Polymarket Expands to Solana Network, Slashing Transaction Costs and Offering Faster, Cheaper Betting

Polymarket Expands to Solana Network to Lower Fees and Boost User Experience

Polymarket, the blockchain-based prediction platform, has integrated Solana’s network for wallet deposits, offering a new alternative to Ethereum's costly transaction fees.

This move aims to enhance user experience by leveraging Solana's reputation for low-cost and fast transactions.

As the platform continues to grow in popularity, particularly in political forecasting, the addition of Solana could significantly broaden Polymarket's appeal to a wider audience.

A Seamless Experience for Retail Users

With Ethereum’s gas fees often deterring smaller traders, Polymarket’s decision to support Solana is expected to streamline participation for retail users.

The network’s rapid transaction finality and low fees position the platform for scalability, enabling more detailed predictions across various sectors.

Polymarket announced on X,

"Starting today, you can now make deposits into your Polymarket wallet using Solana."

Polymarket’s Meteoric Growth Amidst Political Betting

Polymarket has grown rapidly in 2024, becoming a key player in political prediction markets.

The platform saw millions in daily trading volume, especially during the US presidential race, where traders speculated on outcomes from primary victories to battleground state results.

The surge in trading volume revealed Polymarket's capacity to provide a near-instant gauge of public sentiment, sometimes offering a quicker read than traditional polls.

Unprecedented Accuracy in Forecasting

Research into Polymarket’s forecasting precision has confirmed its effectiveness.

Data scientist Alex McCullough’s study revealed that the platform was 90% accurate when predicting event outcomes one month ahead, with accuracy increasing to 94% in the final hours before an event's resolution.

McCullough’s findings were based on a Dune Analytics dashboard, excluding extreme market odds to avoid predictable outcomes.

Despite occasional overestimations, the results showed that Polymarket offers a high level of predictive reliability.

Regulatory Challenges in Global Markets

Despite its success, Polymarket has faced regulatory hurdles.

The platform is banned in several countries, including Thailand, Singapore, and France, and authorities in Taiwan prosecuted an individual for using it to bet on the country’s presidential election.

In the US, Polymarket is prohibited after a 2022 settlement with the Commodity Futures Trading Commission (CFTC) for offering unregistered binary options.

A further blow came in November 2024 when the FBI raided the New York apartment of CEO Shayne Coplan, seizing his phone as part of an investigation into Polymarket’s operations with US customers.

Polymarket's Rising Influence Despite Setbacks

Despite these challenges, Polymarket continues to hold influence in both political and financial circles.

On 8 March 2025, CEO Shayne Coplan attended a White House Digital Roundtable, an event attended by high-profile figures, including President Trump, CEOs, and founders in the crypto space.

Following the event, Coplan expressed his appreciation for the US government’s evolving approach to crypto, stating,

“I'm honored to join the White House Digital Asset Roundtable tomorrow, representing Polymarket. Thank you to President Trump for the invitation.

This admin's commitment to collaboration with American innovators is revitalizing the American dream.

The future is bright.”

Polymarket’s Growing User Base Reflects Traditional Market Growth

The rise of blockchain-based prediction markets like Polymarket coincides with the expansion of the global betting industry, forecasted to grow to $133.59 billion by 2029.

In 2022, traditional betting platforms amassed over 25 million users, with projections indicating that number could reach nearly 40 million by 2025.

Polymarket’s increasing user engagement mirrors this trend, highlighting the platform’s appeal to those looking for an alternative to traditional betting.

With over $11.4 billion in trading volumes in the past year, Polymarket’s status as a leader in blockchain-based betting platforms continues to solidify, despite regulatory headwinds.

Source: token terminal