🌎 Polymarket Surpasses $1B in Bets Amid U.S. Election Predictions Boom

The blockchain-based prediction market Polymarket experienced significant growth last month, particularly with the ongoing discussions around the U.S. elections.

According to data from Dune Analytics, the total number of bets on Polymarket exceeded the 1.5 million mark in July. Since its launch, the market prediction platform has accumulated 5.29 million bets.

Data from Dune Analytics also reveals that the cumulative bet trading volume on Polymarket has surpassed $1 billion. In July alone, betting volume surged by 219%, increasing from $111.56 million to $355.23 million.

This increase in trading volume coincides with the intensifying debate around the U.S. presidential elections. Polymarket data shows that the total amount of bets on the upcoming elections has reached $439 million.

The market prediction platform indicates a 57% chance that Donald Trump could win the U.S. elections in November, with over $54 million in bets. His competitor, Vice President Kamala Harris, currently has a 39% chance of becoming the 47th U.S. president, with a betting volume of $38.5 million.

In a recent development, Polymarket has partnered with MoonPay to enable non-crypto users to participate in the Polygon-based market prediction platform.