Polymarket on Polygon: Innovative prediction market on a scalable blockchain

Polymarket on the Polygon Blockchain

Polymarket is a decentralized prediction market that provides a platform where users can bet on the outcomes of various cultural and economic events. This innovative project operates on the Polygon blockchain, which ensures scalability and low transaction costs.

Fees on Polymarket and Profits for the Polygon Network

Despite Polymarket’s increasing popularity among users, the fees generated by it do not translate into significant profits for the Polygon network. By the end of 2024, it is projected that these fees will amount to only $27,000.

User Engagement and Transaction Volume

The Polymarket platform experiences significant user engagement in cultural and economic events, such as the U.S. presidential elections, for example. This is a compelling way to attract audiences’ attention.

Despite this high level of engagement, the transaction volume on Polymarket remains relatively low compared to other trading applications operating on the Polygon blockchain, such as various decentralized exchanges (DEX) and large economic transfers involving stablecoins.

The Vision of Polygon Labs CEO, Marc Boiron

Marc Boiron, CEO of Polygon Labs, expresses optimism regarding the various potential applications that can be utilized on the Polygon blockchain. In his view, the lower profits from Polymarket may indicate that the primary goal of this project is to stimulate user interactions rather than directly generate financial gains.

Boiron emphasizes that user engagement can significantly accelerate the adoption of technology by increasing visibility and actively demonstrating the benefits of decentralization. This, in turn, could be a significant factor for long-term strategic changes aimed at a more widespread decentralization within the blockchain space.