The blockchain-based prediction market Polymarket has seen incredible growth in the past month, especially since the US election debate began.
According to data provided by Dune Analytics, the total number of bets on Polymarket surpassed 1.5 million in July. The total number of bets since the launch of the market prediction platform currently stands at 5.29 million.
Furthermore, data from Dune Analytics shows that cumulative betting volume on Polymarket has reached just over $1 billion. Bet volume for July alone increased by 219% from the previous month – rising from $111.56 million to $355.23 million.
The surge in Polymarket trading volume comes as discussions around the US presidential election escalate. According to Data From Polymarket, the total amount bet on the upcoming election reached $439 million.
According to the market prediction platform, there is a 57% chance that Donald Trump will win the US election in November with over $54 million in bets. Trump’s rival, Vice President Kamala Harris, currently has a 39% chance of becoming the 47th US president with a bet size of $38.5 million.
According to a crypto.news report on July 24, Polymarket has partnered with MoonPay to allow non-crypto users to use the Polygon-based market prediction platform.