Polymarket’s monthly volume exceeded $271 million in July, fueled by the buzz around the oncoming US elections.
The decentralized prediction market runs on the Ethereum scaling network Polygon. It offers crypto enthusiasts an avenue to bet on the likelihood of future events.
Polymarket Monthly Volume Exceeds $271 Million
Crypto data platform Dune shows over $271 million monthly volume on the Polymarket prediction platform. Similarly, open interest is climbing significantly, with July going down as the market’s biggest month on record. President Biden’s decision to withdraw from the presidential race was among the drivers of the spike.
This development comes amid growing anticipation and discussion around the upcoming US elections in November. The crypto community is increasingly engaging in predictions, using Circle’s USD Coin (USDC) stablecoin to wager on potential outcomes.
Recently, Polymarket has integrated credit and debit card support via MoonPay. With this collaboration, parties can use credit cards, Apple Pay, Google Pay, and PayPal accounts to make crypto purchases for their bets. While this effectively increases accessibility with the potential for even more monthly volumes, it is worth noting that the prediction platform is inaccessible to the US market.
“Prediction markets have long been a valuable source of insights, leveraging the collective wisdom of crowds to predict events accurately for centuries. In an era where AI increasingly influences our lives, conducting prediction surveys among knowledgeable investors can offer crucial guidance on positioning for future events and outcomes. These insights become even more significant when participants have a vested interest or are willing to place bets on their predictions, ensuring they are deeply engaged and motivated to provide accurate forecasts,” Markus Thielen, Founder & CEO at 10x Research, told BeInCrypto.
As of the time of writing, Republican ticket nominee Donald Trump is leading with 62% success odds. In contrast, Democratic ticket nominee Kamala Harris stands at 34%, while former U.S. First Lady Michelle Obama has 3% odds.
Read more: How Can Blockchain Be Used for Voting in 2024?
Reportedly, even former US President Barrack Obama does not believe Harris can beat Trump, explaining his delayed endorsement despite his support for Democrats and his pro-Biden stance.
“Obama’s very upset because he knows she can’t win,” the Biden family source reportedly told The Post.
Besides growing interest in the US presidential election, the surge in Polymarket monthly volume points to increasing adoption of cryptocurrency. As TradFi markets remain volatile and unpredictable, more investors turn to decentralized platforms like Polymarket to hedge their bets.
Nevertheless, some have questioned the platform’s impartiality, especially regarding showing market sentiment.
“Someone explain to me how Polymarket is an accurate measure of political sentiment when it’s a crypto platform and the users are massively biased against one political party? Am I being naive or are a lot of you ignoring this important data point,” a user recently asked his 1.6 million followers on X.
Meanwhile, as crypto markets bleed, PolitiFi tokens are also tumbling, some more than others. Based on Coingecko data, Trump-inspired MAGA, MAGA Hat, TREMP, and STRUMP dipped between 4% and 10%. Similarly, Harris-inspired KAMA is down 32% since Thursday’s session opened.
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