Polymarket Election Bets
Volume Approaches $1
Billion
Polymarket continues to record growing popularity amid US election buzz.
Bettor s interest in the decentralized prediction market is frothing,
seen with the volume of bets as participants predict possible outcomes.
While popularity grows, regulatory scrutiny is also increasing, with the
mounting pressure affecting platform activity.
Polymarket Elections Bets Near $1 Billion
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Polymarket election bets volume recorded $926 million as of this writing,
indicating growing interest in the decentralized prediction market. With the
US elections just 48 days away, the volume is expected to hit $1 billion soon.
Data from Dune shows that nearly 70% of Polymarket’s weekly users are focused
on election-related bets, while non-election users make up the remaining 30%.
This highlights the central role of political events in driving engagement on
the platform. Election vs. Non-Election Users on Polymarket, Source: Dune
Read more: Top 9 Web3 Projects That Are Revolutionizing the Industry
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Other key Polymarket metrics have shown significant growth. The
platform s total value locked (TVL) has increased by 277% since June,
reaching nearly $120 million. Additionally, the number of monthly active users
surged by 50%, climbing to 66,400 during the same period. Polymarket TVL.
Source: Token Terminal
The growing adoption of Polymarket by mainstream companies underscores its
seamless fit within various industries, demonstrating the rising influence of
blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн technology due to its efficiency. This explains Bloomberg’s recent
integration of Polymarket into its Terminal, as decentralized prediction
platforms play a more visible role in the upcoming November elections.
Coinbase executive Yuga Cohler highlighted the importance of prediction
markets, calling them “the purest technological manifestation of liberal
democracy.
“Polymarket’s astronomical success is the most important story in crypto right
now, but it s so obvious that we are ignoring it when we should be
screaming it from the rooftops. It is monumental for crypto that Polymarket is
being consistently cited by mainstream media for election probabilities. The
seamlessness with which this happened speaks to its product market fit. No one
talks about the fact that Polymarket is built on crypto because the product is
so good. Of course, underneath the hood, it makes total sense why a prediction
market should be built upon a decentralized financial network,” said Cohler.
Despite the platform’s success and utility, Polymarket continues to endure
regulatory challenges in the US, affecting its activity . Other hurdles that
plague it include skepticism about its impartiality and centralization woes.
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“Polymarket is not completely decentralized or permissionless. At the very
least, all of its markets are centrally operated by the team, which is indeed
similar to a casino business• Экономика » Бизнес (casino owners know what makes money and will
operate more of those types of games. Of course, we don t know who the
house is, but those interested can dig into the on-chain data),” Opinion Labs
wrote .
These discussions around Polymarket’s role and reliability highlight the
broader impact of cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта technologies beyond finance. They showcase
how decentralized platforms like Polymarket can reshape public discourse,
influencing areas such as elections and market forecasting.
Read more: How Can Blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн Be Used for Voting in 2024?
As the election approaches, these platforms will likely take on a more
prominent role, offering valuable insights into public sentiment and
forecasting potential outcomes.
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