The prediction market Polymarket experienced significant growth in July, with over 1.5 million bets being placed, as reported by Dune Analytics. Since its inception, the platform has amassed a total of 5.29 million bets, indicating a growing interest in blockchain-based prediction markets.
In addition to the impressive number of bets, the cumulative trading volume on Polymarket has exceeded $1 billion, with July alone seeing a 219% increase in trading volume compared to the previous month. This surge in trading activity coincides with the escalating debate surrounding the upcoming U.S. presidential elections.
Data from Polymarket reveals that the total amount of bets on the U.S. elections has surpassed $439 million, with a 57% probability assigned to a potential victory for Donald Trump. The current Vice President, Kamala Harris, holds a 39% chance of winning the presidency, with a total betting volume of $38.5 million.
In a strategic move to broaden its user base, Polymarket collaborated with MoonPay on July 24 to enable non-crypto users to access the Polygon-based prediction platform. This partnership aims to make the platform more accessible and user-friendly for individuals who may not be familiar with the world of cryptocurrency.
The increasing popularity of Polymarket indicates a growing trend towards blockchain-based prediction markets, as more individuals seek to engage in betting and trading activities related to real-world events such as elections. The platform’s user-friendly interface and partnership with MoonPay are likely to further fuel its growth and attract a wider audience in the coming months.
As the U.S. presidential elections draw closer, it will be interesting to see how the betting odds on Polymarket fluctuate and reflect the evolving political landscape. With millions of bets being placed and billions of dollars in trading volume, the platform continues to be a key player in the world of prediction markets, offering users a unique opportunity to engage in speculative trading based on real-world events.
