Last month, Polymarket, a blockchain-based prediction market, saw a massive increase in activity with a volume of $472.87 million.
This number is a 22.27% increase compared to July’s $387.03 million, making August the busiest month for the platform since it was launched.
According to Dune Analytics, there was also an increase in the number of people using the betting platform.
For the month, over 60,000 users were active on the platform, compared to 44,532 in July. However, some of this growth seems to be due to the upcoming 2024 U.S. presidential election, which has drawn a lot of attention and contributed to the increase in trading.
Polymarket saw its highest number of daily active users on Aug. 23rd. By the end of the month, the total value of all ongoing bets, known as open interest, hit a new high of $107.63 million.
As of early September, this particular bet is valued at over $775 million. With the U.S. presidential election coming up in November, trading activity on Polymarket is expected to keep growing in September and October.
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