Small disappointment behind the infamous Polymarket, where it turns out that only 12.7% of crypto wallets managed to make profits. Not only that, on the on-chain prediction market platform, it seems that the winners barely earned 100$. 

Polymarket and the disappointing data: only 12.7% of crypto wallets make profits on the platform

According to what reported by Layerhub, it seems that on Polymarket, only 12.7% of crypto wallets managed to make profits.

Specifically, it was analyzed that out of a total of 171,113 crypto wallets on Polymarket, only 21,730 have made confirmed profits. On the contrary, the remaining 149,383, or 87.3%, have never won a bet. 

In practice, on the famous on-chain market prediction platform, it is not so easy for users to obtain the sought-after fortune. Let’s remember that on Polymarket, users can place their bets on future world events in a decentralized manner. 

Obviously, not all cryptocurrency wallets represent individual users. Traders can manage multiple wallets and decide whether to make high-risk, high-reward bets to increase the chances of profit.

In any case, the disappointing data doesn’t end here. In fact, it seems that in addition to the low percentage of crypto-wallets that profit on the platform, there is still an even lower percentage that manages to obtain large sums. 

Therefore, of the 21,730 lucky crypto wallets, only 2,138 users made profits of more than 1,000 dollars. The remainder, which represents the majority of the crypto wallets in profit, made amounts less than 100$. 

Polymarket and the few winning crypto-wallets: the analysis by LayerHub

Yesterday, the LayerHub protocol announced that it has added Polymarket to its platform, in order to track its data. 

IMPORTANT:

– Volume may be different from what you see on Polymarket as they count it differently. We display your net volume of trades.
– There are some problems with ranking display when checking multiple wallets. We are already working on it

— LayerHub (@layerhub) October 8, 2024

“We are happy to announce that @Polymarket is now available on LayerHub! Explore Polymarket’s activities directly on our platform. Track unique wallets, transactions, open interest, and much more to understand the health and growth of the project. To check, use the wallet created by Polymarket! IMPORTANT: – The volume might be different from what you see on Polymarket, as it is counted differently. We display the net trading volume. – There are some issues with the ranking display when checking multiple wallets. We are already working on it”

LayerHub describes itself as a true gateway to the Web3 data universe. Thanks to its platform, users will be able to explore all the necessary information on the various platforms and make more informed decisions on crypto projects. 

The praise of Elon Musk

Despite the data reported by LayerHub on Polymarket, which makes it a bit disappointing in terms of profits realized, there are those who support the platform for its core-business.

This is the richest man in the world, Elon Musk, who praised Polymarket, stating that in his opinion it is much more accurate compared to political polls.

In honor of the most anticipated event in the USA, the Presidential elections, Musk shared Trump’s bull over Kamala reported by Polymarket. 

In this sense, Musk wanted to highlight that he trusts this data more than political polls, given that “real money” is at stake, meaning crypto.