Controversial take: Polymarket might just be this cycle's biggest bubble in crypto.

Yeah, I'm bracing for the backlash here. But this needs to be said, and honestly, there are real problems worth addressing while there's still time to fix them.

Polymarket's $12B valuation raise paints an interesting picture. Sure, prediction markets are legit interesting, but are we really that convinced about the fundamentals? The hype is real, the liquidity looks flashy, but dig deeper and you'll spot some cracks.

The core issue? Market concentration, liquidity fragmentation, and whether this actually solves real-world prediction market problems or just capitalizes on the current bull run euphoria. When the market cools down—and it always does—we'll get a clearer picture of what's sustainable versus what was just noise.

There's potential here, genuinely. But the space needs to move past pure hype and address the structural stuff before this becomes another cautionary tale.