[Bloomberg: Polymarket's trading volume surpassed by Kalshi, facing setbacks in U.S. market expansion] April 23 news: Polymarket, which has long dominated prediction market trading volume, is now facing multiple challenges. According to Dune Analytics data, its global trading volume has been overtaken by its main competitor, Kalshi. In terms of valuation, Kalshi announced a new round of financing last month, bringing its valuation to $22 billion, while Polymarket recently received a $600 million investment from Intercontinental Exchange (ICE), resulting in a valuation of $15 billion. Polymarket's biggest bottleneck lies in its inability to officially launch in the U.S. market, as its U.S. application remains in the testing phase. In March, its trading volume was only one-twentieth of Kalshi's. The platform continues to be plagued by technical challenges stemming from its blockchain architecture, repeated delays in product launches, recent fee adjustments that have sparked user dissatisfaction, and an outage lasting over an hour. Additionally, Polymarket has faced criticism for allowing users to bet on controversial topics such as war and nuclear explosions, prompting Democratic lawmakers in Congress to send a letter to the CFTC requesting intervention. ICE CEO Sprecher remains optimistic but admitted that this venture is either a complete failure or a home run.