Polymarket booms thanks to the attraction of American politics

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Polymarket has recorded open interest exceeding $100 million, largely thanks to increased interest in bets on the outcome of the US presidential election.

According to information from The Block, Polymarket – a cryptocurrency prediction market platform is attracting great attention as the total value of active prediction contracts has surpassed the $100 million mark, an increase of 1,429% since the beginning of 2023. This growth is mainly driven by strong user participation in US presidential election prediction markets.

Unlike traditional forms of betting, Polymarket allows users to use cryptocurrencies to predict the outcomes of real-life events, including political ones. According to data from Polymarket, 77% of the platform’s weekly volume now comes from election-related prediction markets, demonstrating the strong interest of the crypto community in these events.

Polymarket is not just an entertainment platform but also an indicator of market sentiment, expressing the community's expectations and concerns about the future of cryptocurrencies under the new president.

Additionally, the strong growth has made Polymarket a formidable competitor in the prediction market. Other platforms like Drift are also looking to compete, but Polymarket, with its pioneering position and focus on political events, has maintained its leading position.

In addition, Polymarket’s strong growth has made it a formidable competitor in the prediction market. Other prediction platforms such as Drift are also looking to compete, but Polymarket, with its pioneering position and focus on political events, has maintained its leading position.

Polymarket’s political explosion has not only spurred broader cryptocurrency adoption, but also raised regulatory challenges for future prediction platforms. Regulators are increasingly paying attention to the activity, creating legal challenges that Polymarket will have to contend with.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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