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Bloomberg: Polymarket trading volume overtaken by Kalshi, US market expansion repeatedly thwarted
ChainCatcher reports that Polymarket, which long dominated prediction market trading volume, is facing multiple difficulties. According to Dune Analytics data, its global trading volume has been surpassed by main competitor Kalshi. In terms of valuation, Kalshi announced a new round of financing last month, bringing its valuation to $22 billion, while Polymarket’s valuation is $15 billion after receiving a $600 million investment from Intercontinental Exchange (ICE) in the recent period.
Polymarket’s biggest bottleneck is that it has still not been officially launched in the U.S. market; its U.S. app is still in the testing phase, and in March its trading volume was only one-twentieth of Kalshi’s. Technical challenges brought by its blockchain architecture, repeated delays in product releases, recent fee adjustments that have triggered user dissatisfaction, and issues such as the exchange being down for more than an hour continue to plague the platform.
In addition, Polymarket has been criticized for allowing users to place bets on controversial topics such as war and nuclear explosions, prompting Democratic members of Congress to send a letter to the CFTC requesting intervention. ICE CEO Sprecher still says he is optimistic, but admits that it’s either a complete failure or a home run.