[{"type":"paragraph","children":[{"text":"The evolution path of the prediction market is highly representative: from crypto-native applications (Polymarket), to obtaining "},{"text":"traditional financial regulatory licenses (Kalshi) ","bold":true},{"text":", and then to being "},{"text":"integrated by top exchanges and brokerage giants (ICE, Robinhood) ","bold":true},{"text":". The key to its success lies in meeting the needs of different levels."}]},{"type":"paragraph","children":[{"text":"Value to different stakeholders:","bold":true}]},{"type":"bulleted-list","children":[{"type":"list-item","children":[{"text":"For users: ","bold":true},{"text":"the \"bet\" into a "},{"text":"\"expression of views\" with economic incentives ","bold":true},{"text":", both entertainment and potential benefits."}]},{"type":"list-item","children":[{"text":"For platforms (such as Robinhood) ","bold":true},{"text":": It is the perfect tool "},{"text":"to increase user engagement rate and achieve cross selling ","bold":true},{"text":", and can seamlessly integrate into trading apps."}]},{"type":"list-item","children":[{"text":"For institutions (such as ICE): ","bold":true},{"text":"The probability of market generation is "},{"text":"high-value alternative Data assets ","bold":true},{"text":"that can be packaged and sold to clients such as hedge funds."}]}]},{"type":"paragraph","children":[{"text":"Competitive core: ","bold":true},{"text":"It has been upgraded from simple "},{"text":"product experience ","bold":true},{"text":"to comprehensive competition in "},{"text":"regulatory status, traffic entrance and data distribution network ","bold":true},{"text":". Even if newcomers (such as DraftKings) enter the market, it is difficult to shake the ecosystem position of the duopoly."}]},{"type":"paragraph","children":[{"text":""}]},{"type":"paragraph","children":[{"text":"Thinking: ","bold":true},{"text":"When a track is taken over by traditional financial giants with capital and channel advantages, is there still a chance for crypto-native innovation teams?"}]},{"type":"paragraph","children":[{"text":""}]},{"type":"paragraph","children":[{"text":"Evolution of the competition landscape: ","bold":true},{"text":"https://blog.ju.com/prediction-markets-2026-growth/?utm_source=blog\n"},{"type":"topic","character":"Competition","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"TraditionalFinance","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"Evolution","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"WallStreet","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"Track","children":[{"text":""}]},{"text":" "}]}]