this investment, the prediction track will spark a more intense wave of entrepreneurship, with more imitators springing up like mushrooms after rain.

I remember the last time I saw news about Polymarket was when there were rumors that the project might issue tokens, leading to a flood of strategies online for exploiting airdrops.

But now, after ICE's investment, the media generally believes that the possibility of going public has greatly increased, yet whether it will issue tokens remains a big question mark.

Currently, it seems that there are no projects in the crypto ecosystem that have both gone public and issued tokens.

At present, the only case worth observing is Coinbase.

Coinbase has gone public, but recently there have been rumors about possibly issuing tokens. I am curious about what the relationship would be between the issued tokens and the existing equity if they were to do so. How would the value of the tokens be assessed?…

Returning to the example of ICE's investment in Polymarket.

In my view, this case is far more significant than the entry of treasury companies like MicroStrategy into the crypto ecosystem.

Treasury companies entering the crypto ecosystem mainly focus on and invest in pure crypto assets, and their investments have always been quite controversial. However, ICE's investment is entirely different. It is investing not in crypto assets but in applications within the crypto ecosystem.

I believe ICE values Polymarket's business model and profit model.

This is another excellent case of an application in the crypto ecosystem attracting traditional investors through its business model (free cash flow, revenue, profit, etc.).

I believe this will increasingly become the mainstream of crypto ecosystem investment. In the future, we will ultimately need to rationally return to business models and corporate revenue—this is true for companies in the crypto ecosystem as well as those in any other field.

From ICE's investment model, regardless of whether Polymarket will issue tokens after this operation, it is highly likely that it will go public. If it goes public, this will create another case in the crypto ecosystem of a crypto company ultimately returning to traditional monetization models (the stock market).

This could likely create a new trend in the crypto ecosystem—especially for projects that require significant upfront investment and focus on business models rather than attracting users through token issuance. They will likely need more resources from traditional funds. For traditional funds, going public is a more familiar and convenient way to monetize.

This trend has both advantages and disadvantages.

The advantage is that it can promote more projects to genuinely focus on business models and profitability; the disadvantage is that for retail players, the past method of exploiting applications and airdrops may gradually decline. In the future, retail investors will have to return to the traditional stock market or purchase stock tokens of such companies on stock-token platforms.

From certain perspectives, the overall trend of evolution in the crypto ecosystem is increasingly resembling that of traditional fields.

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