Polymarket captures 97% of on-chain forecast market fees after profit
According to the latest data, Polymarket has become one of the most profitable decentralized finance protocols after the price update, generating almost $7.1 million in payouts in the second quarter.
That pace indicates an annual run rate of nearly $365 million if sustained, placing the onchain prediction platform among the industry's top paying creators and accounting for nearly all of the sector's revenue, with 96.8% of the onchain prediction market payouts.
The gain boosted daily payouts to $1 million following the March 30 price change, a level that continues to rise as trading activity continues to rise, according to data from DeFillama, and makes Polymarket the eighth-largest paid DeFi protocol behind stablecoin issuers Circle (USDC) and Tether (USDT) and decentralized exchanges.
Onchain's metrics show Polymarket's footprint beyond payments. The total value locked on the platform was more than $432 million on Tuesday, according to DeFillama data, while the November 2024 U.S. election is approaching $510 million, as the onchain prediction market continues to grow.
ICE supports Polymarket, but regulatory uncertainty remains
Polymarket's payment engine has started attracting more major partners. Intercontinental Exchange, owner of the New York Stock Exchange, stepped up its bet on Polymarket on March 27, completing a $600 million investment as part of a broader $2 billion commitment by ICE to distribute the platform's event-based data to institutional clients.
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On an infrastructure level, Polymarket will replace Polymarket's bridged USDC.e holdings with a new 1:1 USDC-backed token for Polymarket Dollars as part of the platform's April currency overhaul, announced amid heavy trading on the US-Iran conflict, oil, inflation and equities.
Although income is growing, regulation is still a risk. Prediction markets continue to face pressure from some US states and gambling regulators, including recent local bans in Hungary and Portugal, and Argentina has issued a nationwide block on Polymarket, arguing the platform operates as an unlicensed gambling site.
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