After upgrading Polymarket, trading volume has declined, while Kalshi's trading scale continues to grow

Polymarket launched an upgraded version of the CLOB v2 platform on April 28th, with a significant decline in both transaction volume and volume on the same day. Monthly trading volume has significantly decreased since its peak in early 2026, but active wallet data remains at a high level. The market believes that the decline is related to system upgrades, API switching, and liquidity adjustments. During the same period, the trading volume of Kalshi tended to stabilize and showed an upward trend. Driven by political, economic, and sports betting events in the United States, its trading volume and user base continued to grow, attracting more American users and institutional funds.