Blockchain-based prediction market platform Polymarket has introduced a new referral program aimed at allowing users to earn from their network. This initiative is a significant expansion from a previous private beta phase to all traders who meet a threshold of over $10,000 in trading volume.
How does the referral program function? Direct referrals allow users to earn a 30% commission on trading fees generated by those they refer, while indirect referrals yield a 10% commission. The structure does not limit potential earnings, providing users with a fully automated tracking mechanism that ensures they receive real-time updates on their earnings, which are directly deposited into their accounts. Users have the flexibility to create multiple referral campaigns through unique links, enabling clear tracking of engagement across different platforms.
However, it is crucial for participants to avoid deceptive practices. The platform has made it clear that any user attempting to manipulate the referral system will face permanent suspension, losing all eligibility for future earnings in the process.
In addition to launching this referral program, Polymarket is revising its fee structure. Effective March 30, taker fees will now cover nine market categories, including crypto, sports, politics, finance, and more. Fees will be determined using a standardized formula tied to trade size and price, with the peak effective rates potentially reaching 1.8%. Fees will remain the lowest at extreme probability levels, while they will increase near midpoint probabilities.
Historically, Polymarket has thrived on a zero-fee structure, which attracted millions of users and facilitated over $3.3 billion in betting during the 2024 US presidential election alone. With aspirations for a fresh funding round near a $20 billion valuation, Polymarket faces increasing regulatory scrutiny, paralleling challenges faced by competitors such as Kalshi.