Cryptocurrency users from across the globe are welcoming the success of Polymarket, a Polygon-based on-chain prediction market. During the U.S. presidential election last night, it handled enormous traffic increase with zero delays and surprisingly evolved into a go-to source of live news about election results.
"Huge win for Polymarket": Crypto Twitter excited as largest PM app works like clockwork
Polymarket, a mainstream crypto-based PM app on Polygon (POL), made headlines last night. As the entire world was closely watching the statistics of U.S. presidential elections, Polymarket dashboards suddenly emerged as the most up-to-date data sources.
I just got word that the Trump campaign HQ literally found out they were winning from Polymarket.History was made today.Surreal
— Shayne Coplan (@shayne_coplan) November 6, 2024
Polymarket founder Shayne Coplan even shared a rumor that candidates' headquarters were also relying on his app for exact statistics.
Since the application demonstrates no advertising and tracks the odds for various events in parallel ("swinging states" data, House control, even the odds of delivering a victory speech before the publication of official results), it claimed the status of a noise-free platform:
Traditional media told you as little as possible so they could feed you ads all night. Polymarket just gave you the facts.
Also, all of Crypto Twitter was surprised by the accessibility Polymarket showcased despite huge traffic spikes. Its popularity, usability and resiliency were admitted even by die-hard Bitcoiners.
Legacy media can't comprehend that their polls were wrong and Polymarket was right.Money talks. You just have to listen.
— Jameson Lopp (@lopp) November 6, 2024
In turn, Haseeb Qureshi, renowned crypto investor, hailed the success of Polygon (POL) blockchain itself that registered no outages today:
Can we just take a second to shout out @0xPolygon for handling all the Polymarket load right now? 🫡 Volumes are going crazy and 0 downtime or issues as far as I've seen.
— Haseeb ＞|＜ (@hosseeb) November 6, 2024
The success of Polymarket was recognized by Solana's community as well. Mert Mumtaz, key figurehead of Solana RPC service Helius, admitted that Polymarket's head "made all of crypto proud and mainstream these past few months — and handled criticism gracefully."
$47,353,871 in PnL: Polymarket whale expects insane payouts
Besides technical robustness, Polymarket made headlines with an enormous liquidity inflow as crypto users were betting on U.S. presidential candidates. In total, over $3.5 billion in equivalent were poured into Polymarket in recent weeks.
As the results of the election are in now, some lucky betters are about to celebrate whopping rewards. A French whale known as "Théo" hit an over $47 million jackpot.
Polymarket whale total P&L across his 4 accounts = $47,353,871 pic.twitter.com/GkaqTLyRTV
— Googly 👀 (@0xG00gly) November 6, 2024
Their rewards might go down as the most generous payouts in the history of political betting. Other Polymarket whales are expecting $11 million and $16 million in payouts.
