Polymarket Sees Record $116M in Trade Volume Fueled by US Presidential Election Bets
Decentralized predictions platform Polymarket has registered record trade volumes fueled by the anticipation surrounding the United States presidential election.
In the first half of July alone, the platform recorded a staggering $116.4 million in volume, surpassing its previous highest month of $111.5 million in June.
The surge in trading activity can be directly attributed to speculators engaging in bets on the outcome of the upcoming election.
Political traders have collectively wagered an astounding $263.5 million on predicting the winning candidate for the US election scheduled for November 4.
As of the latest data, prediction traders are favoring former President Donald Trump with a 69% chance of victory, followed by current President Joe Biden at 19%.
Vice President Kamala Harris stands at 6%, while former First Lady Michelle Obama trails with just 2% of the bets.
Since the beginning of this year, Polymarket has witnessed a total of $471.9 million in wagers across various events, encompassing politics, finance, sports, and cryptocurrencies.
The platform has emerged as a go-to destination for traders seeking to speculate on American political events, although it is currently unavailable to traders residing in the United States.
It is worth noting that Polymarket recently concluded a successful $70 million Series B funding round led by Peter Thiel’s Founder Fund, with participation from notable figures including Ethereum co-founder Vitalik Buterin.
“Prediction markets are the purest technological manifestation of liberal democracy,” Yuga Cohler, an engineering lead at cryptocurrency exchange Coinbase, wrote in a recent post on X.
“They take free markets and free speech as inputs and output truth. In an age when centralized
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