July 1 Crypto News – Polymarket Sees $100M Monthly Volume Amidst Intense Presidential Race

July 1 Crypto News – Polymarket’s Monthly Volume Soars to $100M as Election Battle Intensifies

July 1 Crypto News – In June, the decentralized predictions platform Polymarket achieved a significant milestone, reaching $100 million in monthly trading volume. This spike is driven by heightened interest in the upcoming United States presidential election.

High Stakes on Presidential Candidates

Currently, there are $203.3 million in bets on the “Presidential Election Winner 2024” market, which includes 17 individual prediction markets. Former president Donald Trump is leading with 62% odds, totaling $24.7 million in bets. Current president Joe Biden follows with $23.9 million in bets, though his odds have dropped from 34% to 21% following a lackluster debate performance on June 28.

Shifting Odds for Democrats

Biden’s debate performance has led to increased betting on other Democratic candidates. Odds for Gavin Newsom, Kamala Harris, and Michelle Obama have surged, with some political commentators suggesting Biden might drop out of the race. Markets speculating on Biden’s potential withdrawal have also seen a rise, with “Yes” bets on “Biden drops out of presidential race” and “Biden drops out by July 4” now at 43% and 9%, respectively, accumulating over $10 million in bets.

Low Chances for Outsiders

There are also markets for unlikely candidates, including rapper Kanye West and crypto skeptic Elizabeth Warren, but these show less than a 1% chance of winning the presidency at this stage.

Polymarket’s Growth and Expansion

Polymarket, which operates on the Ethereum sidechain Polygon, saw $109.9 million in trading volume in June, marking its first time crossing the $100 million threshold, according to Dune Analytics. Trading volumes from January to May ranged between $38.9 million and $63 million, showing a remarkable 620% increase from the previous five months. The number of monthly active traders also jumped by 115% to 29,266 in June. The total value locked in Polymarket has risen nearly 69% over the last 30 days to $40.2 million, based on data from Token Terminal.

Broader Market Impact

Apart from the presidential race, Polymarket has seen significant trading volumes in cryptocurrency prices and the UEFA European Football Championship 2024 markets.

Recent Funding and Endorsements

Launched in June 2020, Polymarket recently raised $70 million, with support from Ethereum co-founder Vitalik Buterin and venture capital firm Founders Fund. Yuga Cohler, an engineering lead at cryptocurrency exchange Coinbase, highlighted the importance of decentralized prediction markets in a June 30 post, stating, “Prediction markets are freedom-preserving technology that move societies forward.”

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