Polymarket broke records for trading volume and active users in September, despite a dip earlier in the month. Betting on the US election was largely responsible for the blockchain betting platform’s success.

However, rumors of a new token launching for long-term gains have also helped the platform gain prominence. Polymarket is reportedly seeking $50 million in investment capital to fund the token.

Polymarket's victorious September

Polymarket broke several records this September. Although it saw a significant dip in the middle of the month, the platform bounced back with impressive milestones. Trading volume increased to $533.31 million and active users grew 41% from August to over 90,000.

Several factors are responsible for this rapid growth, but one stands out among them: the upcoming US election. Election bets crossed the $200 million threshold several months ago, but have continued to rise. Despite the aforementioned lull in September, election bets surged to nearly $1 billion, ensuring an optimistic month.

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Polymarket Trading Volumes. Source: Dune Analytics

Success like this is phenomenal for any blockchain startup. However, there is one obvious concern: the election won’t last forever. Topics like interest rate cuts or war between Lebanon and Israel have attracted their own betting hype, but analysts are waiting to see if Polymarket’s activity will slow down after November 5.

Polymarket Token Coming?

Rumors reported by Fortune may provide insight into this situation. Polymarket is reportedly now seeking $50 million in investment capital, despite having already raised $70 million earlier this year. This new funding is speculated to support the launch of a Polymarket token.

Launching a token at the height of the company’s popularity could be a winning strategy to ensure that interest in the platform continues after the election. For example, hype about an upcoming token airdrop could influence Polymarket users today, encouraging them to increase their trading volume.

However, any specific claims about this token would be pure speculation. Ideally, it would substantially improve Polymarket’s functionality in key ways. Regardless, any type of token could be key to the platform’s long-term relevance.

The article Polymarket breaks record with elections; rumors about token grow appeared first on BeInCrypto Brasil.