Polymarket Hits Record $472.87M in August Volume Amid Election Betting Frenzy

The blockchain-powered prediction market Polymarket saw an additional $85.84 million in trading volume during August, marking a notable uptick from July. August’s volume of $472.87 million set a new high, surpassing every month since Polymarket’s inception.

Polymarket Volume Soars in August

While some sectors faltered in August, Polymarket thrived, setting new records with $472.87 million in volume—a 22.17% increase over July’s $387.03 million. Additionally, August saw a surge in active traders, with numbers climbing to 63,585 from July’s 44,532.

On Aug. 23, Polymarket reached its peak in daily active traders, and by Aug. 31, its open interest had hit an all-time high of $107.63 million. The prediction market has experienced a steady increase since late June, driven by bets related to the 2024 election, with records climbing month after month since the beginning of the year.

According to Dune Analytics, election-related bets dominate Polymarket’s volume. Despite this, there has been growth in both non-election-related volume and users since the end of June, albeit at a slower pace. One of the platform’s most popular bets, “Presidential Election Winner 2024,” has also garnered significant media attention.

As of press time, this particular bet is valued at more than $775 million. At 12 p.m. EDT on Sept. 1, Donald Trump leads Kamala Harris 51% to 48%. With the election approaching in November, volumes in September and October may continue to rise on the prediction market.

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