Polymarket Launches on Solana, Expanding Blockchain-Based Betting
Polymarket, the blockchain-based betting platform, has launched on Solana, allowing users to make deposits using the network, the company announced on Monday via X.
Known for its real-money prediction markets, Polymarket enables users to wager on a broad range of topics, adjusting odds dynamically based on market activity.
Current high-profile bets include the political futures of global leaders, the outcome of Canada’s upcoming election, and cryptocurrency price movements.
More unconventional wagers include whether Jesus Christ will return in 2025, currently assigned a 3% probability.
The number of users engaging with blockchain-based betting platforms has been on the rise, with aspirations of capturing a fraction of the figures from the traditional betting industry.
Forecasted to grow to $133.59 billion by 2029 and amassing over 25 million users in 2022, the traditional market is exploding, with estimates suggesting nearly 40 million users by 2025.
With more than $11.4 billion in trading volumes over the past year, Polymarket has built a reputation for accurately predicting events, including the outcome of the U.S. presidential election last November.
However, the platform has also faced regulatory scrutiny.
Last year, authorities in ### prosecuted an individual for using the platform to bet on the nation’s presidential election, violating local gambling laws. Authorities in countries including Thailand, Singapore, and France have banned the site.
The platform is also officially off-limits to U.S. users following a 2022 settlement with the Commodity Futures Trading Commission “for offering off-exchange event-based binary options contracts and failure to obtain designation as a designated contract market (DCM) or registration as a swap execution facility.”
In November 2024, the FBI raided the New York apartment of CEO Shayne Coplan, seizing his phone as part of an investigation into the platform’s use by U.S. customers.
Despite regulatory headwinds, Polymarket’s standing in political and financial circles appears to be shifting.
On March 8, Coplan participated in the White House Digital Roundtable, a crypto summit attended by President Trump and high-profile CEOs, founders, and investors in the industry.
Announcing the invitation on X, he praised the government’s evolving stance, stating, “This admin’s commitment to collaboration with American innovators is revitalizing the American dream. The future is bright.”
Edited by Sebastian Sinclair