Polymarket Hits $1 Billion in All-Time Trading Volume, One-Third in Last 30 Days
Crypto betting platform Polymarket has surpassed $1 billion in trading volume, with over one-third of the volume generated in the past 30 days alone.
As of July 30, Polymarket recorded $343 million in betting volume, a sharp increase from $111 million in June and $63 million in May, according to Dune Analytics.
The surge is primarily driven by speculation surrounding the United States presidential election.
To date, more than $429 million has been wagered on the outcome of the November 4 presidential election, with Donald Trump leading the bets at 60% odds.
Vice President Kamala Harris has seen her odds improve significantly from 1% to 38% following President Biden’s unexpected withdrawal from the race.
While political events have been the main focus for Polymarket users, the platform also offers prediction markets in areas such as cryptocurrency, sports, business, and the upcoming 2024 Olympic Games.
On May 14, Polymarket completed a $70 million Series B funding round led by Peter Thiel’s Founder Fund, with Ethereum co-founder Vitalik Buterin also participating.
In an effort to streamline the onboarding process, especially for non-crypto users, Polymarket partnered with payments platform MoonPay on July 24, allowing for debit and credit card payments.
In a move to further leverage the growing interest in US political speculation, Polymarket enlisted election analyst and statistician Nate Silver as an adviser on July 16.
Despite its popularity in betting on US-based events, Polymarket remains inaccessible to American users due to regulatory restrictions.
It is worth noting that Polymarket recently concluded a successful $70 million Series B funding round led by Peter Thiel’s Founder Fund, with participation from notable figures
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