Polymarket, a leading prediction market platform, has seen a significant spike in website traffic, outpacing prominent DeFi platforms like Uniswap, dYdX, Compound, and GMX.
The surge is primarily driven by intense interest in betting on the US presidential election, particularly on the potential face-off between former President Donald Trump and Vice President Kamala Harris.
Polymarket growth
Recent data shows Polymarket’s daily average visits reaching an impressive 296,515, with users spending an average of 6 minutes and 46 seconds per visit on Polymarket.
In comparison, Uniswap, the closest competitor in terms of traffic, records 134,309 daily average visits with a visit duration of 5 minutes and 21 seconds. Meanwhile, the second and third largest DeFi platforms recorded only a fraction of the visits, with only GMX breaking the 10,000 bar.
Polymarket’s cumulative bet volume soared to $1.03 billion in July, up from $672.94 million in June, according to Dune Analytics. This marks a substantial increase compared to July 2023, when the cumulative bet volume stood at $283.16 million.
The rise in bets follows high-profile news events, including Harris’s anticipated Democratic nomination and an assassination attempt on Trump, the leading Republican contender, earlier this month.
Trump vs. Harris betting frenzy
The possibility of a Trump-Harris showdown has captivated Polymarket users. In the week following President Joe Biden’s withdrawal from the Democratic race, Harris’ odds of winning the Democratic nomination more than doubled from 18% to 44%.
Trump remains the favored candidate among large-scale bettors, maintaining a 53% chance of winning the election. However, his odds fell from 59% after his appearance at the National Association of Black Journalists (NABJ).
Polymarket’s interactive map and trending market analysis reveal a dynamic and heavily contested election season.
Republicans are currently favored to control the presidency and the Senate, while Democrats are expected to retain control of the House. Meanwhile, key battleground states show a mix of support, with Republicans leading in Arizona, Georgia, and Pennsylvania and Democrats holding Michigan.