- Polymarket has smashed its all-time high weekly volume record.
- Election bets on Polymarket continue to surge ahead of the polls.
- The platform shows no signs of slowing its roll as it continues attracting recognition.
Whatever the outcome of the 2024 U.S. Presidential election, Polygon-based prediction market Polymarket has undoubtedly been the biggest winner, as speculation around the highly anticipated polls has driven billions of dollars to the platform.
This speculation appears to have reached a fever pitch last week, as the platform has now broken its all-time high weekly volume record by a wide margin.
Polymarket Hits Over $400M in Weekly Volumes
Polymarket has smashed its all-time high weekly volume record. In the past week, starting September 30, the platform recorded $434 million in bets, almost four times more than its previous high, per Dune Analytics data shared by “agglayerzone” on Monday, October 7. For context, Polymarket recorded over $533.5 million in September 2024, its highest monthly volume on record.
Beyond the new weekly volume record, Polymarket also broke its weekly record for the number of bets, recording over 1.45 million bets, nearly 50% above the previous 1 million record.
The latest records follow increasing interest in the U.S. presidential election markets on the platform as the election nears, with the “Presidential Election Winner 2024” market alone raking in over $220 million in bets.
Despite the recent feat, Polymarket is showing no signs of slowing its roll as it continues to receive high-profile recognition, most recently from Tesla CEO Elon Musk.
“More Accurate Than Polls?”
Commenting on Polymarket odds placing former President Donald Trump ahead of Vice President Kamala Harris in the presidential race, on Monday, October 7, Musk asserted that the platform was “more accurate” than regular polls.
“Trump now leading Kamala by 3% in betting markets. More accurate than polls, as actual money is on the line,” the billionaire wrote.
The Polymarket nod came after Musk had given a speech in support of Trump during a campaign event in Butler, Pennsylvania. Following Musk’s shout-out, the platform garnered over $103 million in betting volume on Monday, setting it well on its way to beating its record in September 2024 and perhaps setting a new weekly record.
On the Flipside
- The bulk of Polymarket’s volume continues to come from election speculation, raising the question of how the platform will sustain its momentum after the election.
- Election bets may have again put Polymarket in the U.S. CFTC’s cross-hairs.
Why This Matters
Polymarket has been touted as the breakout crypto app of 2024. The platform’s recent run suggests that it continues to see growth and adoption.
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