Blockchain-based prediction platform Polymarket reached new heights in September, reporting $533.51 million in buying and selling quantity as anticipation builds for the 2024 US presidential election and main geopolitical occasions unfold within the Center East.
The platform’s September quantity elevated by $61.51 million in comparison with August as lively customers climbed to 90,037, a 41% rise from the earlier month.
With simply over a month till Election Day on Nov. 5, Polymarket’s most lively market, “Presidential Election Winner 2024,” garnered $89 million in 30-day quantity, based mostly on Dune Analytics information.
As of Oct. 3, the chances for frontrunners Donald Trump and Kamala Harris had been lifeless within the morning, with every candidate receiving 50% of consumer predictions. Nonetheless, Trump took a slight lead later within the night after President Joe Biden introduced the US was discussing retaliating to Iran’s missile assaults on Israel.
Surging customers amid new choices
Polymarket’s progress was not restricted to election-related markets. The platform skilled its highest each day quantity on Sept. 11, however new each day data had been set on Oct. 2 and Oct. 3, displaying the sustained momentum.
Moreover, Sept. 30 marked the platform’s busiest day, with 16,702 members buying and selling predictions. The rise in exercise pushed September’s new account registrations to a report 89,958, a key indicator of the platform’s increasing attain.
Regardless of a slight dip in open curiosity early within the month, it rebounded to a peak of $136 million, highlighting robust consumer engagement and confidence in predictive markets. The surge was additionally pushed by rumors of a token launch.
Election betting took 84% of Polymarket’s market share in September, with election bettors accounting for 64% of the consumer base.
Past the US election, different common markets included geopolitical and monetary predictions, reminiscent of “Israeli Forces Enter Lebanon in September?” and “Fed Curiosity Charges: November 2024.”
Because the US election nears, demand is anticipated to stay excessive, although analysts are intently watching to see whether or not curiosity will taper off after November. The platform’s potential to diversify its markets past elections, in addition to its concentrate on consumer expertise, may play an important position in sustaining momentum post-election.
Development momentum
Polymarket’s current progress will be traced again to elevated curiosity in decentralized prediction markets, notably as international occasions reminiscent of elections, monetary insurance policies, and geopolitical tensions have garnered heightened public consideration.
Launched as a blockchain-based prediction platform, Polymarket permits customers to wager on outcomes of varied occasions utilizing decentralized know-how, providing a clear and safe betting setting.
Polymarket’s present progress trajectory will be traced again to mid-2023, fueled by rising curiosity in political occasions — particularly, the 2024 US presidential election. Because the election approached, the platform capitalized on the elevated demand for political prediction markets, which has resulted in report progress this yr, particularly over the previous few months.
By providing a transparent, decentralized different to conventional betting platforms, it attracted new customers in search of extra management and transparency over their bets. The platform’s main draw has been its potential to offer real-time information, permitting customers to have interaction with predictions as occasions unfold.
