Connect with us
Active Currencies 17363
Market Cap $3,409,303,413,580.70
Bitcoin Share 61.56%
24h Market Cap Change $-1.70

Polymarket’s new partnership with Elon Musk’s X – Userbase already checking out?

2min Read

Some say it’s innovation, others call it gambling – But what is it actually?

Polymarket's new partnership with Elon Musk's X - Is its userbase already checking out?

Share this article

  • Polymarket has partnered with Elon Musk’s xAI and X, boosting blockchain prediction market visibility
  • Rising usage in sharp contrast with declining Open interest and criticism amid Trump–Musk tensions

In a significant move, crypto-based predictions platform Polymarket has entered into a strategic partnership with Elon Musk’s xAI and its associated social media platform, X (formerly Twitter).

The collaboration, announced by Polymarket CEO Shayne Coplan, positions Polymarket as the official predictions market partner for both X and xAI.

He said,

“The two top truth seeking apps on the internet are stronger together. Welcome to News 2.0.”

This alliance is a sign of the growing integration of blockchain-powered prediction tools within mainstream tech ecosystems. 

Polymarket makes waves

Polymarket surged into the spotlight during the U.S presidential race, emerging as the go-to platform for real-time political sentiment and probabilistic forecasts.

In fact, in the month of May, Polymarket recorded a trading volume of $1.103 billion – Marking its fourth consecutive month-on-month hike.

Source: Dune Analytics

Worth noting, however, that this figure was still significantly below its December 2023 peak of $2.577 billion.

Similarly, while 145.7k new users joined the platform, the number of active traders declined to 277.7k, extending a four-month downward trend.

Open Interest, once soaring at $512 million during the height of the election season, soon dropped sharply to approximately $100 million. This is a sign of both the platform’s evolving user engagement and the cyclical nature of its market activity.

As expected, the announcement of Polymarket’s partnership with xAI and X has not been without controversy, coming on the heels of escalating tensions between U.S. President Donald Trump and Elon Musk.

Community reactions

Now, while many have praised the move as a step towards broader adoption and innovation in prediction markets, critics have been quick to question the motivations behind it.

For instance, one user on X voiced concerns over the alliance, hinting at underlying political dynamics and potential biases influencing the platform’s direction.

“wow now X is a gambling app.”

Such a mixed reception underscores the fragile intersection of technology, finance, and politics, particularly at a time when public trust and transparency are paramount.

Share

Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.