BlockBeats message, April 7, after the prediction market platform Polymarket made fee adjustments on March 30, its fee revenue surged significantly. In the first week of April, the platform generated about $7.1 million in fees, with an annualized return of about $365 million, accounting for 96.8% of the total on-chain prediction market fee amount.
By fees, Polymarket has become the eighth-largest DeFi protocol, trailing only leading projects such as Circle (USDC), Tether (USDT), and Hyperliquid. The platform’s total value locked (TVL) exceeds $432 million, nearing the historical high of about $510 million during the 2024 U.S. election in November.
In terms of infrastructure, the New York Stock Exchange owner Intercontinental Exchange (ICE) completed a $600 million cash investment in Polymarket on March 27, as part of its $2 billion commitment. ICE will distribute the platform’s event-driven data to institutional customers. In addition, Polymarket announced that it will replace the bridged USDC.e collateral on Polygon with a new token supported 1:1 by USDC, “Polymarket USD”.
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