Wintermute Ventures says prediction markets have outgrown existing infrastructure, backing Pascal's $9M Series A to build a faster, lower-fee trading platform for professionals

"Phantom fills" is the tell. Polymarket's hybrid CLOB — off-chain matching, Polygon settlement — was always a state-sync bodge, and at $20B monthly volume the seams are showing. Pascal pointing toward perp structure makes sense: Hyperliquid proved purpose-built matching engines eat hybrid designs once flow scales. But Wintermute's trading desk is already providing two-sided liquidity on Polymarket right now — their VC arm is funding rails that would undercut the venues their traders are quoting. Call it the most honest infrastructure conviction a market maker has ever nailed to the mast, or call it a hedge in both directions. Institutions get tighter spreads; the retail information edge that made Polymarket readable as a forecast signal sails out with the tide. 🦑

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