Polymarket adds Solana deposits, boosting the platform's flexibility and market reaction as SOL sees a price bump - IcoHolder.
Polymarket, a popular blockchain-based prediction platform, has announced that users can now deposit Solana (SOL) into their Polymarket wallets starting today, March 25. This move brings Solana into the fold alongside other accepted tokens such as Ethereum (ETH), USDC, and Polygon (MATIC).
In a recent post, Polymarket shared the update with its user base, informing them that Solana deposits are now available. This addition is expected to attract Solana supporters, with many traders in the comments expressing positive reactions. Some saw it as a sign of Solana’s increasing recognition in the blockchain space, especially after its recent inclusion in the U.S. digital stockpile.
The addition of Solana allows users to bypass previous limitations on depositing funds using only USDC, a move that some traders celebrated as more convenient. “Thank God I don’t have to use USDC anymore!” exclaimed one user, while others noted that Solana’s integration could make the platform even more user-friendly.
After the announcement, Solana’s price saw a slight bump, rising as high as $143.14 shortly after the post was shared. At the time of writing, SOL is trading at $139.66, with its market cap surpassing $71 billion. Its daily trading volume has surged by over 40%, highlighting the immediate impact of the Polymarket integration.
Polymarket continues to grow, offering a decentralized prediction market for various global events, from elections to cryptocurrency price movements. With Solana now added as a deposit method, the platform has made a major stride in providing more flexibility for users.
Polymarket’s wallet system, which allows self-custody of funds, primarily uses USDC, but users can now also deposit Solana, Ethereum, and Polygon tokens. As the platform evolves, it will be interesting to see how the addition of SOL impacts its trading volume, which has already seen impressive figures, including a spike to nearly $100 million on January 20 during President Trump’s inauguration.
However, Polymarket's expansion isn't without its challenges. The platform faces potential shutdown threats from Thai authorities as part of a broader crackdown on gambling. Additionally, Polymarket is banned in several countries, including Taiwan, France, and Singapore. Despite these hurdles, the platform’s ongoing innovations and growing user base suggest that it will remain a key player in the blockchain prediction market space.
As Solana continues to gain prominence, the impact of its integration into Polymarket will likely unfold in the coming days, potentially attracting more traders and boosting the platform’s already significant trading volume.
