Polymarket Surpasses $100M Monthly Trading Volume as Predictions Heat Up for US Election

Betting on the Presidential Race

• Current Volume: Polymarket’s monthly trading volume hit the impressive $100 million mark. Punters are actively participating in prediction markets related to the upcoming US presidential election.
• Presidential Election Winner 2024: Within this market, there’s a staggering $203.3 million worth of bets across 17 individual prediction markets. These bets revolve around the question of who will emerge as the winner in the 2024 presidential race.

Odds and Favorites

• Trump Leading: Currently, former US President Donald Trump is the favorite, with 62% odds that he will secure victory in the election. Bets for and against Trump total $24.7 million.
• Biden’s Odds: Current US President Joe Biden follows closely, with $23.9 million in bets on whether he will secure a second term. However, his odds have dipped from 34% to 21% since a lackluster Presidential Debate performance on June 28.
• Other Contenders: Odds for Democrats Gavin Newsom, Kamala Harris, and Michelle Obama have spiked, leading some political commentators to question whether Biden should drop out of the race.

Polymarket’s Growth and Impact

• Trading Volume Surge: Polymarket, which runs on Ethereum sidechain Polygon, saw a remarkable $109.9 million in trading volume in June. This marks its first time crossing the $100 million threshold.
• Active Traders: The number of monthly active traders skyrocketed by 115% to 29,266 in June.
• Total Value Locked: Polymarket’s total value locked now stands at $40.2 million, up nearly 69% over the last 30 days.