Magic Eden co-founder sees 'speculation supercycle' ahead

Trading volumes in prediction markets are higher than ever, with Monday seeing a record $814.2 million worth of trades placed on Kalshi, Polymarket, and other platforms.

Magic Eden CEO and co-founder Jack Lu says his company will be well-positioned for the “supercycle” where “finance merges with entertainment” amid a recent boom in prediction markets and betting.

“Speculation is mainstream now. And Magic Eden is building for this world,” Lu posted to X on Monday.

Lu’s remarks come as prediction markets’ trading volumes reached a record $814.2 million on Monday, smashing the previous record of $701.7 million last Monday, Dune Analytics data shows.

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