Polymarket’s July trading volume surpasses $380 million, hits record high

Quick Take

  • Decentralized prediction markets platform Polymarket has already seen its highest monthly volume in July.
  • The surge in activity is primarily due to heightened interest in betting on U.S. political event outcomes.
  • Data shows a large jump in volume from $110 million in June to over $380 million in July, with monthly users peaking at 33,000.

Decentralized prediction markets platform Polymarket saw its highest monthly volume in July, exceeding $380 million.

This record activity has been fueled by heightened interest, with users flocking to the platform to trade outcomes of various political events in the U.S.

According to The Block’s data dashboard, June saw a surge in volume of $100 million. However, July has already surpassed these figures — setting new highs for volume and active users.

The platform’s monthly trader count also crossed its highest level, reaching over 35,000, an increase of more than eightfold since January, when it was about 4,000 — driven by the popularity of election-related prediction markets.

Meanwhile, open interest on the platform stands at its all-time high of about $65 million at the time of writing, according to The Block’s Data Dashboard.

Popular political markets on Polymarket feature bets on who will be the next U.S. president and who will win the Democratic party’s presidential nomination—markets that have seen hundreds of millions of dollars flowing into them. Following incumbent President Joe Biden’s withdrawal from the race, the platform indicates that U.S. Vice President Kamala Harris has a 93% chance of securing the Democratic nomination.

Political bets have seemingly increased Polymarket’s visibility as a potentially reliable platform for predicting political outcomes as it leverages crowd intelligence.

This article has been updated with complete monthly data on Polymarket's July volume.


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© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Vishal Chawla is The Block’s Crypto Ecosystems Editor and has spent over seven years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal can be reached on Twitter at @vishal4c and via email at [email protected]

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