Polymarket at $21B changes the question.I was seeing SPVs around ~$15B not long ago. Now I’m hearing the team is targeting a year-end IPO. @Kalshi already has perps. Prediction markets have a ceiling — IPO-scale valuations usually need a bigger derivatives story. But this is bigger than @Polymarket . Private companies used to get priced once every funding round. RWA changes that. Pre-IPO assets can trade 24/7. Retail gets access earlier. Perps bring leverage, shorts and hedging. Private-market valuation is becoming a real-time market. @Paimon already has Kalshi exposure live. @OndoFinance and @RobinhoodApp are pushing more equities onchain. So the next trade may not be on Polymarket. It may be @Polymarket itself. Who gets there first?Pre-IPO exposure — ? Perp — @QFEX, @Aster or @entropy?