Over 87% of Polymarket Crypto Wallets Did Not Make a Profit, Layerhub Data Reveals
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
The majority of users on the decentralized prediction market Polymarket have not been able to rake in any profits.
Out of 171,113 crypto wallets active on the platform, 149,383, or 87.3%, did not record profits, according to new data from the on-chain analytics platform Layerhub.
Only 12.7% of wallets, totaling 21,730, managed to achieve positive returns.
Among the profitable wallets, the earnings remain modest for most.
Approximately 2,138 wallets earned more than $1,000, while the majority saw gains of less than $100.
Another 7,400 wallets reported profits in the $100 to $1,000 range, indicating that substantial returns are relatively rare on the platform.
Polymarket, known for enabling users to wager on real-world events using cryptocurrency, has processed around 10.8 million betting trades.
The platform saw a surge in activity between October 6 and 8, with more than 300,000 trades daily.
This uptick is attributed to global events like geopolitical conflicts and the anticipation surrounding the upcoming U.S. presidential election.
It’s important to note that not all crypto wallets are unique to individual users.
Some traders use multiple wallets to diversify their bets, adopting high-risk strategies to maximize their chances of turning a profit.
Data indicates that nearly 25,000 wallets have engaged in more than 50 trades, while about 32,000 wallets completed 20 to 50 trades.
Conversely, around 58,000 wallets participated in only one to five trades, suggesting that most users engage infrequently.
As of October 9, Polymarket’s open
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