Polymarket, the leading on-chain prediction platform, is unrolling its app for the US market. Access will be based on a waiting list, and prediction pairs will start with sports first.
Polymarket is starting the distribution of its mass-adoption app after settling the regulatory requirements for prediction market companies. The app launch is marking the return of Polymarket after falling out with US regulators in 2022.
As Polymarket previously planned, the rollout will be gradual, with a limited beta version based on a waiting list. To enter the waiting list and become a part of the expansion, users must download the currently available Polymarket app.
The app launched on the Apple Store, with an Android version coming soon. The competitive waiting list led to mass downloads, and the app received a 4.9-star rating after 29K reviews.
Polymarket remains highly active after posting record volumes in October. The platform continues to tap global users through on-chain predictions. However, the highly popular current events markets will launch at a later date. The US-based launch will start with limited predictions on sports events.
Polymarket kept adding new users in November
In the past month, Polymarket almost repeated the record performance from October. The on-chain app brought in over 377K new accounts, after expanding by 400K new accounts in October.
In total, the app had 494K monthly active traders in the whole of October, expecting similar results in the coming months. Polymarket expanded rapidly after announcing its upcoming ICO. The biggest driver for its growing popularity was wallet and social media partnerships.
Daily volumes are also showing a trend of expansion, easily reaching a range of around $130M per day.
Polymarket remains a leading on-chain prediction market, although competition is growing with new platforms.
Polymarket launch almost resolves prediction pair
The launch of the app waiting list affected the prediction pair anticipating Polymarket’s launch in the USA.
Hours after the launch announcement, the pair was not yet resolved. The ‘yes’ token traded at $0.992, but trading was not closed. The outcome was disputed twice after a ‘yes’ proposal, and entered the final settlement process, which was predicted to take a few hours. The pair was highly active, reaching over $19M in total volumes.
The pair resolution is not considered valid, since Polymarket announced a waiting list launch. The discussion also recalled that Polymarket will consider a launch only after it starts accepting real money for trading resolution tokens. The pair may still resolve to ‘No’ based on these criteria, causing the ‘yes’ token to crash.
The prediction pair also relied on the UMA protocol consensus, which has previously handled contentious issues. Polymarket continues to have rare events when the prediction pair cannot be resolved clearly, leading to prolonged discussions and exposure to the UMA voting mechanism.
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