US political bets drive Polymarket volume past $1 billion

BlockBeats news, on August 2, TheBlock reported that the cumulative trading volume of the prediction platform Polymarket has exceeded $1 billion, and the current open position is about $90 million. Its largest trading market is the prediction of the next US president, with a trading volume of more than $474 million, accounting for more than 45% of Polymarket's total trading volume. Some other political markets have also attracted a large number of users, making Polymarket the hottest political trend prediction channel.

Data shows that from June to the end of July, Polymarket's trading volume soared from $663 million to $1.05 billion, an increase of about 58%. In particular, in July, Polymarket's monthly trading volume hit a new high of $3.8 million, mainly due to speculation on US political events. The platform's active users increased from 4,000 in January to 44,000. The Polymarket platform allows users to use cryptocurrencies to bet on predictions of future events, and is favored by users who are keen on political event prediction transactions.