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Wouldn't UMA tokens increase in value proportionally to Polymarket's market cap, considering they're basically a unit of control of that market cap?

I am pretty low confidence here but I think in theory it should but in practice there is no mechanism enforcing that?

UMA's current market cap is $68M. There are some Polymarket markets far exceeding that.

Not really, because unless you control 50% of all tokens they are worthless.

Only if you assume literally all other tokens are voting against you