Polymarket, a prominent crypto betting platform, has exceeded $1 billion in trading volume, with a notable surge in activity over the past month.
According to Dune Analytics, Polymarket saw $343 million in betting volume by July 30, up from $111 million in June and $63 million in May.
The primary driver behind this spike in activity has been intense speculation surrounding the upcoming United States presidential election.
As of now, over $429 million has been wagered on the outcome of the election set for November 4.
Former President Donald Trump maintains a strong lead with 60% odds, while Vice President Kamala Harris has seen her odds improve significantly, moving from a 1% chance to 38% following President Biden’s unexpected withdrawal from the race.
Polymarket, while mainly used for betting on political outcomes, also offers markets on various topics, including cryptocurrency, sports, business events, and recently, the 2024 Olympic Games.
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On May 14, Polymarket secured $70 million in a Series B funding round led by Peter Thiel’s Founder Fund, with participation from Ethereum co-founder Vitalik Buterin.
This funding round has bolstered the platform’s growth and expansion.
In an effort to streamline user access, especially for those outside the cryptocurrency community, Polymarket partnered with payments platform MoonPay on July 24.
This partnership allows users to make deposits using debit and credit cards, simplifying the onboarding process.
Further capitalizing on the growing interest in U.S. political betting markets, Polymarket enlisted election analyst and statistician Nate Silver as an adviser on July 16.
Despite its focus on U.S. events, Polymarket is not available to American users.
The platform continues to thrive as a leading destination for speculative betting, appealing to a global audience interested in a wide range of prediction markets.
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