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Polymarket market share overtaken by Kalshi, valuation and regulatory challenges intensify
BlockBeats News, April 23 — According to Bloomberg, Polymarket, which has long dominated the 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 its inability to officially launch in the U.S. market, with its U.S. app still in testing. In March, its trading volume was only one-twentieth of Kalshi’s. Technical challenges caused by blockchain architecture, repeated delays in product launches, recent fee adjustments that upset users, and issues such as the platform being down for over an hour continue to trouble the platform.
Additionally, Polymarket has been criticized for allowing users to bet on controversial topics such as war and nuclear explosions, leading Democratic members of Congress to send a letter to the CFTC requesting intervention.