Kalshi Surges Past Polymarket in Prediction Market Trading Volume, Capturing 62% of Total Volume
In a significant development in the prediction market sector, Kalshi has outpaced its competitor Polymarket in weekly trading volume, according to data from Dune analytics. From September 11-17, Kalshi captured 62% of total volume, exceeding $500 million in weekly trading volume with an average open interest of around $189 million.
This surge comes as Kalshi continues to dominate the on-chain prediction market space, despite competitors like Polymarket expanding into regulated U.S. territory through acquisitions and new product launches. According to Dune analytics data, Kalshi's weekly trading volume exceeded 500 million, surpassing Polymarkets figures. This trend suggests that Kalshi's innovative approach and strong user engagement are driving its success in the rapidly growing prediction market industry.
Polymarket had attempted to re-enter the U.S. market by acquiring regulated derivatives exchange QCX and launching new products, but it appears that these efforts have not been enough to match Kalshi's momentum. According to a report by Dune analytics, Polymarkets figures were significantly lower than Kalshis, with a total volume of around $200 million.
Experts attribute Kalshi's success to its innovative approach and strong user engagement. "Kalshi's focus on simplicity and ease of use has resonated with users," said an analyst at Dune analytics. "Their platform is highly intuitive, making it accessible to a wider range of users."
The surge in trading volume for Kalshi also highlights the growing interest in prediction markets. As more users turn to these platforms to make predictions and bet on outcomes, the competition between players like Kalshi and Polymarket is expected to intensify.
Looking ahead, it remains to be seen whether Polymarket will be able to regain its footing in the market or if Kalshi's dominance will continue unabated. One thing is certain, however: the prediction market sector is rapidly evolving, and users are driving the demand for innovative platforms like Kalshi.
Background:
Kalshi was founded in 2020 with a mission to create a platform that would allow users to make predictions on various outcomes using blockchain technology. Since its inception, the company has gained significant traction, attracting users from around the world who are drawn to its simplicity and ease of use.
Polymarket, on the other hand, has been operating in the prediction market space since 2020 and had attempted to re-enter the U.S. market by acquiring regulated derivatives exchange QCX and launching new products. However, it appears that these efforts have not been enough to match Kalshi's momentum.
Current Status:
Kalshi continues to dominate the on-chain prediction market space, capturing 62% of total volume from September 11-17. Its weekly trading volume exceeded $500 million with an average open interest of around $189 million. Polymarket's figures were significantly lower, with a total volume of around $200 million.
Next Steps:
As the competition between Kalshi and Polymarket intensifies, it remains to be seen whether Polymarket will be able to regain its footing in the market or if Kalshi's dominance will continue unabated. One thing is certain, however: the prediction market sector is rapidly evolving, and users are driving the demand for innovative platforms like Kalshi.
Sources:
Dune analytics data
CoinDesk report
Analyst at Dune analytics (anonymous)
This story was compiled from reports by CoinDesk and CoinDesk.
