Crypto wallet MetaMask plans to partner with Polymarket later this year to broaden its offerings to prediction markets, aiming to capitalize on a sector that has drawn interest from Wall Street.
This integration will allow users to access Polymarket directly through MetaMask’s wallet, facilitating the buying and selling of “shares” to wager on real-world events, including elections, sports, and corporate earnings.
Gal Eldar, MetaMask’s global product lead, shared with Cointelegraph that this collaboration is integral to the company’s vision of evolving from a mere crypto wallet to a gateway for global, democratized finance.
“Every new feature enhances what users can do with their financial assets: trade, earn, invest, speculate, and diversify, all while ensuring full self-custody,” he remarked.
The prediction markets on the Consensys-developed MetaMask are set to launch globally, excluding the US, UK, France, Singapore, Poland, Thailand, Australia, Belgium, Taiwan, and Ontario, Canada.
Prediction markets have emerged as one of the hottest applications in crypto, with their adoption experiencing a significant uptick around the US elections scheduled for November 2024.
Wall Street is also taking notice, as Polymarket received a $2 billion investment from Intercontinental Exchange, the parent company of the New York Stock Exchange, valuing the platform at $9 billion.
Prediction market volumes cool
Although trading volumes on prediction markets have slowed from their peak, the two largest platforms, Polymarket and Kalshi, recorded $1.43 billion and $2.74 billion in volume in September, surpassing their previous combined record from last November, according to data from DefiLlama.
Despite the decline in trading volumes, Eldar remarked that prediction markets remain one of the most potent on-chain primitives because they are inherently “about truth-seeking.”
“When incentives are aligned and participation is broad, markets become self-correcting systems that push us closer to reality. The deeper and more liquid they get, the faster they converge around the truth.”
MetaMask integrates Hyperliquid for perps trading
Additionally, MetaMask has launched perpetual futures via an integration with Hyperliquid as it seeks to gain market share from centralized exchanges in the rapidly growing perps market.
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Recently, decentralized perps trading volume skyrocketed to around $770 billion over the last month, with Hyperliquid leading the way.
However, these figures are still minor compared to the volumes generated by centralized exchanges like Binance, partly because they offer a streamlined user experience.
MetaMask aims to enhance its features to provide users with an experience akin to centralized exchanges while still reaping the security benefits of decentralized platforms.
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