TL;DR
- Polymarket reaches $1 billion in trading volume.
- $343 million of the total volume was traded in July 2024.
- Betting on the US presidential election drove this increase.
Polymarket, a cryptocurrency-based betting platform, has managed to reach $1 billion in trading volume, a major milestone largely driven by speculation surrounding the 2024 US presidential election.
According to DUNE data, more than a third of this volume, equivalent to $343 million, was traded in July 2024 alone.
In comparison, $111 million was traded in June and $63 million in May, showing significant growth in bettor interest.
Total bets on Polymarket stand at $429 million, with Donald Trump the favorite with a 60% chance of winning, while Kamala Harris has seen her odds rise to 38% after Joe Biden dropped out of the race.
In addition to political betting, Polymarket also offers prediction markets for cryptocurrencies, sports, business, and the 2024 Olympics.
In May, Polymarket closed a $70 million Series B funding round, with participation from funds including Peter Thiel‘s Founder Fund and Ethereum co-founder Vitalik Buterin.
Recently, on July 24, Polymarket integrated with MoonPay, allowing users to make payments with debit and credit cards, making it easier for those who do not use cryptocurrencies to participate.
Also on July 16, election analyst Nate Silver joined as an advisor to take advantage of the growing popularity of political betting in the US.
However, it is important to note that Polymarket remains inaccessible to US users, despite focusing on US events.
The impact of the presidential elections on Polymarket
President Joe Biden‘s withdrawal as the Democratic nominee has led to an increase in Kamala Harris‘s odds, which have gone from 18% to 38%.
These gains come mostly from small individual bets, while Trump‘s bettors are showing more confidence and commitment, with the top five holders of his contract owning 9.1 million shares combined.
In total, $423 million has been wagered on the presidential race, highlighting the magnitude of interest in this event.
One of the most notable bettors is ‘Larpas’, who holds both the largest “Yes” bet on Trump and the largest “No” bet on Harris, and could win $3.38 million if Trump emerges victorious.
As the election approaches, the betting market is expected to get even more intense, with the crypto community viewing a vote for Harris as a vote against digital assets.
Polymarket also plans to introduce leveraged trading, which could allow users to take larger positions and potentially earn higher rewards.
This additional feature could attract more bettors and further increase the platform’s trading volume.
Polymarket’s growth reflects the interest and anticipation surrounding the US presidential election, even though the platform is not available to US users.
The combination of political betting and new functionalities promises to keep Polymarket in the spotlight of the cryptocurrency betting community.
