Polymarket, the popular Cryptocurrency prediction platform, has reached an all-time high in its trading volume and number of active users so far this month.
Recall that in June, the platform’s trading volume exceeded $109 million, marking a new record. Also, the number of monthly active users on the platform reached 29,200, another unprecedented high.
In the second half of July alone, daily page views peaked at 1.3 million, and daily visitors peaked at 185 thousand.
In fact, by that date, of the nearly seventy thousand addresses using Polymarket, only 42% made their first trade in election-related markets, while the remaining 58% initially traded in non-election-related markets, including culture, business, science, and macro markets. Meanwhile, in August, it reached an impressive $472 million in total transactions.
In fact, these numbers indicate a significant rise in the popularity and usage of the platform, reflecting a growing interest in prediction markets. Record numbers could indicate a positive trend for Polymarket and similar platforms in the future.
What is Polymarket?
Polymarket is a leading prediction market platform where users bet on political, sports, and pop culture outcomes. It gained prominence in the 2024 US presidential race between Biden and Trump, amassing over $300 million in trading volume across different markets.
Using the Polygon Blockchain and UMA’s Optimistic Oracle for reliable event resolution, Polymarket provides accurate, real-time probabilities. This allows users to benefit from informed predictions and gain research into public opinion and the likely outcomes of major events.
Polymarket starts September with a Boom: $137.3 million in 9 days
With the 2024 US election approaching, according to Dune Analytics, Polymarket’s trading volume so far in just the first few days of September has generated $137.3 million in trading volume. Likewise, Polymarket’s open interest has reached a record high of over $120 million.
By the way, on Friday, September 6, it reached its highest daily trading volume in the past three months. Specifically, about $34.26 million was traded, representing 24.96% of the monthly total in a single day.
Interestingly, around 75% of Polymarket’s volume this week comes from election bets. On that, according to the platform, as of today, Republican candidate Donald Trump is ahead of his Democratic rival Kamala Harris, but the margin is small.
Meanwhile, so far this month, Polymarket’s traffic is outpacing that of its competitor Kalshi.com, which saw 227,000 visits. It also leads another prediction marketplace, predictit.org, in terms of rank and local traffic.
Finally, as Huxley said: “The man who does not read good books has no advantage over the man who cannot read.” At Polymarket, every prediction is a new book to be written.
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