Polymarket Breaking Records with Election Speculations
Polymarket Volume Surge Amidst Election Speculations
Polymarket is raising records and creating a stir in the market attracting everyone’s attention. As per their figures, the total volume of bets on Presidential Election Winner 2024 escalated to $116 Million in July 2024.
Thus, the data from Dune Analytics reveals that Polymarket saw $116.4 Million in volume this July, which is higher than the volume of $111.5 Million recorded in the previous month.
This increase in the volume is directly linked to the US elections as people betting on who will be the winner of the Presidential Election in 2024.
In addition, Political betting markets have witnessed a massive $263.5 Million on betting on the result of the next U. S presidential election on November 4th. As of now, Donald Trump has the highest probability of winning with 70% while Joe Biden has a 19% chance.
Second, 7% of respondents support Vice President Kamala Harris; third, 2% of respondents support former First Lady Michelle Obama.
Polymarket predictions include with speculation about whether President Joe Biden will exit the presidential race, a move increasingly demanded by some Democrats. On July 4th, shares for "yes" peaked at 70 cents, suggesting a 70% probability of Biden stepping down. However, this price has since fallen to 32 cents.
This particular market has attracted over $16 million in bets, contributing to a total of more than $400 million wagered on the platform this year.
In addition to Polymarket's success, Azuro Protocol has also achieved remarkable milestones since June 2022. As of June 2024, Azuro Protocol reported a monthly volume of $62 million, revenue of $663,000, and 5,104 users. Cumulatively, the protocol has reached a volume of $438 million, generated $4 million in revenue, and attracted 29,758 users.
Nate Silver Joins Polymarket
Polymarket has also recently announced that Nate Silver, the founder of 538, has joined its oversight board. Polymarket, the largest prediction market in the United States, enables users to purchase shares of outcomes, thus, offering a market of event probabilities.
Silver stated he was looking forward to the new position and noted that prediction markets are useful tools in predicting future outcomes. He pointed out the importance of timely data in evaluating the consequences of such incidents as political debates.
Conclusion
Polymarket has been in the news due to record trading volumes, especially in the 2024 Presidential Election market that recorded $116 Million in bets in July 2024. This increase is not an isolated case; globally, $263.5 million people bet on the election in total. At the same time, Azuro Protocol has also been growing steadily with a considerable volume and active users since June 2022. Also, the founder of 538, Nate Silver, is on Polymarket’s board of directors, stressing the significance of prediction markets as data sources that offer fresh data.
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