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Polymarket has surpassed $1 billion in cumulative trading volume as user activity around the U.S. presidential election has exploded.
What’s the Scoop?
- July Surge: According to The Block’s Polymarket data dashboard, decentralized prediction market Polymarket had its best month on record in July, processing $387M in trading volume to surpass $1B in cumulative volume since inception.
- Election Driven: Polymarket has grown its user base 10x since January, enjoying immense success primarily driven by its politically tinged election prediction markets.
Bankless Take:
Polymarket has stood out among alternative crypto protocols for its unprecedented success in 2024, yet the possibility the Commodity Futures Trading Commission (CFTC) will enact proposed rule changes to make gaming contracts illegal – a category that includes political prediction markets – threatens to derail Polymarket’s prosperity.
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