Outside Source
Polymarket, the blockchain-based prediction platform, recorded a trading volume of $533.51 million in September, driven largely by interest in the 2024 U.S. presidential election and geopolitical developments in the Middle East.
According to Dune Analytics, this marks a $61.51 million increase from August’s $472 million. The platform also saw a 41% rise in active users, growing from 63,616 in August to 90,037 in September.
Polymarket’s Growth
With the U.S. election just over a month away, demand for Polymarket has surged. Data from Dune Analytics shows that the platform’s most active market, “Presidential Election Winner 2024,” recorded $89.07 million in trading volume over the last 30 days. As of October 4, the odds for Donald Trump and Kamala Harris are locked in a tie, with each candidate holding a 50% chance of winning.
September 30 marked its busiest day, with 16,702 participants placing trades, contributing to a record 89,958 new account registrations throughout the month. The platform’s highest daily volume was initially recorded on September 11, but new daily trading records were set on October 2 and 3, signaling sustained momentum as election day approaches.
Although open interest dipped slightly at the start of September, it recovered, reaching a high of $136 million fueled by rumors of a potential token launch. A report from The Information revealed that the blockchain prediction service is in talks to raise $50 million in funding.
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 end of September, election-related predictions accounted for 84% of its total market activity, with 64% of users engaging in election betting. Other high-interest markets included predictions on geopolitical events like “Israeli Forces Enter Lebanon in September?” and financial forecasts such as “Fed Interest Rates: November 2024.”
Polymarket’s recent surge in activity is linked to growing interest in decentralized prediction markets, fueled by global events like elections, economic policies, and rising geopolitical tensions that have captured public attention.
This article first appeared at CryptoPotato
