As citizens and other keen observers anticipate what events will unfold on the political scene of the US, Polymarket continues to see its trading volume swell remarkably.
Polymarket, a decentralized prediction markets platform, has hit a record monthly trading volume of over $275 million this month. The remarkable record feat of activity appears to be largely driven by heightened interest in the US, especially within the political quarters.
As citizens and other keen observers anticipate what events will unfold on the political scene of America, Polymarket continues to see its trading volume swell remarkably. While the platform saw a $100 million surge in volume last month, July has already surpassed the figures by over 100%. That is, despite the fact that the month of July is still a few days from being over.
Interestingly, these growing numbers are not only limited to volumes. Even the number of active users on Polymarket has spiked significantly. The platform’s trader count, which was merely 4,000 as of January, now stands at a peak level of over 33,000. This represents an increase of more than eightfold since the year began.
The substantial increase in trader count only goes to show the increasing popularity of decentralized prediction markets, as users can now leverage their knowledge and opinions to profit from accurately predicting future events.
In a show of an all-round surge going on on the platform, open interest on Polymarket has also reached an all-time high of about $71.98 million at the time of writing, according to data from The Block.
Open interest represents the total value of outstanding bets that have not yet been settled, indicating a strong ongoing interest in various prediction markets offered by Polymarket. With this huge figure, one thing is clear; the confidence and engagement level of Polymarket’s user community at this moment are at levels never seen before.
Polymarket Rides on the Wave of Upcoming US Elections
Popular political markets include bets on who will be the next U.S. president and the Democratic party’s presidential nominee. Both of these markets have already seen inflows of hundreds of millions of dollars. However, it might be worth noting that Polymarket’s platform did not just gain its recent visibility without the help of these political bets.
Now, thanks to the US political season, Polymarket now stands as a renowned place for predicting political outcomes.
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