good argument, but I think you’re drawing a much bigger conclusion than the data supports. i checked the study, and it looks at what would have happened if existing Polymarket traders had used 5× leverage on their historical trades. which is useful, but how much does that really tell us about how people would trade if leverage were actually available? people could trade differently, adjust their positions, or approach risk differently altogether. i also disagree that whales have no reason to borrow simply because they have cash. having capital doesn’t mean you want all of it tied up in positions. i mean, capital efficiency is one of the biggest reasons to use leverage in the first place. and I think you’re underestimating just how much people love leverage. degens love it, and I don’t see why prediction markets would be any different. there are also other use cases like hedging, managing multiple positions, and the opportunity to trade larger positions with smaller portfolios, or spreading capital across multiple markets now, i’m not dismissing the findings in the study or your argument lending against prediction market positions is risky, yes, and when things go wrong, someone has to bear those losses. just because people want to borrow doesn’t mean lending to them will be profitable. but still, i believe leverage is a hotshot for prediction markets. the demand, in my view, is undeniably high. where I just think the real difficulty lies is in building something sustainable enough to serve it. and whoever figures that out could own a very big market.