Bloomberg: Polymarket's trading volume was overtaken by Kalshi, marking repeated setbacks in its US market strategy.

According to Huoxun Finance, Polymarket, which has long dominated the prediction market in terms of trading volume, is facing multiple challenges. According to data from Dune Analytics, its global trading volume has been surpassed by its main competitor, Kalshi. In terms of valuation, Kalshi's valuation reached $22 billion after announcing a new round of financing last month, while Polymarket's valuation is $15 billion after receiving a $600 million investment from the Intercontinental Exchange (ICE). Polymarket's biggest bottleneck is the delayed official launch in the US market; its US application is still in the testing phase, and its trading volume in March was only one-twentieth of Kalshi's. Technical challenges posed by the blockchain architecture, repeated product launch delays, recent fee adjustments causing user dissatisfaction, and an exchange outage lasting over an hour continue to plague the platform. Furthermore, Polymarket's allowing users to bet on controversial topics such as war and nuclear explosions has prompted a letter from Democratic members of Congress to the CFTC requesting intervention. ICE CEO Sprecher remains optimistic but admits it's either a complete failure or a home run.