Polymarket CLOB v2 Sees Transaction Volume and Order Count Drop Following April 28 Launch

According to BlockBeats and Dune data, on May 27, Polymarket's CLOB v2 trading platform experienced a notable decline in daily transaction volume and order count following its April 28 launch. Daily settlement orders fell sharply from previous highs, and monthly trading volume decreased significantly from early 2026 peaks.

However, active wallet numbers remained elevated, with market participants attributing the decline to system migration, API switching, and short-term liquidity adjustments. Meanwhile, competitor Kalshi continued to expand, with stable and rising trading volume and steadily increasing transaction counts, driven by U.S. political, macroeconomic, and sports betting events.