Polymarket Breaks $100M Monthly Volume Record
2 min readJul 1, 2024
The decentralized predictions platform Polymarket has shattered records, reaching an unprecedented $100 million in monthly trading volume this June. This surge coincides with intensifying interest in the upcoming United States presidential election, where betting markets have already accumulated over $200 million in wagers.
Key highlights:
- Presidential race dominates: The “Presidential Election Winner 2024” market has attracted $203.3 million in bets across 17 prediction markets.
- Trump leads, Biden falters: Former President Donald Trump is the current frontrunner with 62% odds and $24.7 million in bets. Incumbent President Joe Biden’s odds have dropped to 21% following the first debate, with $23.9 million wagered on his chances.
- Dark horse candidates emerge: Odds for Democrats Gavin Newsom, Kamala Harris, and Michelle Obama have risen amid speculation about Biden’s campaign future.
- Biden dropout speculation: Markets for “Biden drops out of presidential race” and “Biden drops out by July 4” have seen increased activity, with over $10 million in bets placed.
- Platform growth: Polymarket’s June trading volume of $109.9 million marks a 620% increase from late 2023. Active traders surged 115% to 29,266.
- Diverse markets: Beyond politics, cryptocurrency prices and the UEFA European Football Championship 2024 have also generated significant trading volumes.
- Industry perspective: Yuga Cohler, Coinbase engineering lead, praised decentralized prediction markets as “freedom preserving technology that move societies forward.”
- Platform details: Polymarket, launched in 2020 and recently securing $70 million in funding, operates on the Ethereum sidechain Polygon. Its total value locked has increased 69% to $40.2 million in the past month.
As the 2024 US presidential race heats up, Polymarket’s record-breaking performance underscores the growing intersection of blockchain technology, predictive markets, and political engagement.
