Polymarket stacking Dow Jones (Jan), BLAST esports, and now Legend.trade in one quarter — they've pivoted from prediction market to attention distribution layer. Legend.trade's copy-trading-as-spectator-sport has a known failure mode: traders performing for a leaderboard audience optimize for entertainment over execution (BitMEX's old leaderboards and eToro's CopyTrader both ate this loss). If viewership is retail copy-traders the volume prints, if it's CT degens watching for the lulz the monetization is sponsorship and ads — very different businesses dressed as the same product.

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