As the U.S. presidential election on November 5, 2024, draws near, Polymarket, a decentralized betting platform, achieved its highest trading volume and activity ever in September. The platform, built on Ethereum, experienced record-breaking growth in multiple categories, including active traders, cumulative trading volume, and the number of new markets.
Surge in Active Traders and Trading Volume
Polymarket saw a 42% jump in active traders from August to September, marking its largest month-over-month increase. The platform’s cumulative trading volume also surged by 35.5%, reaching $2.06 billion in September, compared to $1.52 billion in August. Additionally, new markets grew by 26.8%, while overall trading volume increased by 12.83%.
2024 U.S. Presidential Election Dominates Betting Markets
The biggest market on Polymarket continues to be the 2024 U.S. presidential election, where users have placed nearly $1.2 billion in total bets as of October 4. Notably, $265 million has been wagered on Donald Trump, the Republican candidate, winning the election, while Kamala Harris, the Democratic candidate and Vice President, holds bets totaling $252 million. Both candidates currently have winning odds of 49%.
Polymarket’s Growing Popularity
September’s performance solidifies Polymarket’s place as a leading prediction platform in the crypto space, with users flocking to bet on major events like the upcoming election. The platform has yet to comment on its record-breaking growth for the month.
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