Decentralized prediction platform Polymarket hit $100 million in monthly trading volume in June as bettors increased their bets on how they think the US presidential election will play out.
At the time of writing, there is $203.3 million worth of bets on “Winner of the 2024 Presidential Election” – including individual “Yes” or “No” bets on 17 markets prediction field.
US President Donald Trump is currently the favorite, with 62% odds that he will win the US election - a total of $24.7 million in pro and con bets.
Second is current US President Joe Biden, who bet $23.9 million on whether he will become president for a second term. However, that percentage has dropped from 34% to 21% since a lackluster performance in the June 28 Presidential Debate.
Meanwhile, the odds for Democrats Gavin Newsom, Kamala Harris and Michelle Obama jumped as some political commentators questioned whether Biden should withdraw from the presidential race.
Biden's recent debate performance has also led to a spike in “Yes” bets on the “Biden Drops Presidential Race” and “Biden Drops Before July 4th” markets, currently at 43% and 9% respectively. More than $10 million has been bet on those markets.
There are also millions of dollars betting on whether American rapper Kanye West and crypto skeptic Elizabeth Warren can win the presidency, but those markets show a less than 1 chance. % At this stage.
Polymarket, which runs on the Ethereum Polygon sidechain, reached a trading volume of $109.9 million in June — surpassing the $100 million mark for the first time, according to Dune Analytics' dashboard.
Trading volumes from January to May ranged from $38.9 million to $63 million, marking a 620% increase compared to the previous five months (August to December 2023).
Token Terminal data shows that the total value locked in Polymarket is now $40.2 million, up nearly 69% in the past 30 days.