From Polymarket to Probable: Deconstructing the Prediction Market Involution Index and Anti-Harvesting Strategies

Original author: KarenZ, Foresight News

Airdrop hunting has evolved into a sophisticated investment. However, in the highly sought-after prediction market sector, not all projects are worth investing time and capital in.

Prediction markets, in particular, differ from zero-cost testnet tasks as they usually require placing bets with "real money." Although the amount per bet is controllable, this "pay-to-play" threshold directly filters out a large number of pure freeloading script users and also brings the risk of capital attrition for real users.

If you're still debating which project to place your chips on in 2026, this article will help you analyze from three dimensions: reasons for attention, level of involution (competitive data), and cost-effectiveness of interaction.

But before charging in, please read this "self-defense" guide first:

• Regulatory risks.
• Do not participate with funds you cannot afford to lose.
• Prediction markets are susceptible to bot manipulation, market manipulation, and insider trading.
• Participating in prediction market interactions requires you to have some judgment ability regarding news hotspots, sports events, or crypto industry dynamics.
• Read the resolution rules clearly, including the contract's specified sources, whether the deadline includes the day itself, wording traps, etc.
• If you place bets blindly just to刷 interactions, you will most likely face the risk of losing your principal. Data from Hubble AI shows that "on Polymarket, the most active retail trader group (mid-frequency), although having the highest win rate on the platform, has a median actual return close to zero due to limitations in capital efficiency and a lack of systematic advantage."
• Try hedging strategies: For uncertain prediction markets, avoid one-sided bets; try cross-platform hedging instead. Although there is price difference and slippage wear, this can minimize the risk of one-sided betting and focus on刷 trading volume. It is particularly important to note that no trading strategy can completely avoid risk; carefully evaluate when operating.

Polymarket

Why is it worth attention?

• Leader in prediction markets;
• Cumulative financing exceeds $22 billion, including a $20 billion strategic investment from Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.
• Polymarket CMO Matthew Modabber confirmed the POLY token and airdrop plan in October 2025.
• Polymarket has been approved by the CFTC to launch in the US and is returning to the US market.
• Strong expectations for a token launch and retrospective airdrop in 2026.

How competitive is it?

• Nearly 920,000 cumulative traders, a large user base.
• Monthly active users have remained above 460,000 for the last 3 months, indicating stable user stickiness.
• Weekly trading volume has been above $1 billion in recent weeks.
• The average number of transactions per active wallet per day increased from less than 10 in December 2025 to a peak of 23 in early January, showing a surge in trading activity.
• In terms of average bet size, 20.69% of users average bets below $10, 30.35% average between $10 and $50, 23.91% average between $100 and $500, and 0.24% average over $10,000.

Is it worth interacting with?

Worth participating, but costs must be strictly controlled. As a heavily competitive project, its potential airdrop scale is highly attractive. However, Polymarket's mature user ecosystem means a large number of historical traders have already occupied part of the retrospective airdrop quota. New users should rationally evaluate the input-output ratio. In October 2025, according to Bloomberg, Polymarket was in early talks with investors to raise funds at a valuation of $120-150 billion, a more than tenfold increase from four months prior, indicating continuous appreciation of the project's value.

Kalshi

Why is it worth attention?

• Cumulative financing is close to $16 billion. The most recent Series E round occurred in December 2025, raising $1 billion at an $11 billion valuation, with participation from Sequoia, a16z, ARK Invest, Y Combinator, etc., doubling the valuation compared to the $3 billion financing in October 2025.
• Regulated by the U.S. Commodity Futures Trading Commission (CFTC).
• Kalshi has not officially disclosed any token or airdrop plans. However, based on its recent expansion into the crypto ecosystem, community analysis suggests airdrop expectations exist.

How competitive is it?

• Cumulative notional trading volume reached $30 billion.
• Notional trading volume has been spiraling upward since August 2025, with recent weeks seeing volumes between $1.5 billion and $2 billion, showing steady growth momentum.
• Total number of trades is close to 130 million, placing its trading activity at the forefront of the prediction market field.

