There was a small disappointment behind the infamous polymarket, where it turned out that only 12.7% of cryptocurrency wallets were able to make a profit. Not only that, but on an on-chain prediction market platform, it appears that winners could barely make $100.
Polymarket and disappointing data: only 12.7% of crypto wallets are profitable on the platform
Layerhub reports that only 12.7% of crypto wallets on Polymarket were able to make a profit.
Specifically, it was analyzed that out of a total of 171,113 cryptocurrency wallets on Polymarket, only 21,730 are making confirmed profits. On the contrary, the remaining 149,383 (87.3%) have never won a bet.
In fact, with the famous on-chain market prediction platform, it is not so easy for users to get the wealth they were looking for. Recall that Polymarket allows users to bet on future world events in a decentralized manner.
Obviously, not all cryptocurrency wallets represent individual users. Traders can manage multiple wallets and decide whether to place high-risk, high-reward bets to increase their profit potential.
In any case, the disappointing data doesn’t end there. In fact, in addition to the low percentage of cryptocurrency wallets making money on the platform, the percentage that earns significant funds appears to be even lower.
Therefore, out of 21,730 lucky cryptocurrency wallets, only 2,138 users made more than $1,000 in profits. The majority of the remaining crypto wallet profits were less than $100.
Polymarket and some winning crypto wallets: Analysis by LayerHub
Yesterday, the LayerHub protocol announced that it has added Polymarket to its platform to track data.
‼ ️Important:
– Volume may differ from what you see on Polymarket as it is counted differently in Polymarket. Net trading volume is displayed.
– There may be a problem with the ranking display when checking multiple wallets. Already working on it
— LayerHub (@layerhub) October 8, 2024
“We are excited to announce that @Polymarket is now available on LayerHub. Explore Polymarket activity directly on our platform. To understand the health and growth of the project, you can use your unique wallet, Track your transactions, open interest, etc. Please use the wallet created by Polymarket. Important: – Net transactions may differ from what you see on Polymarket, as quantities are counted differently. – There is an issue with the ranking display when checking multiple wallets. We are already working on it.”
LayerHub describes itself as a true gateway to the Web3 data world. Thanks to its platform, users can explore all the information they need on different platforms and make more informed decisions regarding their crypto projects.
Elon Musk’s praise
The data reported by LayerHub on Polymarket is a bit disappointing in terms of realized profits, but some are supportive of the core business platform.
This is Elon Musk, the world’s richest man, who praised polymarkets by saying that, in his opinion, they are far more accurate than political polls.
In commemoration of America’s most anticipated event, the presidential election, Musk shared Trump’s bullish stance on Kamala as reported by Polymarket.
In this sense, Mr. Musk seems to have wanted to emphasize that he trusts this data more than political polls, given that “real money,” or cryptocurrencies, is at stake.
