A new way for the crypto world to profit from Polymarket

Author: BroLeon, the Australian Lion; Source: X, @BroLeonAus

Yesterday, an interesting tactic emerged on Polymarket. You might think project teams can only make money by issuing and selling tokens? No, they've evolved to the point where they're already reaping profits on Polymarket before the tokens are even officially released.

Here's what happened: Someone on Polymarket specifically set up a fundraising scheme to predict how much money the new MetaDAO project, Solomon, could ultimately raise.

Solomon has gained some exposure in the Chinese-speaking world because CryptoFearless exposed its founder as a fugitive on Interpol's Red Notice, but overall, it hasn't generated much buzz.

However, the novelty of this Polymarket prediction scheme actually attracted some people to place small bets. For example, @liangfenxiaodao (刀哥) thought that raising a maximum of 40M was already outrageous.

Especially early on, it seemed someone launched a DDoS attack against the official MetaDAO account, making it inaccessible for a time. People speculated that someone deliberately launched the DDoS attack to win; as long as no one could deposit money, it seemed like a way to make money.

Towards the end, most people thought the fund would only raise a maximum of 40 million. But then something bizarre happened: an hour before the public offering ended, someone deposited 100 million USDT, directly wiping out most of the people who bought No, including Dao Ge.

I can't think of anyone other than the project team that could afford such a large sum of money.

This is the highest public offering investment record in MetaDAO's history, ultimately exceeding its target by 102 million. But more importantly, they've come up with a new way to profit, far safer than shorting on Perp. As long as they have enough capital, they can decide where to short.

If the liquidity on Polymarket is good enough in the future, project teams can indeed lose money on their projects and make money from PM, as long as the hype is strong enough. One has to admire the quick thinking of some people; Polymarket and other prediction markets will likely see even more innovative approaches in the future, which is something to look forward to.