Polymarket is on fireplace, however will the exercise die off after the 2024 U.S. election?
Polymarket, the most important web3 prediction market, continues to host report quantity and customers amid the run-up to the 2024 U.S. presidential election.
Information from Dune Analytics reveals Polymarket hosted report quantity throughout August to this point with $390.6 million, marking its fourth consecutive month-to-month all-time excessive. The variety of energetic Polymarket merchants can also be at a brand new month-to-month excessive, with 53,981 customers interacting with the platform this month.
Open curiosity additionally tagged a brand new excessive of $103.3 million on Aug. 22.
Markets for the 2024 U.S. presidential election dominate exercise on the platform, accounting for 87.6% of quantity over the previous seven days. Election markets tagged a report excessive with 93.2% of Polymarket’s weekly quantity in mid-July.
Regardless of most customers punting on the election, the variety of Polymarket customers buying and selling different markets posted a brand new weekly excessive of 19,135 over the previous seven days, a 4,413% enhance from 424 through the first week of Might.
Polymarket’s non-election markets additionally hosted report weekly quantity of $28.3 million in late-July, with the metric since pulling again to $17.8 million.
Extra than simply playing?
On Aug. 25, Vitalik Buterin, Ethereum’s chief scientist, praised prediction markets like Polymarket, pushing again in opposition to likening the platform to playing.
Buterin described the markets as providing a “social epistemic tool” that permits the general public to view and contribute to estimates concerning the chance of necessary occasions occurring, free from the editorial bias related to social media and lots of information web sites.
“Conditional prediction markets have applications in governance, which we’re starting to see already,” Buterin mentioned.
Nonetheless, not everyone seems to be satisfied.
Polymarket’s electoral betting markets have carefully mirrored actions in mainstream betting markets, suggesting that market makers in search of arbitrage alternatives between Polymarket and playing web sites are guiding worth motion on the platform.
Additional, the general public odds produced by betting markets are largely knowledgeable by a mix of advanced statistical modeling and the wagers of market individuals, equally producing outlooks for future occasions which might be untethered to the editorial bias described by Buterin.
