Blockchain-based prediction platform Polymarket has seen a surge in trading volume, reaching $533.51 million in September. This growth comes as anticipation builds for the 2024 US presidential election and major geopolitical events unfold in the Middle East.
In September, Polymarket’s trading volume increased by $61.51 million compared to August, with the platform now boasting 90,037 active users, a 41% rise from the previous month. The most active market on the platform, “Presidential Election Winner 2024,” saw $89 million in 30-day volume, indicating significant interest in the upcoming election.
As of Oct. 3, the odds for frontrunners Donald Trump and Kamala Harris were neck and neck, with each candidate receiving 50% of user predictions. However, Trump took a slight lead later in the evening after President Joe Biden announced discussions about retaliating to Iran’s missile attacks on Israel.
Polymarket’s growth is not limited to election-related markets. The platform experienced its highest daily volume on Sept. 11, with new daily records set on Oct. 2 and Oct. 3. Sept. 30 marked the platform’s busiest day, with 16,702 participants trading predictions. The rise in activity pushed September’s new account registrations to a record 89,958, showcasing the platform’s expanding reach.
Despite a brief dip in open interest early in the month, it rebounded to a peak of $136 million, reflecting strong user engagement and confidence in predictive markets. The surge was also fueled by rumors of a token launch. Election betting dominated 84% of Polymarket’s market share in September, with election bettors making up 64% of the user base.
Beyond the US election, other popular markets on Polymarket included geopolitical and financial predictions, such as “Israeli Forces Enter Lebanon in September?” and “Fed Interest Rates: November 2024.” Analysts are closely watching to see if interest will taper off after the election, but the platform’s ability to diversify its markets and focus on user experience could help maintain momentum post-election.
Polymarket’s growth can be attributed to increased interest in decentralized prediction markets, fueled by global events like elections, financial policies, and geopolitical tensions. Launched as a blockchain-based prediction platform, Polymarket offers users a transparent and secure betting environment to wager on various outcomes.
The platform’s recent success can be traced back to mid-2023, driven by rising interest in political events, particularly the 2024 US presidential election. By providing a decentralized alternative to traditional betting platforms, Polymarket has attracted users seeking more control and transparency over their bets. Its real-time data and engagement with predictions as events unfold have been key draws for users.
As Polymarket continues to grow, it remains a prominent player in the decentralized prediction market space, offering users a unique and engaging platform to bet on a wide range of events.