The decentralized prediction platform Polymarket achieved over $100 million in monthly trading volume in June, mostly due to the bets on the 2024 US presidential election.
Currently, Polymarket hosts a total of $203.3 million in bets across 17 prediction markets focused on the “Presidential Election Winner 2024”. Leading the pack is former President Donald Trump, with a 62% chance, according to bettors, totaling $24.7 million in bets both for and against his win.
However, current President Joe Biden has had his chances decrease from 34% to 21% after a contentious presentation on June 28. Speculation also increases in betting markets for possible withdrawals from the race, and large amounts have been staked on bets that Biden will withdraw from the presidential race before July 4.
Polymarket operates on the sidechain of Ethereum, Polygon, with a trading volume of $111.5 million in June alone, which is much higher than in previous months.Â
This growth proves the increased interest in the platform as a place for outcome prediction not only in political events but also in cryptocurrencies and even for sports events such as UEFA European Football Championship 2024.
Polymarket was created in June 2020 and has recently received $70 million in funding due to its focus on decentralized prediction markets. It has attracted attention for offering information that is not influenced by narratives.
For instance, Yuga Cohler, an engineering lead at Coinbase, opined that prediction markets on the Polymarket platform are instruments for finding the truth and encouraging the growth of open discussions.
The success of the platform is a trend of increasing interest in decentralized prediction markets where users can wager on the outcomes of events with real money.
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