DeFi researcher Ignas says that interest in the U.S. midterm elections remains high, yet Polymarket’s active wallet count, open interest, and number of trades are all declining at the same time. Odaily relayed his view: it’s no surprise that prediction market platforms are shifting toward perpetuals.
· Ignas believes Polymarket users are mostly speculators, and election-related trading volume is far lower than that in sports and crypto markets. Perpetuals can continue generating revenue from these users.
· He also argued that Polymarket should focus on improving its prediction market product and leave the perpetuals space to Hyperliquid, Lighter, and Variational. He said Kalshi was excluded from the figures for now because of extensive wash trading.
Is this downturn because election interest hasn’t lived up to expectations, or are users being drawn away by perpetuals?
$POLY
· Ignas believes Polymarket users are mostly speculators, and election-related trading volume is far lower than that in sports and crypto markets. Perpetuals can continue generating revenue from these users.
· He also argued that Polymarket should focus on improving its prediction market product and leave the perpetuals space to Hyperliquid, Lighter, and Variational. He said Kalshi was excluded from the figures for now because of extensive wash trading.
Is this downturn because election interest hasn’t lived up to expectations, or are users being drawn away by perpetuals?
$POLY
