One of the big success stories this year for the Polygon blockchain team is Polymarket. Polymarket is a decentralized predictions market where users can bet on various topics like politics and documentaries. Despite its popularity, the success of Polymarket has not translated to a significant increase in the price of Polygon’s native token, POL.
Polymarket has gained traction among mainstream users, particularly with bets on the upcoming U.S. presidential election. Users have wagered billions on whether Donald Trump or Kamala Harris will win the election. They have also made bets on the identity of Satoshi Nakamoto in a recent HBO documentary.
Built on the Polygon PoS blockchain, Polymarket has only generated $27,000 in transaction fees for Polygon PoS in 2024. This is due in part to the low transaction fees on the Polygon PoS chain, which average $0.007 per transaction. These fees are market-based and vary based on network congestion.
While Polymarket users are active, the volume of transactions is not as high as other decentralized applications like DEXs. Polymarket accounted for only 5.2% of transactions on the Polygon PoS chain this month. The attention that Polymarket has garnered is seen as a positive sign for Polygon, as it could lead to increased usage in the wider ecosystem.
Despite the low transaction fees generated by Polymarket, the attention it brings to the Polygon ecosystem is valuable. The success of Polymarket highlights the potential for successful applications on Polygon PoS that can attract mainstream users without them even realizing they are using blockchain technology.
In conclusion, while Polymarket may not be generating significant transaction fees for Polygon PoS, its success in attracting mainstream users and attention is a positive sign for the ecosystem. Different applications serve different purposes, and the attention brought by Polymarket is valuable for Polygon’s growth and success.
