As a seasoned crypto investor with a knack for spotting trends and a keen interest in political events, I find the growth of Polymarket particularly intriguing. Having dabbled in prediction markets myself, I can appreciate the allure they hold – the thrill of predicting real-world outcomes and potentially profiting from it.
In September, Polymarket, a prediction market built on blockchain technology, saw a whopping trading volume of approximately $533.51 million. This surge was mainly fueled by heightened curiosity about the 2024 U.S. presidential election and significant geopolitical events unfolding in the Middle East.
As reported by Dune Analytics, the platform has experienced a significant boost in its revenue, increasing by approximately $61.51 million compared to August’s total of $472 million. Additionally, there was a notable surge in active users, with an increase of 41% from 63,616 in August to 90,037 in September.
Polymarket’s Growth
Approaching the U.S. election in less than a month, interest in Polymarket has significantly increased. According to Dune Analytics, the busiest market on the platform, “Presidential Election Winner 2024,” has seen a trading volume of approximately $89 million over the past 30 days. As of October 4th, the chances for Donald Trump and Kamala Harris appear equal, with each candidate having a 50% possibility of emerging victorious.
On September 30th, the platform saw its peak activity with a total of 16,702 users executing trades. This day also brought about a massive 89,958 new account registrations for the entire month. Interestingly, the highest daily volume was first noted on September 11th, but new trading records were set on October 2nd and 3rd, indicating a strong momentum as the election day draws near, suggesting continued activity.
Initially in September, open interest saw a minor decrease, but it subsequently surged, peaking at $136 million due to whispers about an upcoming token launch. According to a report by The Information, the prediction service built on blockchain technology is allegedly negotiating a $50 million investment round.
The company is also considering launching its token, which could allow users to verify the outcomes of real-world events.
Election Betting Dominates
By the close of September, a significant portion (84%) of the platform’s overall activity was centered around election predictions, and approximately two-thirds (64%) of its users participated in election wagering. Additionally, other popular areas of interest included speculations on geopolitical events such as “Will Israeli Forces Enter Lebanon by September?” and financial prognostications like “What will Fed Interest Rates be in November 2024?
The increased hustle and bustle on the Polymarket platform lately can be attributed to a heightened curiosity about decentralized prediction markets. This surge in interest is being driven by significant global happenings such as elections, economic policies, and escalating geopolitical conflicts that have grabbed people’s attention.
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2024-10-04 23:52