According to recent onchain data, only 12.7% of users on Polymarket, a decentralized prediction market platform for cryptocurrency enthusiasts, have managed to turn a profit.
The majority, accounting for 87.3% of users, have seen losses, with most profits being under $100.
Key Metrics at a Glance:
- Profitability: Only 12.7% of crypto wallets on Polymarket are reporting profits
- Total Wallets: Out of 171,113 wallets, 21,730 have made a profit
- Majority of Profits: Over 87.3% of users earned less than $100
Data from the analytics tool, Layerhub, reveals that of the 171,113 crypto wallets on Polymarket:
- 149,383 did not report any profits
- In contrast, 21,730 wallets recorded profitable outcomes
- Notably, only 2,138 of these wallets made profits exceeding $1,000, while
- Around 7,400 wallets generated profits in the range of $100 to $1,000
Polymarket has facilitated approximately 10.8 million betting trades. Between October 6 and 8 2024 alone, the platform saw more than 300,000 trades each day, driven by significant world events, including international conflicts and the upcoming U.S. presidential election.
It’s important to note that not all crypto wallets represent distinct users; many traders operate multiple wallets to engage in high-risk, high-reward bets:
- Nearly 25,000 wallets have participated in more than 50 trades, while
- About 32,000 wallets completed between 20 and 50 trades.
- Conversely, close to 58,000 wallets engaged in just one to five trades, highlighting that most users are making fewer bets.
As of October 9 2024, the open interest on Polymarket, which represents the total number of futures contracts held by market participants at the end of the trading day, reached $161.1 million.
On October 6 2024, Tesla CEO, Elon Musk, tweeted that Polymarket might offer a more accurate prediction for the 2024 U.S. presidential election results compared to traditional polling methods.
This comment came as former President Donald Trump was leading the Democratic candidate, Vice President Kamala Harris, by approximately three percentage points.
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
__________________________________________
__________________________________________
