[Wu Blockchain News] Polymarket Restructures After Business Setbacks, Cuts Staff and Ends Contractor Agreements

Polymarket has laid off staff and terminated several contractor agreements as part of a broader restructuring, according to Bloomberg. The reorganization follows the prediction market platform’s loss of its market-leading position to rival Kalshi and investor pressure to improve management. Polymarket said the changes came after new leadership was appointed and included additional hiring and personnel changes alongside the cuts, but it declined to disclose specific figures. The shake-up matters as a sign that Polymarket is trying to rebuild its competitive position in the prediction market sector. What to watch next is whether the new leadership and hiring can translate into regained market share against Kalshi.