A recent study by blockchain analytics firm Solidus Labs has shed light on the extreme concentration of profits on Polymarket, with a minuscule group of traders reaping nearly half of all gains. The report found that between December 2025 and February 2026, a mere 0.55% of profitable maker wallets and 0.26% of winning taker wallets accounted for 50% of gains, translating to approximately $8 million out of $16 million in profits.
This phenomenon is not unique to Polymarket, as previous research has shown that a small minority of traders drives most price discovery. The study highlights the significant advantages enjoyed by this small group, including greater capital depth, superior infrastructure, and more effective execution strategies. Furthermore, the report identifies signs of wash trading, which may be driven by incentive farming ahead of Polymarket's upcoming POLY airdrop. While the data is verifiable, the report's framing should be considered in the context of Solidus' sales pitch for its surveillance platform, HALO.