Polymarket's trading activity saw a brief decline after the v2 upgrade, with both the number of trades and the trading volume experiencing a significant drop.

BlockBeats News, May 27th - Polymarket announced the official launch of its upgraded CLOB v2 trading platform on April 28th. However, according to Dune Analytics, on the day of the platform upgrade, both the transaction count (Txn) and trading volume of Polymarket saw a significant decline. The daily number of executed orders plummeted rapidly from its previous peak, and the monthly trading volume experienced a sharp decrease after reaching its peak in early 2026.

Nevertheless, looking at the active wallet data, the overall user activity on the platform remains at a relatively high level. Market participants believe that this decline is more related to the system upgrade, API transition, and short-term liquidity adjustments.

Meanwhile, its competitor Kalshi has been steadily expanding during the same period, with trading volume stabilizing and showing an upward trend, while the number of transactions has been steadily increasing. Driven by U.S. politics, macroeconomics, and events related to sports betting, Kalshi's trading volume and user base have continued to grow recently. Leveraging its compliance advantage, Kalshi has been continuously attracting U.S. domestic users and institutional funds.