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Reported by The Block: Polymarket, a decentralized prediction markets platform, has surpassed $1 billion in cumulative trading volume since its inception.
From June to the end of July, Polymarket’s cumulative volume surged about 58%, from $663 million to $1.05 billion.
Polymarket, a decentralized prediction markets platform, has surpassed $1 billion in cumulative trading volume since its launch, according to The Block's data dashboard.
Over the past year, the platform has played a growing role in the crypto landscape, appealing to users keen on trading based on predictions of various outcomes, particularly political events. Users buy and sell shares using crypto tokens to bet on the likelihood of future events taking place.
Polymarket's cumulative volume stood at $663 million in June and surged about 58% to reaching $1. o5 billion in July.
The surge in trading volume is closely tied to an increasing interest in U.S. political events. July alone saw a record-setting month for Polymarket, with volumes topping $380 million, driven primarily by speculation on the outcomes of U.S. political happenings. The platform’s user base has seen a large rise, with the number of monthly traders soaring to over 44,000 from approximately 4,000 in January.
Currently, open interest on Polymarket stands at around $90 million. The biggest market on the platform is the bet on who will be the next U.S. president, which has seen over $474 million in volume — comprising more than 45% of Polymarket’s overall volume to date.
Several other political markets have not only attracted substantial trading volumes but have also positioned Polymarket as a potentially reliable indicator of political trends through crowd intelligence.
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