Kategorie: Crypto News

• Recent research shows Polymarket trades are double-counted on most public dashboards.
• The issue stems from redundant maker-taker events in smart contracts.
• According to the allegations, the actual volumes are roughly half of what dashboards report.

Polymarket, the prominent prediction market platform, is facing scrutiny after research by Storm Slivkoff suggested that the platform’s reported trading volumes may be systematically inflated across most public analytics dashboards.

The controversy has drawn attention from industry experts, data analysts, and market participants, raising questions about how trading activity is measured and reported in decentralised prediction markets.

Polymarket gives separate OrderFilled events for makers and takers

The research by Storm Slivkoff, a partner at Paradigm, which was later highlighted by Paradigm co-founder Matt Huang, has identified a technical discrepancy in Polymarket’s on-chain smart contract data.

According to Slivkoff, the platform emits separate OrderFilled events for both the maker and taker sides of each trade.

While each event is individually accurate, most public dashboards aggregate all events indiscriminately, effectively counting the same trade twice.

found a pretty major data bug

it turns out almost every major dashboard has been double-counting Polymarket volume (not related to wash trading)

this is because Polymarket’s onchain data contains redundant representations of each trade. receipts ⬇️⬇️ pic.twitter.com/rQJEzs2Rfl

— storm (@notnotstorm) December 8, 2025

A simple transaction demonstrates the problem. One trade of YES tokens for $4.13 generated two identical events for the same amount, which dashboards then summed to report $8.26 in trading volume.

Slivkoff noted that this bug affects both notional volume (the number of contracts traded) and cashflow volume (the dollar value exchanged), thereby inflating every trade’s representation.

Notably, the error is unrelated to wash trading and results purely from the way Polymarket’s contracts emit data.

Polymarket refutes the volume double-counting claims

Polymarket’s internal team quickly pushed back against the allegations, asserting that the official site reports taker-side volume without double-counting, in line with standard industry practices.

The platform has emphasised that the issue primarily impacts third-party dashboards, which rely on raw event data from smart contracts without implementing corrections for redundant entries.

Notably, several major data providers, including DefiLlama, Allium Labs, and Blockworks, have confirmed they are updating their dashboards to account for the discrepancy.

Some data providers have, however, defended current methodologies, noting that more sophisticated dashboards had accounted for the distinction since 2024 but had not formally documented their approach.

Other data providers have criticised Paradigm for potential bias, as the firm holds investments in Kalshi, a competing US-based prediction market.

The broader market implications

Beyond the immediate question of reported volume, the controversy underscores broader challenges in accurately measuring activity on prediction market platforms.

Low-priced contracts can create disproportionately large notional volumes relative to actual capital at risk, making traditional volume metrics potentially misleading.

Experts have suggested that metrics such as open interest and fee revenue may offer a clearer picture of platform activity.

The timing of the revelation is also notable, coinciding with Polymarket’s plans for a full US relaunch following CFTC regulatory approval and an anticipated valuation of $12 billion to $15 billion.

The platform is also exploring an internal market-making operation that could trade against customers, raising further scrutiny and comparison to competitors like Kalshi.

The post Polymarket accused of alleged double-counted volume in most public data appeared first on CoinJournal.

• BONK may integrate with dYdX, sharing 50% of protocol fees.
• The integration aims to boost retail trader volume from Solana.
• The recent dYdX fee distribution update increased staking and buyback incentives.

dYdX, the decentralised crypto trading platform, is currently evaluating a proposal to formally integrate BONK as an official partner under its Partner Revenue Share Program.

dYdX governance is considering a new proposal to approve @bonk_inu as an official dYdX integration partner under the Partner Revenue Share Program.

The proposal outlines a dedicated BONK-powered frontend routing orders to the dYdX Chain, with 50% of the protocol’s fee revenue… pic.twitter.com/hPTAVPrQoS

— dYdX Foundation (@dydxfoundation) December 8, 2025

The proposal aims to bring one of Solana’s largest retail ecosystems onto the dYdX Chain, potentially increasing order flow, expanding the protocol’s reach, and providing significant incentives to both the community and stakers.

BONK integration could boost dYdX growth

The proposal outlines that BONK would launch a dedicated, BONK-branded frontend for routing trades to the dYdX Chain.

Through this setup, BONK would receive 50% of the protocol fees generated by users attributed to its frontend or order router.

dYdX governance emphasised that this approach aligns incentives for both the protocol and its partner, ensuring that revenue is shared proportionally to the flow generated.

BONK’s retail ecosystem is known for its active user base, making it a valuable distribution channel for dYdX.

According to the proposal, the integration would provide Solana traders with a trusted, non-custodial trading platform while also expanding the protocol’s exposure throughout the Solana ecosystem.

dYdX believes that the partnership could significantly increase the number of new retail takers and stimulate engagement among existing users.

The motivation for this partnership aligns with the broader strategy outlined in dYdX’s Q4 roadmap, which seeks to deepen liquidity, enhance collaboration, and foster community-driven growth.

By granting governance-approved partners a share of protocol fees, dYdX aims to incentivise meaningful contributions from integrations that bring tangible trading activity to the platform.

