September marks Polymarket's best ever month as US presidential election draws closer

September marked the best ever month for Ethereum-based betting market Polymarket as the 2024 United States presidential election on Tuesday, Nov. 5 draws closer.

The decentralized prediction platform saw record highs in the monthly categories for trading volume, active traders, new markets and cumulative trading, The Block's Data Dashboard shows. The number of active traders saw the largest month-over-month increase, increasing 42% between August and September. 

The second-largest increase happened with the platform's cumulative volume . September saw a 35.5% raise to $2.06 billion from August's $1.52 billion in cumulative volume. Month-over-month, new markets and volume rose 26.8% and 12.83%, respectively.

While the number of new markets increased in September, Polymarket's largest prediction market remains the winner of the 2024 United States presidential election. That market crossed $1 billion in cumulative bets on Sept. 24, and the total now sits at nearly $1.2 billion as of Oct. 4.

Users have wagered $265 million on Republican presidential candidate Donald Trump winning the election while Democratic candidate Vice President Kamala Harris maintains a nearly $252 million bet, with both having winning odds of 49% as of publication time. 

The Block reached out to Polymarket for comment on its September performance, but has yet to hear back by press time.