Popular crypto-betting platform, Polymarket, has crossed a milestone of $1 billion in trading volume with over one-third of the trading volume generated in the past 30 days alone.
According to Data from Dune Analytics, Polymarket recorded $343 million in betting volume as of July 30, an increase from $111 million in June and $63 million in May.
The surge in July on Polymarket is largely driven by speculations around the United States Presidential elections slated to be held in November.
Crypto enthusiasts and betters have been waging their money on Polymarket on various developments surrounding the election including the possibility of Joe Biden stepping down from the race or Donald Trump announcing a Bitcoin reserve for the United States.
Other activities unrelated to the US elections are also wagered on Polymarket but the PoliFi category has been behind the massive surge witnessed in July.
$429 Million Wagered on US Presidential Elections
Out of the $1 billion in trading volume crossed by Polymarket, $429 million was wagered on the outcome of the US elections slated to be held on November 4.
Donald Trump the 45th president of the United States and the flagbearer for the Republican party leads the odds with 60% while Kamala Harris saw her odds improve from 1% to 38% following Biden’s withdrawal from the polls.
Aside from the PoliFi category on Polymarket, Other categories like Business, sports, and the Olympics are also wagered on in the platform.
What is Polymarket
Polymarket is a crypto project which hosts the world’s largest prediction market. Polymarket allows its users to trade on the world’s most highly-debated topics like crypto, politics, sports, current events, and more.
The Project was launched in 2017 and On May 14 it completed a $70 million Series B funding round led by Peter Thiel’s Founder Fund, with Ethereum co-founder Vitalik Buterin also participating.
Polymarket has made attempts to grow its global adoption by making efforts to also appeal to non-crypto users. The platform has recently partnered with Moon Pay a payment platform to integrate debit and credit cards for non-crypto holders.
Polymarket has been largely successful in growing to become the world’s leading prediction market.
Yuga Cohler, An engineering lead at Coinbase touted Polymarket success on X as one of the most important stories in Crypto.
‘ Polymarket‘s astronomical success is the most important story in crypto right now, but it’s so obvious that we are ignoring it, when we should be screaming it from the rooftops.
Prediction markets are the purest technological manifestation of liberal democracy. They take free markets and free speech as inputs and output truth. In an age when centralized control of information is a systemic risk, prediction markets offer a way of cutting through misleading narratives and viewing the unvarnished truth. Prediction markets are freedom-preserving technology that moves societies forward.” Yuga Tweeted
Polymarket is one of crypto’s most successful projects in terms of trading volume and user adoption.
What to Know
- Donald Trump’s Odds on Polymarket surged after surviving the assassination attempt with a bullet grazing his ear at a rally in Pennsylvania. Other Trump-related meme coins also spiked at that moment.
- Kamala Harris odds have increased from 1% to 38% since she became the flagbearer of the democratic party following Joe Biden’s resignation.
