📝 Editor's Note:

The prediction-market space has entered a new era.

Volumes that peaked during the 2024 U.S. presidential cycle are now being surpassed, with industry data showing combined weekly notional trades across platforms topping $2B. Total value locked (TVL) across all prediction market platforms, has crossed $300M for the first time since last November.

At the center of this surge are Polymarket and Kalshi. Intercontinental Exchange (ICE) — owner of the New York Stock Exchange — has committed up to $2B in investment in Polymarket, the leading player in this space, valuing it at roughly $8-9B. ICE will also become the global distributor of Polymarket’s event-driven data, signaling institutional finance’s growing endorsement of prediction-market infrastructure.

Although not onchain yet, Kalshi has publicly confirmed plans to move onto blockchain rails. The company has already launched partnerships with Solana and Base through its “KalshiEco Hub,” paving the way for on-chain market integration.

Other emerging platforms — including Opinion, Limitless, and Myriad — are also competing for users in what’s shaping up to be one of the most dynamic, data-driven frontiers of modern finance.

In short: what began as a niche arena for election speculation is rapidly maturing into a full-fledged financial-market infrastructure — bridging the worlds of blockchain and institutional capital.

– ON Editorial Team

Polymarket | Opinion | Limitless | Myriad Markets

• Polymarket has led onchain prediction markets with $23B+ in cumulative volume since its launch, including a peak of $371M traded in a single day during the 2024 US presidential election. Its USDC-powered platform has attracted hundreds of millions in capital, fueling growth that extends beyond election hype. Yet, much of this USDC remains idle in wallets and smart contracts, resulting in low capital efficiency and limited value creation for both the protocol and its users.

• Polymarket requires users to create proxy wallets to trade on the platform. These wallets currently hold $324M USDC in ready-to-deploy capital. This balance has climbed steadily since the protocol's launch with explosive growth accelerating in late 2024.

• With $229M in open interest and $324M in proxy wallets, over $550M USDC sits in Polymarket's ecosystem earning zero yield, and this capital has steadily grown 106% year-over-year. Putting these idle balances to work could be a key competitive differentiator as the prediction market space heats up.

• In the past 30 days and 7 days, Opinion has made $550k and $460k respectively, outperforming all prediction markets. Despite this, it's surprising to find that there are fewer markets to bet on compared to other prediction markets. The growth in fees is not only because of demand but structure on how fees are charged. The amount of fees charged per trade depends on the probability of the trade at the time you decide to take to trade.

• Three days ago, 64% of active trades executed on Opinion came from new traders while about 30% came from old traders and this is because of its newly introduced points program.

• The newly distributed points program has direct effect on Opinion. On Nov. 8, there was an increment in number of new traders and open interest fell and after point distribution open interest fell from $45M to $34M. Similarly after Nov. 1, open interest fell from $49M to $11M.

• Limitless Exchange is an onchain prediction market platform built on the Base blockchain, designed to make trading on crypto prices, stocks, and real-world events as simple and accessible as possible. Activity picked up following the launch of its Points farming campaign on July 1 2025, where users can interact with the app, thus qualifying for the LMTS token airdrop. TVL remains steady at roughly $0.9–1.0M, while monthly fees and revenue have increased by 30% and 40%, respectively.

• Monthly trading volume keeps going up. Will November keep up the pace? The past two months have seen Limitless cross over $100M in volume. With Users actively farming points for the Season 2 airdrop until January 2026, November could easily smash through the $100M volume level for the month.

• Fewer traders but more trades — monthly active traders declined by 32.98%, while active trades increased by 67.56%, suggesting a smaller trader base trading more aggressively, likely driven by points farming incentives.

• Myriad Markets is surging with over 6.4M transactions and 5.6M trades across 400,000+ traders. Total USDC trade volume has surpassed $54.7M, reaching an all-time high in October 2025 with $37.5M, up nearly 8x from September’s $4.6M. With a new all-time high, October turned out to be the breakout month for Myriad. Its explosive growth reinforces its position as the leading hub for onchain prediction activity within the Abstract ecosystem. At $21.2M halfway through the month, November's volume is on track to surpass October's.

• After October’s record-breaking volume, Myriad Markets hit a new daily trader peak of over 2,000 users, marking its most active day yet. Average participation has since stabilized around 1k daily traders, up sharply from mid-year levels.

• October marked a breakout month for Myriad, with record trading volume driven largely by the viral PUMP vs PENGU market. Beyond this spike, Myriad continues to stand out among major prediction platforms for hosting the most crypto-native bets.