Polymarket’s revenue has already entered the Uniswap level.

Based on DefiLlama data, Polymarket’s protocol revenue over the past 7 days is about $10 million, and the 30-day revenue is about $38 million;
If you simply annualize weekly revenue, it’s in the $500 million range. Even more striking is that it isn’t driven by TVL, liquidity mining, or complex tokenomics, but by a more primitive demand: people have different views on the same thing, and they’re willing to bet on their judgment.
Prediction markets do need liquidity and market makers, but the core variable isn’t “how much money is locked,” but “how many meaningful disagreements in the world are worth betting on.”
On the other hand, many DeFi products are still optimizing impermanent loss models for a 0.01% LP yield, and product managers keep debating whether to add yet another layer of nesting.