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Bloomberg: Polymarket's trading volume overtaken by Kalshi, US market expansion repeatedly thwarted
Polymarket, which had 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 funding round last month with a valuation of $22 billion, while Polymarket's valuation is $15 billion after recent investment of $600 million from Intercontinental Exchange (ICE).
Polymarket's biggest bottleneck is the inability to officially launch in the US market for a long time; its US app remains in testing phase, with March trading volume only one-twentieth of Kalshi's. Technical challenges from blockchain architecture, repeated delays in product launches, recent fee adjustments causing user dissatisfaction, and issues such as the exchange being down for over an hour continue to trouble the platform.