Data from Dune Analytics tells a compelling story: prediction markets absolutely exploded in 2025. Now we're witnessing something different—the market has matured into a structured landscape. Two platforms have established clear dominance, creating what amounts to a stable duopoly in the space. Polymarket and Kalshi? They're the anchors, setting the standard for how prediction markets operate at scale. But here's what's interesting: they're not alone anymore. A wave of strong competitors has emerged, each carving out their niche and pushing the boundaries of what prediction markets can do. The ecosystem is diversifying, and that's reshaping everything about how participants engage with these platforms.