Polymarket, a decentralized prediction markets platform, is gaining significant traction as a blockchain solution that promotes true transparency in data and information.
In just the first nine days of October, the platform recorded an impressive $600 million in trading volume. Polymarket allows users to bet on the outcomes of real-world events, providing a unique way to hedge risks and make data-driven predictions.
' @Polymarket achieved nearly $600M in volume within just the first 9 days of October
That's insane 🤯 pic.twitter.com/nKLVgnuAtd
— Milk Road (@MilkRoadDaily) October 9, 2024
Backed by prominent investors such as Founders Fund, Vitalik Buterin, 1confirmation, ParaFi Capital, and Dragonfly Capital, Polymarket has raised $74 million across three funding rounds. This strong financial backing has helped the platform establish itself as a leader in the prediction markets space.
One of the most notable current markets on Polymarket is the prediction surrounding Donald Trump’s lead in Arizona. With a 66% chance of victory, it’s the largest lead Trump has held in the state since July, drawing considerable attention from users.
Majority Of Polymarket Users Are Not Seeing Good ProfitsÂ
Despite the platform’s growing popularity, recent data from on-chain analytics platform LayerHub reveals that the majority of users are not turning a profit. Out of 171,000 crypto wallets participating on Polymarket, only 12.7% have reported profits, while a staggering 87.3% of users—around 149,000 wallets—did not make any gains. Most of the wallets that did profit earned less than $100.
⚡️Almost 90% of @Polymarket users did not make a profit on the platform
According to the data from @LayerHub, an on-chain analytics platform, only 12.7% of crypto wallets report profits on Polymarket. Some 149K users or 87.3% of the 171K crypto wallets on Polymarket did not make… pic.twitter.com/nVw2nptkpI
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) October 9, 2024
While Polymarket is rapidly expanding with substantial trading volumes and a rising user base, these numbers show that the prediction markets platform can be challenging for most participants to profit from. As it continues to grow, users may need to refine their strategies to better navigate the high-risk, high-reward nature of decentralized prediction markets.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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