Polymarket, a blockchain-powered prediction platform, has added Solana as a payment option, marking a strategic move to reduce transaction costs and increase speed for its users. The integration, announced Monday on X, enables deposits using the high-speed cryptocurrency SOL.
The launch comes as the platform continues to attract significant attention from traders and regulators alike. Polymarket has become a key player in the prediction market industry, known for hosting real-money wagers on global politics and unconventional topics, particularly during the 2024 U.S. presidential election.
Regulatory Pressure Increases
Polymarket’s rapid growth has drawn scrutiny from regulatory authorities across multiple jurisdictions. In 2022, the platform reached a settlement with the U.S. Commodity Futures Trading Commission over the offering of off-exchange event-based binary options contracts without proper registration. As a result, U.S. users are barred from accessing the site.
The pressure has extended overseas. Authorities in Taiwan prosecuted a citizen for using the platform to bet on the nation’s presidential race. Thailand, Singapore, and France have banned access altogether. In November 2024, Polymarket blocked users in France after tensions escalated over political betting.
French users now receive a notice stating, “Trading is not available to U.S. persons, persons located in the United States, France, or another related jurisdiction.”
Weeks before that, the FBI raided the New York apartment of CEO Shayne Coplan, seizing his phone as part of an investigation into unauthorized U.S. usage. Despite the legal concerns, Coplan attended the White House Digital Roundtable in March, where he praised the administration’s openness to working with crypto innovators.
Rising Popularity and Market Accuracy
Polymarket has seen significant growth, peaking at 450,000 monthly active traders in January. In October alone, it reported $2.5 billion in trading volume, with an additional $1.2 billion in November. However, analysis suggests that 86% of users have lost money, even as a handful of whales secured multimillion-dollar wins betting on former President Trump.
Despite these losses, the platform’s predictive accuracy has drawn academic interest. Data scientist Alex McCullough, using Dune analytics, found that Polymarket correctly forecasts outcomes 90% of the time one month in advance. That rate rises to 94% in the final hours before an event closes.
His findings indicate that while user behavior may skew individual markets—due to herd mentality and low liquidity—the platform remains a highly reliable forecasting tool overall.
Polymarket previously required USDC stablecoins for deposits. The addition of Solana, the sixth-largest cryptocurrency by market cap, positions the platform for broader adoption.
The move may also help it reclaim recent user drop-offs and support high-volume betting on topics ranging from Canadian elections to cryptocurrency movements—and even the potential return of Jesus Christ in 2025, currently listed at a 3% chance.
