THE HUDDLE. Issue 02. July 31th

Hey everyone,

July was a different kind of month: we shipped KIX, the PnL Leaderboard, a new Referral Program, Flexible Market Resolutions, integrated Chat with in-app trading, and Limitless Research. We were in Tokyo and Seoul.

What we shipped in July

In July we worked on one thing: making traders' skills more visible.

New Referral Program replaced points with USDC. You can now earn up to 40% of the trading fees your referrals pay, credited automatically, daily, from their very first trade. No minimum volume to unlock. No hidden fees on their side. Your friend pays exactly the same as everyone else; you keep a share of what they pay for as long as they keep trading. Five tiers based on your own activity, starting at 10% and going up to 40%. If you believe in Limitless enough to tell someone about it, you should earn when they do.

KIX — your Knowledge Index gives every trader a unified score that moves with your performance. It's the kind of thing you check in the morning and think about during the day.

We also tuned the P&L calculations and introduced the P&L leaderboard. It makes your track record public, not what you claim, but what the on-chain record shows. Both came from the same belief: if you know better, you should be able to prove it. Now you can.

Chat is live. You can place trades directly from it, it follows you across markets, and it surfaces live updates: kick-off, goals, final whistle, in context. We want the community and the market to be in the same place.

MM Rewards page gives market makers one place to find incentivised markets and track earnings.

Notification Centre brings platform updates to you in one place.

Personal Trader Cards make your record shareable in one card.

Portfolio was fixed properly: positions appear the instant you trade and stay correct across tabs, on refresh, and mid-settlement.

Auto Limit Orders on short-duration markets mean your order no longer just fails when a market maker pulls liquidity. It becomes a 10-second limit order at your price — if liquidity returns in that window, you get filled exactly where you wanted.

Team to Advance is a new market type: trade on which team goes through to the next round, separate from the match result.

Flexible Market Resolutions mean markets can now settle to any ratio: 50/50, 70/30, and beyond, not just Yes or No.

Platform performance. The orders table crossed 500 million rows this month. Settled CLOB transactions: above 11 million. The platform is faster, more stable, and better at handling what's coming than it was 30 days ago.

Limitless Research

There's a version of what we're building that goes beyond the exchange, beyond markets, positions, and settlement. It's about what happens when collective knowledge becomes something you can actually study.

That's what limitless-research.org is.

An editorial home for researchers, academics, journalists, policymakers, and anyone who finds the ideas behind prediction markets genuinely interesting without ever wanting to trade. Research papers, thought pieces, data, and a community for people who think seriously about how knowledge aggregates and why crowds are sometimes right and sometimes catastrophically wrong.

The academic case for prediction markets is stronger than most people realise. The research on information aggregation, epistemic accuracy, and collective forecasting spans decades. We want to be the place where that conversation lives alongside the practice of it.

Limitless Academy

For people who want to trade and want to get better at it.

Three courses:

1. Prediction Markets fundamentals
2. Trading via API
3. Trading with AI Agents.

Each one takes you further into the mechanics of how Limitless actually works, from your first position to running automated strategies. A cohort program runs alongside for people who want to learn with others.

This month we added a quickstart for running a market-making bot with an AI agent. It quotes both sides of a market, hedges every fill on a second venue to stay delta-neutral, and the agent supervises while you keep custody. Around five variables to configure. Then it runs.

Research is for people who want to understand the category. Academy is for people who want to master the platform. Two different starting points, the same belief underneath: knowledge should be worth something.

World Cup 2026. What it actually showed us

Football didn't reposition Limitless. It showed us something about our own product.

The World Cup ended up at roughly 10% of total platform volume. But what happened inside that 10% is the more interesting story.

Fans weren't just calling match winners — they were pricing career arcs. This is probably the last World Cup for Messi and Ronaldo, and it shows in where capital went. Messi's individual performance markets alone were 14% of total World Cup volume. The top five by share: Messi (~14.4%), Yamal (~8.9%), Haaland (~6.2%), Mbappé (~6.1%), Ronaldo (~4.7%).

Some of the markets that moved: Haaland to score more goals than Álvarez — $160K. Yamal to record more goals than Messi — $136K. Yamal to record more goal contributions than Messi — $104K. These aren't match bets. They're structured arguments about player quality, settled by reality. That's exactly what this platform is for.

The core of Limitless remains financial markets: crypto, macro, real-world events. That isn't changing. What the World Cup gave us is proof that the same infrastructure works across categories, and a strong acquisition channel into the broader product. We're not becoming a sports platform. We're a platform that sports fans are finding.

On LMTS — let's be straight

We agree with you. Volume is up. The platform is growing. The token hasn't reflected that. We're not going to explain it away. The token should be doing more: clearer utility, a clearer connection to how value builds here, a real reason to hold it beyond speculation.

The next three months are about fixing that. We're working on expanding where LMTS trades, deepening its utility within the platform, and being much clearer with you about how the token connects to what Limitless is becoming.

We'll share specifics as they're confirmed, we'd rather tell you what's done than promise what's coming.

LMTS is the stake that the people who built this community alongside us have in what Limitless becomes. We owe it to you to make good on that.

Keep telling us what you think. We're listening more than it might sometimes seem.

Where we went

We spent a lot of July on planes. Here's what we found when we landed.

Tokyo. WebX is Japan's biggest Web3 moment of the year — 15,000 people, the Prime Minister opening the conference, the Minister of Finance on stage. The kind of event where you can feel an industry deciding what it wants to be next.

We had a stage there. It was full.

CJ Hetherington, our сo-founder & CEO , spoke on how prediction markets are shaping the future of social infrastructure and forecasting and later joined a tighter, invitation-only gathering at the Blockchain Leaders Summit for a panel on the stablecoin stack. Two very different rooms, same underlying shift: Japan is moving fast, and the people with real decision-making power are now in conversations that would have seemed premature twelve months ago.

From Tokyo, straight to Seoul. An invitation-only event hosted by Circle, with senior people from Kakao Group, Kakao Pay, Toss Bank, Coinone, and Bithumb in the room. Korea has already had the "should we take digital assets seriously" debate. That's over. We were there for it too.

Limitless CEO crossed 6 time zones to make sure people hear about Limitless everywhere.

Hong Kong. While CJ was in Tokyo and Seoul, Clyde, our DevRel, was in Hong Kong for Wiki Finance Expo, on a panel with a question worth sitting with: Are prediction markets revealing the truth or creating an illusion of consensus?  

What came out of that conversation beyond the philosophy: institutions are already treating prediction markets as an information layer. The thing they're still waiting for is settlement they don't have to take on trust. On-chain settlement is that thing. We're building it. The room understood that.

Three cities. A lot of conversations that felt different from the ones we were having a year ago. The category is being taken seriously and we were in the rooms where that's happening.

That's Issue 02.

Thank you for reading, for pushing back, for telling us when something isn't working, and for being here while we figure it out. This community is the reason we build the way we do and the reason we write letters like this instead of just shipping changelogs.
If something here raised a question, sparked an idea, or just didn't sit right — tell us. The best community-driven prediction market in the world doesn't get built by a team that thinks it has all the answers.

Find us in the chat. Every piece of feedback makes the next month better.

Find us in the chat.