Blockchain Prediction Platform Polymarket Dominated by Election-related Bets
Polymarket, a polygon-based platform, has experienced a significant portion of its 2024 trading volume, with 88% stemming from bets related to U.S. election outcomes. Elections in America have been the focus on blockchain prediction platforms like Polymarket, recording over $650 million in trading this year. Traders have placed substantial bets on candidates like Donald Trump and Kamala Harris, with markets tagged “Presidential Election Winner 2024” and “Democratic Nominee” accounting for 50% of the platform’s trading volume.
Strong Performance of Election-related Bets on Polymarket
Election-related bets have outperformed other events on Polymarket, such as the approval of a spot Bitcoin exchange-traded fund in January and the Paris Olympics. Despite the focus on elections, the platform has seen spikes in trading volume in January, May, June, and August related to events outside of the U.S. presidential ballot. Crypto whales and existing momentum are expected to continue driving sufficient volume on Polymarket.
Kamala Harris Leads Over Donald Trump on Polymarket
Users on Polymarket have shown support for Democratic candidate Kamala Harris to defeat former president Donald Trump. Harris had a 51% chance of winning compared to Trump’s 47%, with users placing $642 million in cumulative bets on the election outcome. Harris gained momentum on the platform after Trump survived an attempt on his life during a Pennsylvania rally.
