Polymarket Rides X Hype to $1.1B May Volume—But Fails to Hold Traders
The post Polymarket Rides X Hype to $1.1B May Volume—But Fails to Hold Traders appeared on BitcoinEthereumNews.com.
Polymarket’s trading volume climbed for the fourth consecutive month, reaching $1.103 billion in May despite active traders dropping. Polymarket has been named the official prediction market partner of X, the social media company owned by Elon Musk, since 2022. Polymarket, a decentralized prediction market platform founded by Shayne Coplan and launched in 2020, posted $1.103 billion in trading volume in May this year, marking its fourth consecutive month of growth. The platform allows people to bet on cryptocurrency on just about anything, from politics to global events. But even with that momentum, it’s still got a way to go to match its record high of $2.6 billion in December 2024. Even as trading volume kept rising, the number of active traders on Polymarket slipped for the fourth month in a row, dropping to 277,700. On the other hand, the platform is still growing; it launched more than 7,000 new markets in April, a 20% increase from March. And in May alone, 145,700 new users signed up, suggesting that while day-to-day activity may be slowing a bit, overall interest in prediction markets is far from fading. For now, Polymarket remains the largest player in the space. Meanwhile, open interest, the total value of unresolved bets, dropped to around $100 million, down sharply from the $512 million peak seen during the previous year’s election cycle. In 2024, Polymarket saw more than $8 billion in total predictions placed on the platform. The excitement around the U.S. election season helped drive trading activity to daily volumes of roughly $85 million. On Election Day itself, the platform hit an impressive $463 million in open interest, underscoring the powerful draw of high-stakes, real-world events on the prediction market. X and Polyarket Partnership In other news, Polymarket has officially partnered with X, formerly known as Twitter. The partnership,…
Filed under: News - @ June 7, 2025 1:23 pm