Trading volume trails Kalshi's by three times, Polymarket announces layoffs and executive team restructuring

Author: David Christopher, Bankless

Edited by: TechFlow

TechFlow Summary: Prediction market platform Polymarket has confirmed it has laid off some full-time employees and terminated a batch of outsourcing contracts, primarily affecting the marketing, customer experience, and engineering departments. Under pressure from investors to streamline operations, the company is accelerating its transition toward a more professionalized management team.

This adjustment comes amid intensifying competition in the prediction market sector. Data from DefiLlama shows that competitor Kalshi's trading volume reached $17.7 billion over the past 30 days, approximately three times that of Polymarket during the same period. Meanwhile, Polymarket's recent series of personnel changes have also been seen as paving the way for an IPO as early as 2027.

The prediction market platform stated that it is undergoing restructuring under new leadership, while competitor Kalshi's trading volume over the past 30 days has reached approximately triple that of Polymarket.

Polymarket has confirmed layoffs and the termination of outsourcing partnerships. The company told Reuters that an email circulating online, stating that outsourcing agreements would be terminated starting November 4 as part of a company-wide layoff, is genuine.

Key Developments

· Layoff Details: Polymarket declined to disclose the exact number of layoffs but denied online rumors claiming a 30% workforce reduction. According to sources familiar with the matter, over half of those affected are outsourced workers, concentrated primarily in marketing, customer experience, and engineering.

· Widening Gap: According to data from DefiLlama, Kalshi processed approximately $17.7 billion in trading volume over the past 30 days, compared to Polymarket's roughly $5.9 billion; in October, the figures were $16.6 billion and $6 billion, respectively.

CoinDesk cited a Bloomberg report stating that investors have been pressuring founder Shayne Coplan to run the business more leanly and efficiently.

· New Management Team: Following the firing of Chief Marketing Officer Matthew Modabber in October, Polymarket appointed former Amazon finance executive Warren Jenson as its first Chief Financial Officer in September, and hired former Uber executive Travis VanderZanden as Chief Growth Officer.

Two sources told FOS that this series of measures aimed at "professionalizing" the company comes ahead of its consideration of an IPO as early as 2027, although Polymarket has not yet confirmed any listing plans.