Crypto Prediction Market TVL Reaches Record High

The total value locked (TVL) in crypto prediction markets has surpassed $550 million this week, setting a new record, according to ChainCatcher. This milestone exceeds the previous peak during the 2024 U.S. presidential election. Polymarket leads with approximately $330 million in TVL, followed by OPINION with $155 million and Predict Fun with $21.7 million. However, in terms of trading volume, Kalshi, which primarily operates off-chain, tops the list with a weekly trading volume of $2.2 billion, including a record single-day volume of $535.5 million on January 18. Polymarket ranks third with a weekly trading volume of about $786 million. Polymarket, which previously operated for free, has recently introduced a fee structure in some markets. On January 12, it recorded a single-day revenue of $109,300, which later decreased to below $75,000. Over the past seven days, Polymarket's revenue was approximately $550,000, second only to OPINION's $1.5 million. Kalshi estimates its fee revenue will exceed $263 million by 2025, primarily driven by the sports market.