Türkçe
Español
The decentralized blockchain platform Polymarket reached a monthly trading volume of $100 million in June as users increased their predictions on the outcome of the United States presidential elections. Currently, there are $203.3 million worth of transactions in the prediction process for the US elections. Former President Donald Trump is currently the favorite with a 62% chance of winning the US elections.
Polymarket Volume Exceeds $100 Million
Current President Joe Biden is in second place with $23.9 million in predictions on whether he will remain in office for another term, but these odds have dropped from 34% to 21% since the Presidential Debate held on June 28. Meanwhile, some political commentators questioning whether Biden will withdraw from the presidential race have increased the chances for Democrats Gavin Newsom, Kamala Harris, and Michelle Obama.
Other prediction markets related to the elections have also raised millions of dollars. Biden’s recent debate performance has led to an increase in predictions about Biden withdrawing from the presidential race and Biden leaving on July 4; these predictions are currently at 43% and 9%, respectively, with over $10 million traded on these predictions. Additionally, there are millions of dollars in predictions on whether American rapper Kanye West and crypto-critic Elizabeth Warren will win the presidency, but these markets currently show less than a 1% chance.
Polymarket on Polygon saw a trading volume of $109.9 million in June; according to Dune Analytics data, it exceeded $100 million for the first time. Trading volumes between January and May ranged from $38.9 million to $63 million, a 620% increase compared to the previous five months (August-December 2023).
Important Details About Polymarket
The number of monthly active traders on the platform also increased by 115% in June to 29,266. Token Terminal data shows that the total value locked in Polymarket has increased by approximately 69% in the last 30 days, currently standing at $40.2 million. Cryptocurrency prices and the 2024 UEFA European Football Championship markets also reached large trading volumes on Polymarket.
Launched in June 2020, Polymarket recently raised $70 million and was led by Ethereum co-founder Vitalik Buterin and venture capital firm Founders Fund. Coinbase’s engineering leader Yuga Cohler shared the following words on the subject:
“Prediction markets are technology that moves societies forward and protects freedom.”
