Polymarket Overtakes Kalshi in DEX Spot Transactions

Prediction market activity is accelerating, and Polymarket has now taken the lead.

Recent data on spot DEX transactions shows Polymarket surpassing Kalshi in on-chain trading volume. The chart highlights a sharp surge in activity over recent months, with Polymarket’s blue bars climbing aggressively and flipping Kalshi’s green bars.

Explosive Growth in Activity

After relatively modest volumes through 2023 and early 2024, transaction counts began rising steadily, before accelerating dramatically into 2025 and early 2026.

The steep vertical expansion suggests growing user participation and liquidity, particularly on decentralized rails.

What This Signals

The shift indicates that decentralized prediction markets are gaining traction over more traditional or centralized alternatives.

Polymarket’s growth may reflect:

• Increased political and macro event speculation
• Broader adoption of on-chain platforms
• Rising comfort with decentralized infrastructure

The flip itself is symbolic. Leadership changes in transaction volume often signal where liquidity and attention are migrating within a sector.

Bigger Picture

Prediction markets have historically spiked around major global events. The current expansion, however, appears structural rather than purely event-driven.

If transaction momentum continues at this pace, decentralized prediction platforms could become a more significant component of overall DeFi activity going forward.

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