Is it worth interacting with?

Participate cautiously, low cost-effectiveness. On one hand, the project has no clear token issuance or airdrop timeline, making it highly uncertain; on the other hand, Kalshi charges transaction fees, making刷 volume costly. Furthermore, its mature business model suggests a relatively lower need for token incentives, making the likelihood of an airdrop relatively limited.

Opinion

Why is it worth attention?

• Opinion is one of the fastest-growing prediction markets, with growth rates significantly领先 most competitors in the same period.
• Opinion was selected for the 7th season of YZi Labs' MVB accelerator program in 2024.
• Opinion completed a $5 million seed round led by YZi Labs in March 2025. In December, the Opinion team disclosed receiving additional tens of millions of dollars in funding support.
• Opinion launched a points system simultaneously with its mainnet launch in October 2025, indicating clear airdrop expectations.

How competitive is it?

• From October 2025 to present, Opinion's cumulative notional trading volume reached $15.3 billion, second only to Polymarket ($44.8 billion) and Kalshi ($30 billion).
• Current Opinion TVL exceeds $140 million.
• Over 170,000 cumulative traders.
• The number of daily trading users reached over 40,000 from late December to early January, and has been between 10,000 and 20,000 users in the last 10 days.

Is it worth interacting with?

Quite competitive, but with clear airdrop expectations and strong backing from YZi Labs. Note that weekly trading volume needs to exceed $200 to steadily earn weekly leaderboard points. Points weight covers multiple dimensions including limit order liquidity provision, trade size, holding time bonus, etc., requiring a reasonable interaction strategy.

Predict.fun

Why is it worth attention?

• Predict.fun was selected for the second season of YZi Labs' incubation program EASY Residency in December 2025.
• Predict.fun is a BNB Chain native prediction market incubated and invested in by YZi Labs. Founder dingaling previously caused controversy due to the failure of boop.fun and "rat trading" allegations, and was criticized by Changpeng Zhao (CZ), though they later reconciled, and the negative impact has gradually subsided.
• Predict.fun integrates with the Venus protocol, allowing users to continuously generate yield on funds used for betting during the waiting period for results (applicable to some short-term markets).
• Features a points mechanism, with explicit airdrop expectations.

How competitive is it?

• Cumulative notional trading volume of $320 million, with prediction trading volume exceeding $200 million.
• 478,000 cumulative trades, 36,000 cumulative unique trading users, averaging 13 trades per user.
• Since mid-December, daily active users have mostly been between 2,000 and 4,000, indicating a relatively small user base.
• Current TVL is approximately $22.58 million.

Is it worth interacting with?

Medium to low competition. Compared to Polymarket, where mostly veterans and institutions博弈, most people on Predict.fun place bets just to刷 interactions. Strategies to accumulate PP points include trading on the platform, providing meaningful liquidity, holding positions, etc.

Probable

Why is it worth attention?

• Probable is co-incubated by PancakeSwap and YZi Labs, with orthodox backing.
• Probable launched a points program on January 12, 2026, though it currently only supports earning points through invitations.
• Zero transaction fees.

How competitive is it?

• Since December 18, 2025, cumulative notional trading volume is $560 million, with prediction trading volume reaching $380 million.
• 12,389 cumulative users. From late December 2025 to early January 2026, daily active users were between 500 and 1,000. Since early January, daily activity has gradually increased, with single-day DAU above 4,000 on both January 14 and 15.
• 834,357 cumulative trades, averaging 67 trades per user.
• Average trade size is $425, average total trading size per user is $3,357.

Is it worth interacting with?

Low competition. Probable launched in mid-December and is currently in its early stages. Note that referrers must first complete $100 in cumulative trading volume to unlock and generate an invitation code. Additionally, as a project incubated by PancakeSwap, its token is highly likely to launch through PancakeSwap's CAKE.PAD and might even be listed directly on Binance.