Polymarket Trading Volume Reaches New Heights
The blockchain-based prediction platform Polymarket experienced a significant increase in trading activity in August, with a record-breaking $472.87 million in volume. This represents a 22.17% rise from July’s $387.03 million, making it the highest monthly volume since the platform’s launch. The surge in activity can be largely attributed to heightened interest in election-related bets, particularly those surrounding the 2024 U.S. presidential race.
Increase in Active Users and Open Interest
In addition to the spike in trading volume, Polymarket also saw a notable rise in active traders. The number of active participants grew to 63,585 in August, up from 44,532 in July. The platform reached its peak in daily active traders on August 23, while open interest—a key indicator of ongoing bets—hit an all-time high of $107.63 million by the end of the month.
Election Betting Fuels Market Growth
According to Dune Analytics, a significant portion of Polymarket’s volume is driven by bets related to the 2024 election. The “Presidential Election Winner 2024” market has become one of the platform’s most popular, attracting widespread attention. As of September 1, the total value of this bet exceeds $775 million, with Donald Trump holding a slight lead over Kamala Harris.
With the November election approaching, trading volumes on Polymarket are expected to continue their upward trend in the coming months, particularly as interest in election-related betting intensifies.
