Paradigm says Polymarket’s volume has been widely overstated due to double-counted events in its smart contracts, prompting data platforms to correct their dashboards.
Posted December 9, 2025 at 8:15 am EST.
Storm Slivkoff, Research Partner at crypto venture firm Paradigm, claims to have found a “pretty major data bug” with respect to platforms tracking Polymarket’s volume metrics.
Slivkoff suggested that most dashboards tracking Polymarket’s trading volume have been double-counting it due to redundant onchain data structures in Polymarket’s smart contracts.
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“The core issue = Polymarket emits separate OrderFilled events for the maker and taker of each trade,” said Slivkoff, highlighting an example where a single trade of $4.13 contains two OrderFilled events, causing most dashboards to report it as $8.26 in volume.
Paradigm said it has validated the information with dashboard creators and been in touch with several data platforms, including DeFiLlama and Blockworks to get rid of the double counting.
As of late Monday evening, data compiled by Varrock founder Richard Chen showed Polymarket’s November monthly volume hit $3.7 billion, while DeFiLlama’s dashboard showed a much lower figure of $1.87 billion.
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