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. &nbsp;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.

Polymarket crosses $1 billion in cumulative volume, driven by US political bets

TokenInsight

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