The US political betting has driven Polymarket's trading volume to surpass $1 billion.
According to a report from TheBlock, the prediction platform Polymarket has accumulated over $1 billion in trading volume, with current open positions of around $90 million. Its largest trading market is for predicting the next US president, with over $474 million in trading volume, accounting for more than 45% of Polymarket's total trading volume. Other political markets have also attracted a large number of users, making Polymarket the most popular channel for political trend prediction.
The data shows that from June to the end of July, Polymarket's trading volume surged from $663 million to $1.05 billion, an increase of around 58%. Particularly in July, Polymarket's monthly trading volume reached a new high of $3.8 million, mainly driven by speculation on US political events. The platform's active users have increased from 4,000 in January to 44,000. Polymarket allows users to buy and sell cryptocurrency tokens based on their predictions of the probability of future events occurring, and it has gained popularity among users interested in predicting political events.
