Polymarket Grabs 97% of Onchain Prediction Market Fees After Overhaul
Polymarket now captures 96.8% of onchain prediction market fees after a pricing overhaul, generating $7.1 million in Q1.Summary
Polymarket has become a leading DeFi protocol by revenue after a pricing overhaul on March 30, now capturing 96.8% of onchain prediction market fees. In the first week of Q2, the platform generated approximately $7.1 million in fees, suggesting an annualized run rate of $365 million. This positions Polymarket as the eighth-largest DeFi protocol by fees. The platform also holds over $432 million in total value locked, nearing its previous high. Intercontinental Exchange (ICE), owner of the NYSE, has invested $600 million in Polymarket as part of a $2 billion commitment. Polymarket is also upgrading its collateral by replacing bridged USDC.e with a new USDC-backed token, Polymarket USD. Despite its financial success, regulatory challenges persist, with some US states, Hungary, Portugal, and Argentina taking action against the platform for operating as an unlicensed gambling site.
(Source：Cointelegraph)