Polymarket, a prediction market based on the Polygon network, experienced a significant increase in daily trading volume on September 23rd. Data from Dune Analytics showed a 57.5% surge in trading volume, which coincided with rumors of Polymarket launching its own token after securing $50 million in funding.
During this spike, Polymarket recorded 12,468 active daily users, coming very close to breaking its all-time high of users. This number exceeded the daily average of users from the past week, indicating a sudden surge in interest after a period of low activity that resulted in a drop in trading volume.
Looking at the monthly data, Polymarket has already reached an all-time high in terms of user count, with 67,130 active traders, showing a 5.5% increase from the previous month. However, the monthly trading volume has not yet matched the nearly $473 million from the previous month, currently standing at $411.4 million with one week left in September.
It’s worth noting that the majority of activity on Polymarket yesterday was related to the U.S. presidential elections, with 85.1% of the trading volume and 72.5% of users focusing on this topic. This trend is consistent with past weeks, where most of the trading activity revolved around election outcomes. However, there have been weeks where more bets were placed on other topics, showing some variability in user interests.
Overall, the surge in trading volume and active users on Polymarket indicates a renewed interest in the platform, potentially driven by speculation around the launch of a new token. As the month comes to a close, it will be interesting to see if Polymarket can maintain this momentum and continue to attract users with a diverse range of prediction markets beyond the U.S. elections.