Election markets have already pushed greater than $235 million value of wagers on the platform.
Polymarket, a crypto-native prediction market platform, posted its strongest month on file throughout Could amid rampant election forecasting.
Information from Dune Analytics exhibits punters inserting greater than $63 million value of bets by way of the platform throughout the month of Could, beating out its earlier file from January by 15%.
The variety of energetic merchants on the platform additionally skyrocketed, with almost 13,600 customers wagering on predictions final month. That equates to a month-over-month improve of 405%, additionally beating out December 2021’s earlier all-time excessive of 5,711 by 138%.
The 2024 U.S. presidential election is already proving to be driving massive enterprise for Polymarket. The platform’s presidential winner market has attracted $147.4 million value of prediction bets to date.
For comparability, the identical market on Betfair, the main centralized betting change, has garnered almost $35.2 million in motion to date.
Markets for the Democratic social gathering nominee, Republican social gathering nominee, and in style vote winner have additionally attracted $31.1 million, $29.7 million, and $26.5 million value of wagers respectively.
Joey Krug, a companion at Founders Fund, a enterprise capital agency co-founded by Peter Thiel that led Polymarket’s latest $45 million funding spherical, mentioned he believes it is just a matter of time earlier than Polymarket’s month-to-month quantity exceeds $100 million.
“The criteria I always considered strong product market fit for crypto-based prediction markets was $10mm in volume a week,” Krug mentioned. “If you can get there, there’s a path to $100mm and onwards. I think it’ll heat up further as we get into election season.”
Funding rounds
Shayne Coplan, the CEO of Polymarket, introduced the corporate’s $45 million Collection B spherical on Could 14, noting that the blockchain-focused VCs ParaFi and Dragonfly, and Vitalik Buterin, Ethereum’s chief scientist, have been among the many traders collaborating within the spherical.
Coplan additionally revealed a beforehand undisclosed $25 million Collection A spherical led by VCs Polychain Capital and Common Catalyst on the identical day.
“People understand what’s going on in the world better because Polymarket exists,” Coplan mentioned. “Enough of the talking heads and news-by-algorithm. We’re in a misinformation pandemic, and Polymarket presents a novel information format that is driven by financial incentives for truth, rather than engagement baiting.”
