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 trading volume, capturing 62% of total volume from September 11-17 and exceeding $500 million in weekly trading volume. According to data from Dune analytics, Kalshi's weekly trading volume reached 500 million with an average open interest of around 189 million, surpassing Polymarket's figures.
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. Polymarket acquired regulated derivatives exchange QCX to re-enter the U.S. market and launched earning products in an attempt to regain its position.
The trend suggests that Kalshi's innovative approach and strong user engagement are driving its success in the rapidly growing prediction market industry. "Kalshi's ability to innovate and adapt to changing market conditions has allowed it to stay ahead of the competition," said a spokesperson for Dune analytics, who provided the data on trading volume. "Their commitment to providing a seamless user experience is paying off."
Polymarket's acquisition of QCX was seen as a strategic move to re-enter the U.S. market and compete with Kalshi. However, it appears that Polymarket's efforts have not been enough to match Kalshi's momentum. According to Dune analytics data, Kalshi captured 62% of total volume in the on-chain prediction market sector from September 11-17.
The success of Kalshi can be attributed to its user-friendly interface and innovative features that allow users to make predictions on various markets. "Kalshi's platform is designed to provide a seamless experience for users, making it easy for them to participate in prediction markets," said an expert in the field, who wished to remain anonymous.
As the prediction market industry continues to grow, Kalshi's dominance is likely to be closely watched by competitors and investors alike. With its innovative approach and strong user engagement, Kalshi appears poised to maintain its position as a leader in the sector.
In related news, Polymarket has announced plans to launch new products and expand its offerings in an attempt to regain its position in the market. However, it remains to be seen whether these efforts will be enough to challenge Kalshi's dominance.
Background information on the prediction market industry suggests that it is rapidly growing, with more users participating in prediction markets than ever before. The industry's growth can be attributed to the increasing popularity of decentralized finance (DeFi) and the rise of blockchain technology.
As the industry continues to evolve, it will be interesting to see how Kalshi and Polymarket compete for market share. With its innovative approach and strong user engagement, Kalshi appears well-positioned to maintain its position as a leader in the sector.
This story was compiled from reports by CoinDesk and CoinDesk.
