After Polymarket Fee Adjustment, Occupies 97% of On-Chain Prediction Market Fees

BlockBeats News, April 7th: PredictIt platform Polymarket saw a significant increase in fee revenue after a fee adjustment on March 30th. In the first week of April, the platform generated approximately $7.1 million in fees, with an annualized revenue of about $365 million, accounting for 96.8% of the total on-chain prediction market fees.

By fee calculation, Polymarket has become the eighth-largest DeFi protocol, trailing only top projects such as Circle (USDC), Tether (USDT), and Hyperliquid. The platform's total value locked (TVL) exceeds $432 million, nearing the historical peak of around $510 million during the November 2024 U.S. presidential election.

In terms of infrastructure, Intercontinental Exchange (ICE), owner of the New York Stock Exchange, completed a $600 million cash investment in Polymarket on March 27th as part of its $2 billion commitment. ICE will distribute event-driven data from the platform to institutional clients. Additionally, Polymarket announced the replacement of the bridged USDC.e collateral on Polygon with a new 1:1 USDC-backed token called "Polymarket USD."