Polymarket has amassed almost $1 billion in bets on america 2024 presidential election winner.
Information from the platform at the moment ranks Vice President Kamala Harris, a Democratic presidential candidate, with a 50% probability of profitable, backed by $135 million in wagers. In the meantime, Republican candidate Donald Trump holds an in depth 49% probability, with bets totaling almost $150 million.
Crypto’s position within the election has boosted exercise on Polymarket, with each candidates exhibiting curiosity within the sector. Harris’s workforce has indicated a shift from the present administration’s anti-crypto stance, whereas Trump has gained favor for his pro-crypto ventures.
With the election approaching, Polymarket has seen a surge in exercise. Information from Dune Analytics exhibits over 40,000 merchants are putting bets, driving up the platform’s quantity by almost tenfold in comparison with a 12 months in the past.
Challenges forward
Nevertheless, the decentralized platform should work out learn how to maintain its volumes after the US presidential elections, in keeping with a report from the Crypto.com change.
In a Sept. 16 thread on X, the change famous that the decentralized market would face new competitors because the sector matures, declaring that the event of Solana-based BET poses vital challenges to its dominance.
Crypto.com emphasised the difficulty of liquidity in prediction markets, stating that BET by Drift introduces contemporary competitors. The report highlighted that BET advantages from current liquidity on decentralized exchanges (DEXs), not simply from prediction market rivals.
Because of this, the change famous that Polymarket has to develop its liquidity in sports activities or vital crypto occasions as a result of “gamers with current liquidity and horizontal growth capabilities (e.g., DEXs) may very well be a severe contender within the [prediction] area.”
BET was launched in August on Solana as a competitor to the Polygon-based protocol. Since then, the platform has loved appreciable adoption, drawing round $25 million in whole bets on the US elections.
Away from the BET’s menace, the platform additionally has to navigate a regulatory regime which may threaten its operations. The US Commodity Futures Buying and selling Fee (CFTC) has proposed a ban on “occasion contracts” and is lately battling a lawsuit to make sure that Kalshi, a US-based prediction market platform, doesn’t provide election-related betting.