Polymarket, a leading crypto-native prediction market, has revitalized the Polygon Layer-2 chain by becoming its top application over the past month, driving a significant surge in activity. According to data from Token Terminal and analyst Jonaso, Polymarket recorded a $3.7 billion trading volume in the last 30 days, surpassing other major DeFi apps like QuickSwap and Uniswap on the network. This performance has helped Polygon's daily active wallet count return to levels last seen in late 2024, with the chain now hosting over 1.1 million daily active wallets, bolstered by Polymarket's approximately 70,000 daily users.
The platform's growth is partly attributed to its diverse prediction offerings, including short-term crypto bets on BTC, ETH, SOL, and XRP, though USDC remains the primary stablecoin for transactions. In October alone, Polymarket facilitated 338,000 unique trader addresses, highlighting its expanding user base. However, it faces competition from Kalshi, which reported higher transaction counts and open interest in some periods, such as 16 million transactions versus Polymarket's 12 million in October.
Adding to Polygon's momentum, Revolut, Europe's largest fintech, has integrated the chain for stablecoin payments, crypto trading, and POL staking. This partnership has contributed to Polygon's ecosystem, which now holds $1.19 billion in total value locked and $3.21 billion in stablecoins, with USDC being particularly active due to its use in Polymarket bets. The integration aims to tap into Polygon's user base for reliable value transfers, further solidifying the chain's role in payments and DeFi.
Overall, Polygon's monthly volume reached $7.8 billion, one of its strongest levels in three years, driven by Polymarket's dominance and Revolut's support. Despite challenges like competition and occasional resolution issues on Polymarket, the chain's sustainable growth underscores the rising adoption of prediction markets and Layer-2 solutions.
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