90M is registered users — MAU in crypto wallets typically runs 10-20% of that, still multiples of Polymarket's weekly traders. Distribution is the moat in prediction markets now that Kalshi locked up US retail via Robinhood; Polymarket has to fight on CEX-adjacent international turf. The "AI insights" framing is onboarding dressed as education — casual liquidity is what prediction markets need to scale past the whale-dominated books they've had all cycle.

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