The decentralized prediction platform Polymarket has surpassed $2 billion in total volume for the upcoming 2024 US presidential election.

As of now, Republican candidate Donald Trump holds a commanding 61.3% chance of winning, with over $605 million in volume and $267 million wagered, according to Polymarket’s data. In contrast, Democratic candidate and current Vice President Kamala Harris trails with 38% odds, nearly $405 million in volume, and $159 million bet on her victory.

Trump’s rising odds follow a CryptoSlate Insight report, which revealed that large-scale traders, or “whales,” have significantly influenced the market in Trump’s favor over the past day. On Oct. 16, the top two Trump backers on Polymarket executed over 1,600 trades worth over $4 million to support the former president’s campaign.

Additionally, a new Polymarket participant, “Theo4,” has placed over $12 million in high-frequency bets on Trump’s chances within just three days.

$1 billion monthly volume

These developments come as Polymarket experiences record-breaking growth.

In October alone, the platform has reported over $900 million in trading volume and is closing in on the $1 billion mark. This would represent a 100% increase compared to September, which saw approximately $503 million in total volume.

Polymarket’s user base is also expanding, with nearly 100,000 active monthly users reported this month, according to Dune Analytics data.

The platform’s most active market, “Presidential Election Winner 2024,” has driven much of this growth, amassing $785 million in volume so far in October, just weeks ahead of the Nov. 5 elect

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Author: Oluwapelumi Adejumo