On-chain activity on Polymarket, a decentralized prediction market platform, is heating up, as revealed today by market analyst Terminal Token. Data shows that the average monthly active addresses on Polymarket have climbed to a new all-time high of 679k, an indicator that the network’s popularity and user application are significantly rising.
Typically, the number of active wallet addresses reflects the level of activity in a blockchain network. Higher counts suggest stronger user adoption on a chain, and in the above case, it shows rising usage and interest in the Polymarket’s platform.
What Active User Numbers on Polymarket Mean
According to data reported today by Token Terminal, the prediction market platform has made a new record-breaking milestone in its active users per month. As of today, February 17, 2026, the number of monthly active users on Polymarket reached 679,000, a new record high. This is so far the highest monthly active trader count in the platform’s history, a reflection of increasing user participation and engagement in the decentralized network.
At the same time, Polymarket recorded a monthly trading volume of $3.641 billion as of today, setting a new unmatched level, as per data sourced from DeFiLlama. This climb placed Polymarket in the second position as the second-largest prediction market platform in terms of monthly transaction activity.
As reported today by DeFiLlama, Kalshi recorded a $4.152 billion monthly trading volume, making it the top decentralized market platform. OPINION, Probable, and Predict.Fun took the third, fourth, and fifth positions, as indicated by their $2.394 billion, $1.839 billion, and $382.93 million monthly trading volumes, respectively.
New Zealand Warns Kalshi and Polymarket
The figures above show a massive rise in the Polymarket’s traction and usability, an indicator of rising customer interest in its platform and other prediction markets.
Decentralized prediction markets have revolutionized the way people express their opinions of future real-world outcomes, from entertainment, sports, macroeconomic data, political elections, and others, by simply trading yes or no event contracts and possibly earning from such outcomes.
Despite these platforms becoming more mainstream across the world, they continue to face regulatory challenges since their prominence in late 2024. Today, New Zealand’s gambling regulator denounced Kalshi and Polymarket as financial trading platforms operating in the country, citing them as illegal entities under the nation’s gambling regulations.
The authority disclosed that Kalshi and Polymarket are unlicensed projects and warned that New Zealand customers using unauthorized sites face risks. The same situation also happens in China. Chinese authorities maintain stringent bans on crypto trading and online gambling, and even block platforms like Polymarket, Kalshi, and others using the Great Firewall. However, local traders have been able to access such decentralized markets through VPNs (virtual private networks).
