1/ A Valuation of Polymarket (POLY) March 7: @Polymarket was reportedly seeking a $20 billion valuation March 19: @Kalshi raised at $22 billion valuation A $POLY token and airdrop are confirmed. The central question is whether the $20 billion reflects reasonable expectations for future fee generation, or whether the market is mispricing the opportunity. My latest @MessariCrypto report builds a ground-up valuation to find out. Let's break it down 🧵