Polymarket on Fire: Web3 Prediction Market Soars with a Bit of Magic
Update: Since our original publication Polymarket has gone on to become one of the biggest names in crypto.
Polymarket, the leading decentralized prediction market, has experienced a 700% increase in monthly new accounts since Jan, exceeding $347 million in July.
This growth can be attributed, in part, to their strategic partnership with Magic's Wallet-as-a-Service platform.
Frictionless Onboarding: Web3's Missing Puzzle Piece
Decentralized prediction markets have long been touted as a groundbreaking application of Web3. They offer transparency, efficiency, and verifiable ways to wager on real-world events, from sporting matches to election outcomes. However, a major hurdle to their widespread adoption has been the cumbersome process of setting up a crypto wallet and navigating dApps.
Enter Magic.
By eliminating this onboarding friction, Magic empowers users to jump straight into the action on platforms like Polymarket. This seamless experience is evident in Polymarket's 2,100% increase in daily active wallets during the same period. Magic's user-friendly approach has unlocked a new wave of participants for Polymarket.
New Users Fuel the Fire:
The most telling indicator is the exponential growth in new user engagement. According to a recent Dune Analytics report, new wallets visiting Polymarket jumped from 18% to 58% in just three weeks. This shift helps demonstrate the impact of Magic's frictionless onboarding in attracting new users to the platform.
A Match Made in Web3:
Polymarket's choice of Magic was anything but random.
Magic is the most battle-tested wallet provider in Web3, having generated over 30 million wallets for leading players like Immutable, Helium, Mattel, and Macy's. Plus, Magic has industry-leading security practices and an unrivaled commitment to user experience making us the perfect partner for a platform like Polymarket.
As Shayne Coplan, Polymarket CEO, stated, "Magic has been instrumental in our recent success."
Looking Ahead: Building a Brighter Web3 Future
While Polymarket's growth is cause for celebration, it's important to remember that Web3 is still in its early stages. Challenges like user education, regulatory uncertainties, and scalability remain. However, success stories like Polymarket's rise provide a glimpse into the potential of Web3.
At Magic, we believe in a future where individuals own their digital assets and have the freedom to participate in the onchain economy without barriers. Our partnership with Polymarket is a testament to this vision, and we are eager to witness what the future holds for them.
By working together, Web3 platforms and infrastructure providers like Magic can unlock the full potential of this revolutionary technology and empower individuals to take control of their digital lives.