Developments in the crypto market continue to attract attention. Accordingly, the crypto platform Polymarket has chosen the software of Miami-based MoonPay to allow users to create transactions via bank transfers and credit cards. The main factor encouraging increased activity on Polymarket is the highly turbulent US presidential elections.
What’s Happening at Polymarket?
Polymarket had to improve its infrastructure due to high betting volumes triggered by the ongoing US presidential elections. This election, filled with surprises like an assassination attempt on Donald Trump and Joe Biden withdrawing from the race, led to new record levels of betting. According to blockchain data analysis platform Dune Analytics, Polymarket witnessed significant growth with a record $260 million in bets placed on the platform in July, accounting for more than a third of its annual volume.
David Rosenberg, Polymarket’s Vice President of Strategy, attributed the rapid increase in the platform’s user base to the volatility of the election. So far, $366 million has been wagered on the outcome of the November elections, and following Biden’s campaign suspension and Trump’s successful rallies, Trump is now the favorite to win.
Details on the Matter
Polymarket is integrating MoonPay’s software to handle large bets, allowing users to bet using traditional financial tools like bank transfers and credit cards. The aim of this development is to make the user experience more seamless by eliminating the need to purchase and transfer stablecoin USDC from a crypto exchange.
Rosenberg emphasized that the platform should be understandable by everyone, stating that you don’t need to be a deep crypto native to get something out of it. The collaboration with MoonPay is also expected to allow the acceptance of various crypto assets for betting, thereby expanding the platform’s audience.
However, earlier this month, Ethereum co-founder Vitalik Buterin advocated for improving the availability of Polymarket’s deposit methods. As a result, Buterin voiced support for specific Ethereum Improvement Proposals (EIPs) (ERC-3770 and ERC-7683) to address current user experience issues, stating that this could be done without relying on technological advancements.
