Polymarket has incorporated support for Solana (SOL) wallet deposits, a strategic decision aimed at reducing transaction fees and enhancing the user experience as the blockchain-based prediction market continues its remarkable ascent.
This integration introduces one of the fastest and most cost-effective networks in the industry to a platform that has firmly established itself as a key player in event-driven forecasting.
The announcement was made on March 24:
“Effective immediately, you can now deposit into your Polymarket wallet using Solana.”
The integration of Solana is anticipated to further simplify user engagement, especially for retail participants who have been discouraged by the higher gas fees associated with Ethereum (ETH).
With nearly instantaneous finality and transaction costs that can be measured in fractions of a cent, Solana enables Polymarket to expand its user base and facilitate more detailed forecasting across various sectors.
Remarkable growth
Polymarket experienced tremendous growth in 2024, emerging as a pivotal center for political predictions and election-related insights. With thousands of users engaging in markets linked to the US presidential campaign, the platform often surpassed traditional pollsters in both accuracy and speed.
Traders could speculate on outcomes ranging from primary election results and debate performances to battleground state outcomes and Electoral College margins.
As the election cycle advanced, the predictive markets on the platform became a valuable alternative data source for analysts, media outlets, and even political strategists seeking a crowd-sourced perspective on voter sentiment.
At its peak, Polymarket handled millions in daily volume, with users placing real money bets to express their confidence in various scenarios.
The market focused on the 2024 presidential winner attracted unprecedented interest, with odds reflecting real-time updates based on trader actions. Following televised debates or significant news events, activity on the platform often surged, providing a quicker snapshot of sentiment than traditional polling methods could achieve.
Demonstrated accuracy
The increasing visibility of Polymarket has coincided with a growing body of evidence supporting its accuracy in forecasting. A recent study conducted by data scientist Alex McCullough utilized a Dune Analytics dashboard to assess the platform’s efficacy.
His findings indicated that Polymarket was 90% accurate when predicting event outcomes one month prior to resolution, with accuracy rising to 94% in the last four hours before resolution.
McCullough’s approach filtered out markets with extreme pricing — odds over 90% or below 10% — to minimize the influence of predictable outcomes.
He pointed out that while the platform sometimes overestimated probabilities, this deviation was largely due to behavioral factors such as herd mentality, low liquidity, and a preference among users for high-risk, high-reward bets.
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