Polymarket, a popular cryptocurrency betting platform, has exceeded $1 billion in trading volume, significantly boosted by wagers placed over the past month. As of July 30, Polymarket reported a betting volume of $343 million, a considerable increase from $111 million in June and $63 million in May, as per data from Dune Analytics.
This sharply increasing betting volume is largely attributed to the heightened speculation surrounding the upcoming United States presidential election. To date, over $429 million has been bet on who will secure a win in the election on November 4, with Donald Trump currently leading with a 60% chance.
Despite Trump’s lead, Vice President Kamala Harris has been climbing the ladder, her odds increasing from 1% to 38% after Biden’s unexpected exit from the race. While Polymarket’s primary function has been to speculate on political outcomes, the platform also caters to predictions on a wide array of areas such as cryptocurrency, sports, business, and most recently, the 2024 Olympic Games.
Polymarket’s growth was bolstered by a successful $70 million Series B funding round on May 14, spearheaded by Peter Thiel’s Founder Fund and even included contributions from Ethereum’s co-founder, Vitalik Buterin. The platform recently collaborated with MoonPay, a payment platform, to facilitate debit and credit card payments, smooth user onboarding process, and provide an easier experience for those outside the crypto realm.
To further tap into the increasing speculations on US Politics, Polymarket recruited election analyst and statistician Nate Silver as an advisor on July 16. However, despite focusing heavily on US-based events, the platform is currently inaccessible to American users.