Author: OurNetwork

Compiled by: TechFlow

On-chain culture

Polymarket | Karate Combat | MetaDAO | Zora

Polymarket

peter | Website | Dashboard

Polymarket’s monthly betting volume surpassed $1.3 billion in October 2024, with a total locked value (TVL) of $221 million

  • Polymarket is a Polygon-based decentralized platform for betting on real-world events. The platform reached a major milestone on October 20, 2024, with trading volume exceeding the previous record of $533 million set in September - the month's trading volume hit a new high of $1.3 billion, achieving an astonishing 2.5x growth. In addition, Polymarket accounts for 85% of the total locked value in the crypto prediction market. To date, the platform's total trading volume has reached $3.5 billion, with a total of 17.7 million bets.

DeFiLlama

Dune - @petertherock

  • Even before the month is over, Polymarket has already hit a new record, with 109,427 Safes, a form of smart account, created as of October 22. These smart accounts now collectively hold $48.2 million in off-platform assets, ready for potential trades on the platform — marking an all-time high in access, suggesting that usage of the platform is likely to continue to grow.

Dune - @petertherock

  • US election markets dominate Polymarket’s trading, but non-US election-related markets are also growing, with weekly volume reaching $20 million. With over 40,000 non-election traders participating each week, Polymarket has the potential to sustain millions of dollars in betting volume year-round, not just on seasonal events.

Dune - @rchen8

  • Trading highlights: On October 5, someone placed a $1.69 million bet on the market on whether Trump would launch a cryptocurrency before the election.

Karate Combat

Winnie Lau | Website | Dashboard

Karate Combat’s Fan Participation in the Global League Surges at Recent KC50 Event, with Over 386,000 Token Holders and 109,000 Participants; New UP Layer 2 Blockchain to Expand Up Only Gaming

  • Karate Combat is a crypto-native professional boxing league governed by $KARATE holders. Produced in Unreal Engine, the KC event highlights knockout scenes and is broadcast live on television and social media. Fans can earn tokens by predicting game outcomes through Up Only Gaming, which KC calls a “software stack.” At the recent KC50 event held at the Permissionless crypto conference in Salt Lake City, 109,000 unique players participated, staking $8.9 billion in $KARATE Tokens worth approximately $5.5 million. KC44 earlier this year had only 40,000 players, a significant increase in participation - the last four events have each had over 90,000 players, peaking at 118,000

Karate Combat

  • Karate Combat’s mobile-first platform provides seamless key management, alliance governance, NFT display, token voting, and easy onboarding. 99% of users participate via mobile devices, and fans can predict the outcome of matches to win a share of the prize pool - 90% of the prize money goes to users, and the rest goes to athletes.

Karate Combat

  • Given the success of Up Only Gaming, Karate will launch UP L2, enabling partners (such as other sports leagues) to deploy similar applications for free. $UP Token will be launched simultaneously, and 30% will be distributed to $KARATE holders through staking. More than 100,000 users on the KC mobile platform can discover new applications through tasks.

Up

  • Trading Highlights: KC47 was the most participated KC to date, with 117,833 participants predicting the outcome of the competition - users invested more than 4.1 billion $KARATE tokens in total. The total prize pool is 169 million $KARATE, which is more than $100,000 at the price of October 22. Each competition has a separate prize pool, with 90% of the prize distributed to users who predicted correctly and 10% to the contestants. The winners receive a corresponding share of the total tokens based on a unique voting and payment ratio. In the first game, the winner Rafael received 68% of the 616M $KARATE.

MetaDAO

Big Z | Website | Dashboard

MetaDAO Launches Prediction Market Funding Program, Opens Interest to Triple Funding Amount

  • MetaDAO is an experimental governance platform based on Solana that uses economist Robin Hanson's futarchy model to make decisions through prediction markets rather than staking token voting. This approach aims to improve the quality of decision-making and provide unique protections for projects and token holders. Their new funding program has attracted market attention that is more than three times the funding amount.

MetaDAO

  • The project is approaching its first anniversary and has a high user retention rate. MetaDAO uses its own futarchy platform for governance. Peaks in activity are usually associated with controversial proposals, such as the ultimately unsuccessful “Should we launch Futard.io?” proposal in August.

Dune - @metadaohogs

  • Futarchy as a service (“FaaS”) has already facilitated 34 transaction proposals. Derivatives protocol Drift has joined the discussion, and liquid staking protocol Jito is also actively considering integrating it into governance as part of the NCN funding program.

MetaDAO

Zora

Ricardo de Arruda | Website | Dashboard

Zora’s AMM-driven secondary market stabilizes the protocol’s user growth, but reduces the source of creation

  • Since the introduction of the AMM-driven secondary market, the Zora network has exceeded 100,000 weekly active users most of the time. This is a significant increase from the 20,000 to 30,000 weekly active users before the update.

Dune - @sealaunch

  • However, with the introduction of a secondary market, the incentive for creators to release new collectibles has decreased - previously, over 70% of all NFT collectibles created on the EVM chain came from the Zora protocol, while as of October, this proportion has dropped to around 30%.

Dune - @__doing__

  • As can be seen from the previous chart, Zora’s activity has changed significantly since its secondary market launch. This change is understandable considering that the trading volume in the secondary market is more than twice that of the primary market.

Dune - @__doing__