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Just caught this on Defillama - Polymarket made it into the top 5 cryptocurrency protocols by revenue last week, pulling in $6.16M. Didn't expect to see a prediction market up there with all the DeFi giants, but it makes sense with what they rolled out in late March.
They started charging taker fees across pretty much all trading categories for the first time, and that's where the money's coming from. The fee structure is dynamic though - crypto-related contracts are hitting peak rates around 1.8%, which is pretty steep. Other categories like sports and politics are lower, somewhere around 1.5% at the top end.
Interesting move for a top 5 cryptocurrency protocol. The variable fee model based on market dynamics means you're not getting hit with the same rate every time. Worth watching how this affects their volume going forward.