Polymarket Introduces Solana Deposits

Polymarket, a platform for blockchain-based betting, announced that users can deposit funds using Solana as of March 25.

In a recent update, the platform notified users that they can now deposit Solana (SOL) into their Polymarket wallet balances. Solana joins other accepted tokens such as Ethereum (ETH), USDC (USDC), and Polygon (MATIC) for adding funds to prediction market wallets.

"From now on, you can make deposits into your Polymarket wallet using Solana," Polymarket announced on their official account.

The addition of Solana to Polymarket's wallet feature received positive feedback from traders. Some saw it as a sign of Solana's growing recognition following its inclusion in the U.S. digital asset reserve. Others, loyal to Solana, praised Polymarket for simplifying the process.

"I'm relieved that I no longer need to use USDC!" one trader exclaimed.

"Smart move, now I might actually use it," another user commented.

"So deposits from Solana, but the markets are still on Polygon, interesting," wrote one trader.

Upon signing up to Polymarket, traders are given self-custody of their own Ethereum-based wallet, which stores funds used for betting on various prediction markets on the platform. These markets cover a range of topics, from political elections to cryptocurrency market movements. While USDC is the primary currency accepted by the Polymarket wallet, it also accepts Polygon's MATIC, Ethereum, and now Solana.

After Polymarket announced that it would accept Solana as a payment option for its prediction market wallet, SOL saw a mini-surge, reaching as high as $143.14 minutes after the post was shared.

In the past 24 hours, SOL has increased by 1.07% and is currently trading at $139.66, according to data from crypto.news. Solana's market cap currently stands at over $71 billion, and its daily trading volume has risen by 42.30% to $4.3 billion in the past trading day.

According to data from Dune analytics, Polymarket's daily trading volume is at $27 million. On January 20, its trading volume peaked at nearly $100 million, coinciding with President Trump's inauguration. In the past month, the prediction market platform has accumulated nearly $1 billion in trading volume. It remains to be seen whether the addition of SOL will increase its trading volume in the coming days.

Earlier, Thai authorities announced that they may consider shutting down Polymarket as part of a crackdown on gambling activity in the country. Polymarket is currently banned in several countries, including Taiwan, France, and Singapore.