The revised dYdX fee distribution

In October, dYdX revised its fee distribution to maximise buy pressure and staking rewards.

Previously, fees were allocated across stakers, the Buyback Program, Megavault, and Treasury SubDAO.

The updated model now allocates 50% each to stakers and buybacks, removing allocations to Megavault and Treasury SubDAO.

dYdX cited that the Treasury SubDAO already holds over 60 million DYDX tokens, making the former allocations less critical.

The integration with BONK complements this strategy by funnelling more activity into the protocol, which in turn increases buy pressure and staking incentives.

dYdX claims this could create a positive feedback loop, enhancing both token value and community participation.

And notably, this BONK proposal follows similar initiatives from other partners.

dYdX governance recently approved integration proposals from CCXT, Foxify, and CoinRoutes, all structured to capture 50% of the protocol fees from attributed order flow.

These partnerships demonstrate the platform’s commitment to broadening its ecosystem while ensuring that partner incentives are closely tied to the value they bring.

CCXT, for instance, allows users to route orders to dYdX with minimal friction, while Foxify integrates dYdX Chain directly into its prop trading platform for funded and unfunded accounts.

CoinRoutes, on the other hand, provides professional and institutional traders with access to deep liquidity.

Like BONK, these partners aim to expand user adoption while generating revenue aligned with protocol growth.

If no major objections arise, BONK intends to submit the on-chain governance proposal for a vote on December 11, 2025.

The post dYdX reviewing a proposal to integrate BONK appeared first on CoinJournal.

• The ADGM license allows Circle to offer fully regulated USDC stablecoin services in the UAE.
• Circle is expanding its reach with institutional payment and settlement rails.
• UAE has strengthened its position as a hub for compliant digital-asset activity.

Circle has secured a major foothold in the Middle East after receiving full regulatory approval from Abu Dhabi Global Market (ADGM) to operate USDC services under comprehensive oversight.

Circle expands its regulatory footprint in the UAE

Announced at Abu Dhabi Finance Week:
→ Secured an @ADGlobalMarket FSRA Financial Services Permission to operate as a Money Services Provider

This milestone builds on USDC and EURC being the first stablecoins recognized by… pic.twitter.com/BCSDOpo3mb

— Circle (@circle) December 9, 2025

The approval marks one of the company’s most significant international expansions and reinforces the UAE’s fast-growing role as a hub for regulated digital assets.

A strategic license with wide reach

Circle’s new Financial Services Permission, granted by the Financial Services Regulatory Authority, authorises the company to operate as a fully regulated Money Services Provider within Abu Dhabi’s financial free zone.

The approval provides Circle with a formal operating base in one of the world’s most active jurisdictions for digital asset regulation.

The license allows Circle to offer payment, settlement, and digital-asset services tied to USDC directly to businesses and financial institutions.

By operating under a clear regulatory framework, Circle can now support wholesale payments, cross-border settlement rails, and custody-linked services with institutional-grade compliance standards.

This also deepens ADGM’s growing reputation as a safe and predictable regulatory environment for digital-asset firms.

A boost for the UAE’s digital-asset ambitions

The UAE has been pushing to attract companies building fiat-referenced tokens, tokenised financial services, and enterprise-grade payment infrastructure, and Abu Dhabi, in particular, has positioned itself as a leading centre for compliant crypto activity, and Circle’s arrival reinforces that strategy.

The UAE has carved out a reputation for offering clear rules for stablecoins and digital-finance companies, which has become a major draw for global platforms seeking regulatory certainty.

Circle’s expansion also arrives as stablecoins gain more formal regulatory footing worldwide since the passage of the GENIUS Act in the United States, which created a federal framework for the issuance and supervision of fiat-backed tokens.

The GENIUS Act triggered a wave of stablecoin initiatives from major US financial institutions, creating renewed demand for licensed, enterprise-ready providers such as Circle.

The UAE’s dual financial zones are also aligning around stablecoin oversight.

Earlier this year, Dubai recognised USDC and EURC under the Dubai Financial Services Authority’s crypto token regime, giving Circle regulatory support across the country’s two main jurisdictions.

Tether’s USDT has also been recognised as an approved fiat-referenced token across multiple blockchains, while Binance recently obtained full authorisation to operate its flagship platform under ADGM oversight.

These approvals reflect a deliberate shift toward a more organised and transparent digital-asset market in the UAE.

 Circle strengthens regional strategy with senior leadership appointment

Circle sees immediate opportunities in enabling faster corporate payments, treasury operations, and trade settlements since it can now provide these services to regional businesses under a recognised regulatory structure.

For companies in the Middle East, this means the ability to settle transactions in seconds instead of days and do so through a trusted, licensed issuer.

And as part of its regional push, Circle has appointed Dr Saeeda Jaffar as Managing Director for the Middle East and Africa.

Dr Jaffar, currently serving as a senior executive at Visa, will guide Circle’s strategy, develop institutional partnerships, and work to expand the use of USDC in business payments and financial infrastructure.

The post Circle gains full ADGM approval to offer regulated USDC payment services appeared first on CoinJournal.