Polymarket, a decentralized prediction market platform, was profitable for only 12.7% of its user wallets. According to data from onchain analytics tool Layerhub, 149,383 (87.3%) out of 171,113 crypto wallets on Polymarket failed to make a profit. Of those that did make a profit, only 2,138 made more than $1,000, with the majority remaining in the $0-$100 range.

Approximately 10.8 million bets were made on Polymarket. More than 300,000 transactions were recorded daily between October 6-8. However, not all wallets may represent individual users; some traders may place high-risk bets using multiple wallets.

As of October 9, open interest on Polymarket stands at $161.1 million. Elon Musk has stated that Polymarket can predict the 2024 US presidential election results more accurately than traditional polls. Share your thoughts in the comments.