The prediction market sector has undergone a 22x fee transformation since January 2024. Monthly fees grew from **$1.8M (Jan 2024)** → **$7.4M (Dec 2025)** → **$18.1M (Jan 2026)** → **$40.5M (Apr 2026 all-time high)**. The September 2025 inflection was crypto-momentum driven; by Q1 2026, geopolitics (tariffs, Iran, Ukraine ceasefire) took over as the primary volume engine. Monthly trading volume across platforms crossed **$20B+ in early 2026** with 800,000+ unique wallets. Polymarket and Kalshi together command >97.5% market share — but challenger protocols like Limitless Exchange (+180% 30D) are accelerating fast. Institutional capital now accounts for ~55% of deployed funds, marking the segment's evolution from niche crypto experiment to mainstream financial primitive (Polymarket CEO appeared on 60 Minutes; live odds now embedded in Google Finance).

Prediction Markets: From $1.8M to $40.5M/Month in 28 Months

Category Monthly Fees & Revenue (Jan 2024 – May 2026)

Prediction Market Fees — Protocol Breakdown

Prediction Market Revenue — Protocol Breakdown

Prediction Market Fee Dominance Over Time

**Polymarket is the undisputed leader**, capturing ~91% of 30-day fees ($35.4M of $38.8M total). Its TVL stands at $447M, driven by political, sports, and geopolitical markets. **Limitless Exchange** is the fastest-growing challenger at +180% 30D fee growth — its $2.4M in 30D fees is still small but the trajectory is steep. **Opinion** leads all-time non-Polymarket fees at $17.7M but has decelerated to $153K/30D. **PancakeSwap Prediction** ($10.4M all-time) is declining (-13% 30D). **Azuro** serves as betting middleware infrastructure, operating across 6 chains. The market is consolidating further, not diversifying.

Protocol Rankings & Competitive Landscape

Top Protocols by 30-Day Fees

All-Time Fees vs Revenue by Protocol

Challenger Protocols Weekly Fees (ex-Polymarket)

Polymarket is the dominant on-chain prediction market with **$447M in TVL** and over **$59M in all-time fees** (international arm alone). Its 30D fees grew +54.6% while the US arm grew +14.4% — reflecting continued global expansion. Notably, the US arm's revenue dropped -54.6% 30D despite fee growth, suggesting fee structure changes or increased LP payouts. A single market — "Will the US strike Iran by Feb 28, 2026?" — attracted $73M, the largest geopolitical contract in Polymarket's history.

Polymarket Deep Dive

**Limitless Exchange (Base):** The fastest-growing prediction market at +180% 30D fees ($2.4M). Features hourly and daily market depth with >$600M cumulative volume. Has its own token ($LIMIT, geckoId: limitless-3) with P/F and P/S ratio tracking available. **Azuro Protocol:** Deployed across 6 chains (Arbitrum, Base, Chiliz, Gnosis, Linea, Polygon), functioning as betting middleware infrastructure. +101.6% 30D fee growth. **Overtime:** The sports prediction specialist on 6 chains, offers options-style markets. Has token ($OT) with holder revenue distribution. **Predict Fun (Blast/BSC):** +34.7% 30D growth with $14.4M TVL. **New entrants (May 2026):** OddMaki launched permissionless CLOB infrastructure on Base; Drift BET is scaling on Solana with perpetual-style prediction markets.

Challenger Protocol Deep Dives

Sortable table of all prediction market protocols tracked by DefiLlama — with fees, revenue, TVL, and growth metrics across all time windows.

Full Protocol Rankings Table

**Revenue comparison of Ethereum's two largest privacy protocols.** Railgun ($79.5M TVL, ~$295K in 30d revenue) leads Tornado Cash ($489.6M TVL, but $0 revenue captured to protocol per current tracking, ~$324K in 30d fees) in structured revenue capture. Tornado Cash still commands the larger anonymity pool and remains the top mixer on Ethereum-based networks post-2025 OFAC sanction relief, but stablecoin/user migration during the sanctions era (2022-2025) shifted flow share toward Railgun and zkBOB — a shift that has largely stuck even after sanctions lifted in March 2025.

Privacy Protocols: Railgun vs Tornado Cash

Revenue: Railgun vs Tornado Cash

Fees: Railgun vs Tornado Cash

TVL: Railgun vs Tornado Cash

Tornado Cash was OFAC-sanctioned in Aug 2022, dropping its mixer share to ~16%, then sanctions were lifted in March 2025 and it recovered to over 40% of quarterly mixer share by Q4 2025 before settling near ~20% in 2026 YTD (per TRM Labs, unverified). Despite recovering activity, its stablecoin flows never returned to pre-sanction levels — Railgun and zkBOB retained users who migrated during the ban (per AMLBot analysis, unverified). Railgun has become the most stablecoin-diverse privacy protocol, processing USDT/USDC/DAI across $1.58B cumulative volume, while Tornado Cash remains almost exclusively DAI-denominated.

Context: Regulatory Backdrop & Category Landscape

# HYPE Token & Hyperliquid Protocol Overview
This dashboard provides a comprehensive look at the HYPE token and the various components of the Hyperliquid protocol, including its bridge, HLP, spot orderbook, and perps platform. We will analyze key financial metrics and market positioning.

Hyperliquid Subprotocols: TVL Comparison

**Insight:** The TVL comparison highlights the distribution of capital across Hyperliquid's core components. The bridge typically holds the largest TVL, facilitating asset transfers into the ecosystem, while HLP and the spot orderbook contribute to the protocol's internal liquidity and trading infrastructure.

**Spot Orderbook Activity:** The Hyperliquid Spot Orderbook contributes to the protocol's overall trading volume, fees, and revenue, offering a traditional exchange experience within the ecosystem.

**HLP Contribution:** Hyperliquid HLP (Hyperliquid Liquidity Provider) generates fees and revenue from providing liquidity to the protocol's trading activities, playing a crucial role in market depth and efficiency.

# DePIN Ecosystem Overview
This dashboard provides a comprehensive look into the Decentralized Physical Infrastructure Networks (DePIN) sector. DePIN projects leverage blockchain technology to incentivize the build-out and operation of real-world physical infrastructure, ranging from wireless networks to energy grids and storage solutions. We will explore key metrics such as Total Value Locked (TVL), fees generated, and market share among the top protocols.

**TVL Analysis:** The Total Value Locked (TVL) chart illustrates the capital committed to the top DePIN protocols. A growing TVL often indicates increasing confidence and participation in these decentralized infrastructure projects, reflecting the expansion of their underlying networks.

**Fees Generated:** This chart highlights the weekly fees generated by the leading DePIN protocols. Fees are a crucial indicator of actual network usage and economic activity, demonstrating the utility and demand for the services provided by these decentralized infrastructures.

**Market Share by Fees:** This stacked area chart visualizes the market share of fees among the top DePIN protocols. It provides insight into the competitive landscape, showing which projects are capturing the most economic activity within the sector over time.

**DePIN Protocols Table:** This table lists all tracked DePIN protocols, providing a detailed overview of their individual metrics. It serves as a valuable resource for deeper analysis into specific projects within the ecosystem.

# N7 vs: Protocol Comparison Dashboard
This dashboard provides a comprehensive comparison of key DeFi metrics for Pendle, Morpho, and Sky. For Syrup, Hype, and Sky, where full protocol data is not available, we present token-specific metrics. FFI and Are They could not be resolved to known protocols on DefiLlama.

Rugged Snappy Llama

Predication

Public dashboard library

Peri

HYPE

DePIN

N7 vs

Hyperliquid vs 7 competitors

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