Polymarket CEO Plans to Introduce Fees for Revenue Growth

CEO Shayne Coplan of Polymarket suggests the likelihood of adding fees to boost revenues on the crypto prediction platform. Users engage in event predictions using USDC on the platform, which has secured $70 million in funding, with Ethereum co-founder Vitalik Buterin as an investor.

Despite facing revenue challenges, Polymarket achieved a remarkable milestone in July 2024, surpassing $1 billion in monthly trading volumes. In parallel, DuelNow, an Arbitrum-based decentralized sports betting platform, received $11 million in funding, highlighting the increasing popularity of Web3 betting platforms.

Additionally, Polymarket has emerged as a significant player in the crypto-betting sector, achieving over $1 billion in trading volume. Other notable ventures in the Web3 betting space include Maincard.io and Ixia Capital's ambitious plans for startup investments, underscoring the rapid growth of the online sports betting market.