Crypto-betting platform Polymarket has surpassed $1 billion in total trading volume, with a notable one-third of this volume generated in just the past 30 days.
Polymarket saw a dramatic rise in betting activity, reaching $343 million in July, up from $111 million in June and $63 million in May, according to Dune Analytics.
This surge in activity is primarily driven by speculation surrounding the upcoming United States Presidential elections, scheduled for November. Bettors on Polymarket have been placing significant wagers on various election-related scenarios, including the potential withdrawal of Joe Biden from the race and the possibility of Donald Trump announcing a Bitcoin reserve for the United States.
Of the $1 billion in total trading volume, a substantial $429 million has been wagered on the outcome of the US Presidential elections. Current odds on Polymarket show Donald Trump leading with a 60% chance, while Kamala Harris’s odds have risen from 1% to 38% following Biden’s withdrawal from the race.
While the PoliFi category—focusing on political forecasts—has driven the recent surge, Polymarket also facilitates bets on a range of other categories including business, sports, and the Olympics.
Launched in 2017, Polymarket is a prominent crypto project specializing in prediction markets. The platform enables users to trade predictions on a wide array of topics such as cryptocurrency, politics, sports, and current events.
In May 2024, Polymarket completed a $70 million Series B funding round led by Peter Thiel’s Founder Fund, with participation from Ethereum co-founder Vitalik Buterin. To broaden its appeal, Polymarket has partnered with Moon Pay to integrate debit and credit card payments, making the platform accessible to non-crypto users.
Polymarket’s success in expanding its user base and trading volume has positioned it as a leader in the prediction market sector.
Yuga Cohler, an engineering lead at Coinbase, praised Polymarket’s achievements on social media, highlighting its significance in the crypto world. “Polymarket’s astronomical success is a major story in crypto,” Cohler tweeted. “Prediction markets represent a technological manifestation of liberal democracy, providing a way to cut through misleading narratives and reveal the truth.”
Donald Trump’s odds on Polymarket experienced a notable boost following an assassination attempt during a rally in Pennsylvania, with related meme coins also seeing a spike. Additionally, Kamala Harris’s odds have significantly increased since she became the Democratic Party’s flagbearer after Joe Biden’s resignation.
