Polymarket Monthly Volume Tops $100 Million Amid Heated US Presidential Election

Todaysgist.com, Jakarta – Polymarket's monthly trading volume reached USD 100 million in June. Polymarket is a decentralized prediction market on the Ethereum blockchain. Polymarket is a place for crypto holders to bet on the results of events related to politics, sports and entertainment.

Polymarket's increased trading volume was driven by increased bets on how the US presidential election will turn out. US President Donald Trump is currently the favorite, with a 62% chance that he will win the election.

Meanwhile, current US President Joe Biden received support from bets worth USD 23.9 million on whether he would become president for a second term or not. Meanwhile the odds for current US President Joe Biden have fallen from 34% to 21% since his poor performance in the Presidential Debate on June 28.

Launch CointelegraphMonday (1/7/2024) Polymarket, which runs on the Ethereum sidechain Polygon, had a trading volume of USD 109.9 million in June, the first time it has passed the USD 100 million mark, according to the Dune Analytics dashboard.

Trading volumes between January and May ranged between USD 38.9 million and USD 63 million, marking a 620% increase from the previous five months (August-December 2023). The number of monthly active traders also skyrocketed 115% to 29,266 in June 2024.

The total value locked on Polymarket is now $40.2 million, up nearly 69% over the past 30 days, Token Terminal data shows. Cryptocurrency prices and the UEFA Euro 2024 Football Championship market also saw large trading volumes on Polymarket.

Polymarket, which launched in June 2020, recently raised USD 70 million and is spearheaded by Ethereum co-founder Vitalik Buterin and venture capital firm Founders Fund.

Yuga Cohler, an engineering lead at cryptocurrency exchange Coinbase, said decentralized prediction markets are a way to cut through misleading narratives and see the unvarnished truth. Prediction markets are a technology that preserves freedom and advances society,” Cohler said.