As a seasoned crypto investor with over two decades of experience under my belt, I find myself intrigued by the latest developments at Limitless Labs and their platform Limitless. Having witnessed the rise and fall of countless projects in this dynamic space, it’s refreshing to see a company that’s not only surviving but thriving amidst the chaos.
As an analyst, I’m delighted to share that I’ve been part of the team at Limitless Labs, the innovative research and development network behind our cutting-edge prediction platform, Limitless. Recently, we successfully closed a pre-seed funding round, raking in $3 million. This significant investment was spearheaded by 1confirmation, a highly respected early-stage venture firm. Notably, this round also attracted the interest of Paper Ventures, Collider, and Public Works, along with industry titans like Peter Thiel and Marc Andreessen. It’s an honor to be associated with such esteemed figures in the tech world.
As a proud investor in Limitless, I’m thrilled to share that this new funding will be channeled towards expanding and refining their already impressive platform, introducing innovative features designed to elevate user experience even further. The strategic timing of this fundraising round coincides with an unprecedented growth spurt for Limitless. Over the past week alone, the trading volume on their platform has skyrocketed by a staggering 800%, with over $200,000 being handled daily. It’s worth noting that approximately half of their active users engage with the platform on a daily basis, underscoring the high level of engagement and dedication from traders within the Limitless community.
Expanding with New Features
With fresh funding, Limitless Labs intends to upgrade its system by introducing a peer-to-peer social network. This addition will empower users to establish their own forecast marketplaces, thereby earning trading commissions and cultivating a standing within the community. As stated by CEO CJ Hetherington of Limitless, user-generated marketplaces have been increasingly favored on the platform.
According to Hetherington, a significant number of the highly frequented marketplaces on our platform were not developed by us. Instead, they were crafted by our community members, who have been earning income from these markets. This emphasis on user-generated markets differentiates Limitless from other platforms and is anticipated to foster further growth in the future.
Standing Out in the Prediction Market Space
Instead of concentrating primarily on long-term predictions like Polymarket, Limitless stands out by focusing on rapidly expiring markets. Here, traders place wagers on things such as daily changes in stock or cryptocurrency prices. This short-term focus resembles the quick-expiry options used in conventional finance, often known as zero-day-to-expiry (0DTE) options. The swift turnover of these bets caters to users who prefer not to tie up their funds for extended durations, thereby promoting frequent interaction.
For example, one of the most traded markets recently revolved around the potential arrest of Telegram’s founder, Pavel Durov, and the ongoing debate about the future of X (formerly known as Twitter) in Brazil. This strategy has led to impressive user retention rates. Recent data shows that 38% of new users return to the platform after their first week, indicating that the daily market format is resonating with traders.
A Community-Driven Future
In December 2023, CJ Hetherington, Roman Mogylnyi, Dima Horshkov, and Rev Miller established Limitless Labs. As this venture progresses, its emphasis on markets influenced by the community and rapid-expiring wagers sets it apart as a distinctive contender in the field of prediction markets.
With fresh financing and lofty goals, Limitless Labs aims to revolutionize the functioning of prediction markets, making them more agile and approachable for a wider group of people.
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2024-09-17 23:21