🚀 Polymarket Losing Relevance in 2025? The Numbers Tell All
posted 2 Jan 2025
Blockchain-based prediction market Polymarket surged in 2024, with trading volumes reaching new highs during the U.S. presidential elections as users actively bet on related outcomes.
Popular polls included questions about the Trump and Biden debates, who would be the Democratic nominee after Biden’s withdrawal, and, of course, the odds of a Trump vs. Kamala Harris victory.
The platform also gained significant attention from major media outlets like The Wall Street Journal, Bloomberg, and The New York Times, which highlighted its role in shaping public sentiment and election predictions
However, after the U.S. elections concluded on November 5, Polymarket’s trading volumes experienced a noticeable decline. In December 2024, the platform recorded approximately $1.9 billion in trading volume, down from $2.6 billion in November.
According to the latest update from Blockworks Research, daily trading volume from sports betting has surpassed $23 million.
Other top categories include politics with $21 million, crypto with $11 million, pop culture with $3 million, and science with $1.5 million.
...and the list goes on.
Built on the Polygon blockchain, Polymarket allows users to trade on event outcomes, displaying market sentiments automatically. They connect to the platform through crypto wallets and use the USDC stablecoin to make bets. After a poll is closed, users get payouts for correct predictions.
It’s worth noting, however, that many Polymarket users have previously reported challenges in making profits through predictions. As with any speculative activity, it’s crucial to manage your risks carefully before participating.
The platform also gained significant attention from major media outlets like The Wall Street Journal, Bloomberg, and The New York Times, which highlighted its role in shaping public sentiment and election predictions
.
Over the course of 2024, Polymarket’s total trading volume reached $8 billion, according to data from Blockworks Research.
Over the course of 2024, Polymarket’s total trading volume reached $8 billion, according to data from Blockworks Research.
However, after the U.S. elections concluded on November 5, Polymarket’s trading volumes experienced a noticeable decline. In December 2024, the platform recorded approximately $1.9 billion in trading volume, down from $2.6 billion in November.
Polymarket’s volume breakdown by market tag. Source: Blockworks Research
What’s Up With Polymarket in 2025? Will the Platform Be Forgotten?
Despite the post-election drop, Polymarket’s activity indicates the platform is not going out of trend - at least not yet. That being said, there’s a shift from elections to sports.
According to the latest update from Blockworks Research, daily trading volume from sports betting has surpassed $23 million.
Other top categories include politics with $21 million, crypto with $11 million, pop culture with $3 million, and science with $1.5 million.
The platform sees 661,766 unique daily traders, with over 58 million daily trades taking place.Users continue to participate in a variety of bets, such as:
- Who will be the next Prime Minister of Canada?
- Will MicroStrategy hold more than 5,000 Bitcoins before March?
- How will the Liverpool vs. Manchester United match in the English Premier League end?
- Will Ethereum hit a new all-time high by March 2025?
- Will OpenAI announce achieving AGI (Artificial General Intelligence) by July 2025?
- Who will win Best Drama Actress at the Golden Globes?
- Will the total crypto market cap exceed $4 trillion on January 20?
Polymarket’s Momentum and Future Potential
Putting all things together and considering the current activity, Polymarket continues to be trendy. It’s quite possible that with the expected major sports events like the National Football League (NFL) and Super Bowl, the platform may even hit new highs.
Built on the Polygon blockchain, Polymarket allows users to trade on event outcomes, displaying market sentiments automatically. They connect to the platform through crypto wallets and use the USDC stablecoin to make bets. After a poll is closed, users get payouts for correct predictions.
It’s worth noting, however, that many Polymarket users have previously reported challenges in making profits through predictions. As with any speculative activity, it’s crucial to manage your risks carefully before participating.
