Key Takeaways
- Polymarket reached $111 million in month-to-month buying and selling quantity, a 77% improve from Could.
- The platform recorded 29,432 month-to-month lively merchants in June, displaying 116% development.
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The month-to-month buying and selling quantity for the Polygon-based prediction market Polymarket surpassed $100 million for the primary time since its inception. Based on a Dune Analytics dashboard created by Richard Chen, basic associate at 1Confirmation, Polymarket registered over $111 million in bets in June. It is a 77% development from Could.
Notably, the amount at Polymarket skilled a major leap in 2024. The month with much less buying and selling exercise was April, with almost $37 million in month-to-month quantity, which remains to be 240% above the month with the most important quantity in 2023. Moreover, the variety of month-to-month lively merchants within the prediction market reached 29,432 in June, displaying a 116% development.
Anastasija Plotnikova, CEO and co-founder of Fideum, ties this rising reputation to the US presidential elections and to the truth that each candidates expressed their positions on crypto as an asset and future regulatory strategy, with one candidate leaning in the direction of a robust pro-crypto stance.
“The business and people did discover that and are clearly expressing their preferences. Crypto customers are very fast to react and categorical themselves on each X and platforms like Polymarket, clearly displaying their alignments and sympathies with the candidates. This phenomenon might be additionally considered a political ‘echo chamber’ in every route,” Plotnikova added.
Due to this fact, this dynamic habits of the crypto group favors prediction market platforms comparable to Polymarket, particularly as crypto grew to become a “really scorching subject” in 2024, and continues to be one of many political and electoral agenda gadgets, shared Fideum’s CEO.
“The decentralized side of those platforms is very essential for this person kind because it ensures transparency, accuracy, and reliability for the individuals that expressed their opinion.”
On the time of writing, Trump reveals a 63% probability of profitable the election in response to Polymarket customers. Nevertheless, Plotnikova highlights that this won’t replicate precise voters’ sentiment.
“There’s a noticeable bias from crypto-native customers, as they’re using crypto-native platforms. Whereas crypto is a scorching subject within the monetary business, it isn’t a prime precedence for all voters when electing candidates. Once more, we should always keep away from creating echo chambers the place solely agreeable opinions are seen and heard.”
Nonetheless, as crypto customers are considerably represented among the many youthful voter base, buying and selling quantity, and present betting positions are reflective of this demographic’s pursuits, Fideum’s CEO concluded.
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