Polymarket monthly volume hits $100M as presidential race heats up
Decentralized predictions platform Polymarket hit $100 million in monthly trading volume in June as punters upped their stakes on how they think the United States presidential election will play out.
At the time of writing, there is $203.3 million worth of bets in “Presidential Election Winner 2024,” which consists of individual “Yes” or “No” bets across 17 prediction markets.
Former President Donald Trump is currently the favorite, with 62% odds that he will win the U.S. election, with a total of $24.7 million in bets for and against him.
Incumbent President Joe Biden is second with $23.9 million in bets on whether he will secure another term. Those odds, however, have fallen from 34% to 21% since his lackluster performance in the first presidential debate on June 28.
Meanwhile, odds for Democrats Gavin Newsom, Kamala Harris and Michelle Obama spiked as some political commentators questioned whether Biden should drop out of the presidential race.
Other betting markets related to the elections have also garnered millions in bets.
Biden’s recent debate performance has also led to a spike in “Yes” bets on “Biden drops out of presidential race” and “Biden drops out by July 4” markets, which are now at 43% and 9%, respectively. Over $10 million in bets have been placed in those markets.
Millions of dollars have also been bet on whether American rapper Kanye West and crypto skeptic Elizabeth Warren could win the presidency, but those markets show a less than 1% chance at this stage.
Polymarket, which runs on Ethereum sidechain Polygon, saw $109.9 million in trading volume in June — its first time crossing the $100 million mark, according to a Dune Analytics dashboard.
Trading volumes between January and May hovered between $38.9 million and $63 million, which marked a 620% increase from the previous five months of August to December 2023.
The number of monthly active traders also skyrocketed 115% to 29,266 in June.
Related: Bitcoin spikes as betting markets favor Trump during debate with Biden
The total value locked in Polymarket is now $40.2 million, up nearly 69% over the last 30 days, Token Terminal data shows .
Cryptocurrency prices and the UEFA European Football Championship 2024 markets have also tallied large trading volumes on Polymarket.
Polymarket launched in June 2020 and recently raised $70 million , which was spearheaded by Ethereum co-founder Vitalik Buterin and venture capital firm Founders Fund.
Yuga Cohler, an engineering lead at cryptocurrency exchange Coinbase, said decentralized prediction markets are a way to cut through misleading narratives and view the unvarnished truth.
“Prediction markets are freedom preserving technology that move societies forward,” Cohler said in a June 30 X post.
Magazine: ‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
DOGE moves on without Musk as the work has “just begun”
Share link:In this post: Elon Musk has stepped down from his unpaid role at the Department of Government Efficiency (DOGE), after leading it for 16 months. DOGE has so far reported $175 billion in savings and will continue operating until its planned end date, July 4, 2026. Despite Musk’s exit and critics’ protests, the White House says DOGE remains central to the administration’s agenda.
Germany is considering 10% digital tax on big US tech firms like Meta and Google
Share link:In this post: Germany is gearing up to impose a 10% digital tax on global platforms like Google and Meta. The levy would target German advertising revenue and could mirror Austria’s 5% model at double the rate. Local media groups back the plan, hoping to channel funds into domestic companies with editorial teams.
Meta and Anduril to develop AI-powered combat helmets for US military
Share link:In this post: Meta and Anduril partner to build lightweight AR VR gear for soldiers. Joint bid seeks up to $100 million Army contract with EagleEye sensor system. Deal reunites Zuckerberg and Palmer Luckey as Meta expands defense tech focus.
Trump administration to cut thousands of jobs at the State Dept
Share link:In this post: The Trump administration notifies Congress of a plan to cut 3,448 State Department jobs and streamline over 300 bureaus. Human rights bureau to be recast under a new undersecretary role focused on “Democracy and Western Values.” Refugee and Migration Bureau to be reshaped to prioritize returning illegal migrants and lead overseas disaster response.

Trending news
MoreCrypto prices
More








