The Solana network is becoming attractive for decentralized applications like Polymarket. With the deployment on the blockchain, it can now process SOL payments.
Popular crypto-based prediction platform Polymarket has added a new utility with Solana (SOL).
According to an announcement on X, users can now make SOL deposits. Polymarket became quite popular during the United States 2024 presidential election season, but this could be its latest strategy to boost activity on its platform further.
Polymarket Aims For Larger Market Share
Polymarket has utilized the Polygon network since its inception and requires users to buy USDC for deposits.
The expansion to launch on Solana and now include SOL, the sixth-largest cryptocurrency by market cap, is a significant pivot. In the last few weeks, the betting platform has seen some decline in monthly active traders.
In January, Polymarket boasted 450,000 monthly active traders, but this number has now dropped to around 292,000 at the time of this writing. The platform may be banking on Solana’s recent growth amidst the US’s favorable cryptocurrency regulatory framework.
The Solana ecosystem has improved somewhat since generating one of its lowest total transaction fees a few weeks ago.
The SOL crypto has also recorded some price recovery, marking a shift from a week ago. It traded at $144.83 at press time following a 1.44% increase in the last 24 hours.
Polymarket Bets on the Identity of Satoshi Nakamoto
Recently, the number of individuals engaging with prediction platforms has increased. The prediction sector has been projected to reach $133.59 billion by 2029 and 40 million users by 2025.
Polymarket boasts $11.4 billion in trading volumes, offering users a platform to place wagers on topics ranging from politics to digital assets.
Odds are constantly adjusted based on market activities. Some of the current bets are on the political futures of global leaders and the outcome of the upcoming election in Canada.
One of the hottest bets has been on the true identity of Satoshi Nakamoto, the supposed creator of Bitcoin. Last year, Polymarket bettors chose Len Sassaman as the main figure behind the name.
Crypto enthusiasts still ask the question, “Who is Satoshi Nakamoto?” Some sources claim that Nakamoto’s Bitcoin wallet, which holds around 1.1 million BTC, has remained untouched since 2009, and no verifiable messages have been sent from him.
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