The post Polymarket Sees $533M Trading Volume in September as US Election Draws Near appeared on BitcoinEthereumNews.com.

This is an increase of $61.51M over August’s $472 million, as reported by Dune Analytics.  The number of active users on the platform increased by 41% from 63,616 in August. High levels of interest in the 2024 US presidential election and Middle Eastern geopolitical events drove September’s trading volume of $533.51 million on the blockchain-based prediction platform Polymarket. Moreover, this is an increase of $61.51 million over August’s $472 million, as reported by Dune Analytics. Also, the number of active users on the platform increased by 41% from 63,616 in August to 90,037 in September. Popularity of Polymarket has skyrocketed in the last week leading up to the US presidential election. According to Dune Analytics, the market with the highest trading activity on the platform, “Presidential Election Winner 2024,” had $89.07 million in trading volume in the last 30 days. Each contender, Donald Trump and Kamala Harris, has a 50% probability of winning the election as of October 4th. Token Launch Speculation Furthermore, there were a record 89,958 new account registrations for the month of September. And the highest day of trading was September 30 with 16,702 participants. A fresh daily trading record was achieved on October 2 and 3. Showing ongoing enthusiasm as election day approaches, after the platform’s largest daily volume on September 11. Rumors of a possible token launch helped push open interest back up from a modest fall at the beginning of September to a high of $136 million. According to a report by The Information, the blockchain prediction business is reportedly trying to raise $50 million. Additionally, the introduction of the company’s token is being considered. This token has the potential to enable users to validate the results of real-world events. A whopping 84% of its market activity at the end of September was devoted…

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Filed under: News - @ October 5, 2024 10:25 pm