In September 2024, the blockchain-based prediction platform Polymarket experienced a significant surge in trading activity, driven by heightened interest in the upcoming 2024 US presidential election and ongoing geopolitical events in the Middle East.
The trading volume reached $533.51 million, marking an increase of $61.51 million from August’s $472 million, as reported by Dune Analytics. The platform also saw a notable rise in active users, with a 41% increase from 63,616 in August to 90,037 in September.
The market for predicting the “Presidential Election Winner 2024” became particularly popular, generating $89.07 million in trading volume over the last month.
As of early October, Donald Trump and Kamala Harris were seen as having an equal 50% chance of winning the election. September also saw a record 89,958 new account registrations, with September 30 being the peak trading day, featuring 16,702 participants. The platform set new daily trading records on October 2 and 3, reflecting the growing excitement as election day approaches.
Additionally, speculation about a potential token launch contributed to a rebound in open interest, which rose to $136 million after a slight decline at the beginning of the month.
Reports indicated that Polymarket is seeking to raise $50 million, and introducing a new token could allow users to validate real-world event outcomes.
