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The crypto platform Polymarket has surpassed $1 billion in trading volume, with more than a third of this volume coming from users in the last thirty days. According to blockchain data analysis platform Dune Analytics, Polymarket witnessed a prediction volume of $343 million as of July 30. This is a significant increase from the $111 million in June and the $63 million recorded in May.
Continued High Interest in Polymarket
Intense speculation about the United States presidential elections on the platform has been a major driving force behind the record volume. To date, more than $429 million has been wagered on which presidential candidate will win the election on November 4, with Donald Trump still leading by a strong margin of 60%.
Vice President Kamala Harris has closed the gap with Trump after Biden’s decision to withdraw from the race, increasing her chances from 1% to 38%. This development could lead to dynamic days in the presidential elections and a significant increase in trading volume on the platform.
Polymarket is primarily used for speculating on the outcomes of political events, but the platform also offers different markets for its users, including crypto, sports, business, and most recently, the 2024 Olympic Games.
Details on the Subject
On May 14, Polymarket closed a $70 million Series B funding round led by Peter Thiel’s Founders Fund, which included contributions from Ethereum co-founder Vitalik Buterin. The prediction market recently partnered with the payment platform MoonPay on July 24 to enable bank and credit card payments, aiming to simplify the onboarding process for non-crypto users.
To capitalize further on the increasing financial speculation in U.S. politics, Polymarket hired election analyst and statistician Nate Silver as an advisor on July 16. Although it is almost exclusively used for U.S.-based events, Polymarket is not available to American users. The potential for American users to access the platform soon could bring a different momentum.
