Opinion Labs Hits $138M in Open Interest, Dominates Prediction Market Volume

Source: CryptoNewsNet Original Title: Opinion Labs open interest hits $138M record after hot January Original Link:

Market Performance

Open interest on the Opinion prediction market accelerated in January, reaching a new record at over $138M. Opinion lined up among the top 3 prediction markets in terms of open interest, and on some of its peak days, took up over 60% of the total prediction trading volume.

Weekly volumes also peaked in January at over $1.6B. The rapid rise of Opinion was also tied to active promotion and its connections to the ecosystem. The market reached $147M in total value locked, while easily producing between $1.74M and $1M in weekly fees.

Opinion offers a diversified market, relying on Brevis for its settlement, while aiming to avoid conflicts in resolving prediction pairs.

Community Engagement Strategy

Opinion goes beyond the basic prediction design of other platforms. Instead, the platform was seeking engagement from day one.

The builders program aggregates projects adding services, curation, analytics, and more to the Opinion program. Most of the builders have already launched operational products, bots, and services. The Opinion team only aggregates the builders, and does not endorse or recommend investments. Despite this, the growing list shows strong engagement with the project from third parties.

Opinion has also prepared grants for builders, and has expanded with a new round of applications. For Round 2, 270 projects signed up for preview and grants.

Organic Growth Amid Point Farming

Opinion has started a point farming program, which is boosting its activity level. However, the market is also growing organically, as points are set up to a high difficulty level.

Currently, users must average $50 per point, although points are also assigned for connecting an idle wallet to the platform. Overall, point farming is just a part of the Opinion activity, which follows the general trend of prediction markets.

On Opinion, specific markets and topics are taking the lead with the most active prediction pairs. Macro predictions and crypto price action are the two most active categories on Opinion.

Future Outlook

The project, launched with support from Yzi Labs, is preparing for an eventual token launch. Opinion Labs is targeting crypto native users, while positioning itself as an alternative to other prediction market platforms that are trying to tap mainstream adoption.