The total value locked (TVL) across crypto-focused prediction markets hit a new high this week, reaching above $550 million, according to data from DefiLlama. The latest milestone surpasses the sector’s previous all-time high, which was driven by on-chain prediction marketplace Polymarket and set during the 2024 U.S. presidential elections.
Polymarket remained the largest platform by TVL, with about $330 million at press time, followed by OPINION with roughly $155 million, and Predict Fun at $21.7 million, the data shows.
Kalshi Leads Volumes
Kalshi, which mainly functions as an off-chain platform despite its continuous push to integrate blockchain, led the sector in trading volumes, posting $2.2 billion in weekly notional volume and hitting a daily record of more than $535.5 million on Jan. 18. Polymarket is currently ranked third by weekly trading volume with about $786 million.
Polymarket, which had long operated as a fee-free marketplace, recently rolled out taker-only fees on certain markets. On Jan. 12, the platform recorded its highest daily revenue so far at just over $109,300. Daily revenue has since fallen and remained below $75,000 as of Jan. 21.
Even with the decline, Polymarket is now the second-largest prediction market by weekly revenue, generating around $550,000 over the past seven days, trailing only OPINION, which made $1.5 million over the same period.
DefiLlama doesn’t report revenue for Kalshi, but estimates suggest the platform earned over $263 million in fees in 2025, with the majority coming from its popular sports markets.
