Polymarket Now Accepts Solana Deposits for Prediction Market Wallet
Blockchain betting platform Polymarket made a groundbreaking announcement that users can now deposit funds into their wallets using Solana, starting March 25.
Adding Solana to Payment Options
In a recent post on their official account, Polymarket revealed that users now have the option to deposit funds to their Polymarket wallet balances using Solana (SOL). This development marks Solana’s inclusion alongside other accepted tokens like Ethereum (ETH), USDC (USDC), and Polygon (MATIC).
The platform’s announcement was met with positive reactions from traders, with many praising the addition of Solana for making their lives easier. Some users expressed relief at not having to use USDC anymore and others noted that they might consider using the platform now that Solana is an available payment option.
Polymarket Wallet Features
Traders who sign up for Polymarket gain self-custody over their Ethereum-based wallets, where they can store funds for making bets on various prediction markets, ranging from political events to cryptocurrency trends. The platform primarily accepts USDC but has expanded to include MATIC, Ethereum, and the latest addition, Solana.
Solana’s Market Response
Following Polymarket’s announcement, SOL experienced a price increase, reaching as high as $143.14 shortly after the news. Within the past 24 hours, SOL has risen by 1.07% and is currently trading at $139.66. The token’s market cap stands at over $71 billion, with a daily trading volume of $4.3 billion.
Despite the positive momentum, concerns have been raised about potential regulatory actions in certain countries, with Thai authorities considering shutting down Polymarket to curb gambling activities. The platform is already banned in countries like Taiwan, France, and Singapore.
Trading Volume Insights
Data from Dune analytics indicates that Polymarket’s daily trading volume sits at $27 million, with a recent spike to nearly $100 million coinciding with notable events like President Trump’s inauguration day. In the past month, the platform has amassed close to $1 billion in trading volume, showcasing its growing popularity in the prediction market space.
As Polymarket continues to expand its payment options and attract new users, the platform’s trading volume is expected to fluctuate in response to market trends and regulatory environments.
