The blockchain-based prediction market Polymarket saw impressive growth last month, especially since the start of the debate around the U.S. elections.
According to data provided by Dune Analytics, the total number of bets on Polymarket surpassed the 1.5 million mark in July. The total number of bets since the launch of the market prediction platform is currently sitting at 5.29 million.
Number of bets on Polymarket | Source: Dune Analytics You might also like: Bitcoin price may consolidate as $2.2b options expiry looms, analysts warn
Moreover, data from Dune Analytics shows that the cumulative bet trading volume on Polymarket has reached just over $1 billion. The betting volume for July alone is up 219% from the past month — rising from $111.56 million to $355.23 million.
The surge in the Polymarket trading volume comes as the debate around the U.S. presidential elections heats up. According to data from Polymarket, the total amount of bets on the upcoming elections has reached $439 million.
Per the market prediction platform, there’s a 57% chance that Donald Trump could win the U.S. elections in November with over $54 million in bets. Trump’s competitor, Vice President Kamala Harris, currently has a 39% chance of becoming the 47th U.S. president with a betting volume of $38.5 million.
According to a crypto.news report on July 24, Polymarket joined forces with MoonPay to allow non-crypto users to use the Polygon-based market prediction platform.
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