Polymarket’s Strong Debut Underwhelms BET

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BET, a Solana-based prediction market Surpass On August 29, daily trading volume reached $20 million, but failed to maintain the surge in trading volume the following day. Meanwhile, Polymarket I’m showing you That’s more than 10 times the BET trading volume on August 30th.

BET is a prediction market launched by Money Market Drift on August 17th. So it is no easy feat to record a significant amount of daily trading volume in less than two weeks after launch. Polymarket has only surpassed this limit in 10 out of 90 days since May 30th.

However, BET’s daily trading volume is less than $500,000 today, while Polygon-based Polymarket is at almost $6 million. This comparison can be used to gauge how long BET has to cover to gain more relevance among crypto investors.

Also, Polymarket’s US presidential election data has been added Yesterday at Bloomberg’s infamous terminal, the amount of money bet on the election outcome exceeded $766 million today on the Polygon-based prediction market.

Significant growth every year

The cryptocurrency prediction market sector has seen significant growth in 2024. According to an analysis of data from Polymarket, monthly trading volumes have increased by around 740% this year, jumping from $54.1 million in January to $454 million currently.

In particular, the transaction value recorded in August was a new all-time high for the platform, a sharp increase of approximately $70 million compared to July.

We can also see growth in the number of users, which was 4,097 in January and now exceeds 61,500. That’s a year-over-year growth of 1,500%.

A major driver of prediction market activity is the U.S. elections, which accounted for the largest share of Polymarket’s weekly volume for three of the 35 weeks in 2024.

This dominance is also reflected in user numbers, with the majority of platform traders interested in the US elections since the last week of May.

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