Polymarket open interest is back near election highs, but the structure has changed. Previously, over $500M was concentrated in a single narrative, the US presidential election. Now the same level of capital is distributed across geopolitics, sports, macro, crypto, and culture. It shows the platform is no longer driven by one-off events, but by continuous demand for onchain prediction markets. This is early product-market fit. When liquidity spreads across multiple categories instead of clustering around a single catalyst, it signals a transition from hype to a sustainable market.