Polymarket surpasses $2B in trading volumes, driven by speculation on the 2024 U.S. Presidential election.
Daily transactions on Polymarket hit a record 93,000, fueled by rising interest in U.S. elections and Satoshi Nakamoto bets.
The Presidential Election Winner 2024 bet on Polymarket sees $1.19B in volume, attracting massive user activity.
Polymarket has recently recorded high traffic activity as well as higher transactional flow in the recent months. According to Dune Analytics, trading volumes on Polymarket crossed $2 billion in all-time trades. This rise is attributed primarily to increasing expectations prior to the U.S Presidential election.
https://twitter.com/DerekTMcKinney/status/1842750085521682712
In September, the platform achieved a trading volume of $486 million. The trading volume is expected to increase this month as the total for October has already surpassed $161 million. Data from Artemis revealed a peak in the number of new daily active wallets over a two-week period, suggesting an increase in platform users. Polymarket achieved a new daily transactions record on October 3rd, peaking at 93,000 in just one day.
Election Betting Spurs Polymarket Growth
Polymarketâs growth has largely been driven by the high stakes of the U.S. Presidential election. The "Presidential Election Winner 2024" bet alone has amassed over $1.19 billion in volumes.Â
The bet, which will close on November 4th, one day before the election, has become a central focus of activity on the platform. Former President Donald Trump leads the betting markets with 49.9% of wagers, while Vice President Kamala Harris holds 49.1%.Â
Satoshi Nakamoto Bet Gains Attention
Besides election-related bets, Polymarket is also seeing increased attention in other prediction markets. A new bet, "Who will HBO doc identify as Satoshi?" has gained traction after HBO announced a documentary set to air on October 8th.The documentary aims at unmasking the real owner of Bitcoin, Satoshi Nakamoto. So far, the total of bets on this bet has crossed the $814,000 mark within 48 hours of its launch. Some people think that the documentary will suggest that Nakamoto is Len Sassaman, a computer scientist who passed away in 2011.
Polymarketâs rapid growth highlights the increasing interest in blockchain-based betting. While the platform thrives, its native token, POL, has not seen a similar spike in value. However, the site's sustained activity could potentially drive further engagement across the Polygon network.
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