Polymarket’s presence overshadows BET regardless of robust debut

Solana-based prediction market BET surpassed $20 million in each day quantity on Aug. 29 however did not maintain the amount spike the next day. In the meantime, Polymarket is exhibiting over ten instances the buying and selling quantity of BET on Aug. 30.

BET is a prediction market launched by the cash market Drift on Aug. 17. Thus, registering a major quantity of each day buying and selling quantity in lower than two weeks after launch isn’t any small feat. Polymarket has solely crossed this threshold in 10 out of 90 days since Could 30.

But, BET’s each day buying and selling quantity is under the $500,000 mark at this time, whereas Polygon-based Polymarket is at practically $6 million. The comparability can be utilized to gauge how lengthy the bottom BET ought to cowl to realize extra relevance amongst crypto traders.

Furthermore, Polymarket’s US presidential election knowledge was added to Bloomberg’s infamous Terminal yesterday. The quantity of bets on the election end result surpassed $766 million on the Polygon-based prediction market at this time.

Vital yearly progress

The crypto prediction market sector skilled substantial progress in 2024. Analyzing Polymarket’s knowledge, its month-to-month buying and selling quantity has risen roughly 740% this 12 months, leaping from $54.1 million in January to present $454 million.

Notably, the buying and selling quantity registered in August is the platform’s new all-time excessive, representing an almost $70 million leap when in comparison with July.

The expansion will also be noticed within the variety of customers, as they totaled 4,097 in January and at the moment are over 61,500. This represents 1,500% yearly progress.

The important thing issue driving the exercise on prediction markets is the US elections, as the subject dominated the weekly buying and selling quantity on Polymarket in 3 out of 35 weeks in 2024. 

This dominance will also be witnessed within the variety of customers, because the variety of the platform’s merchants within the US elections represents the bulk for the reason that final week of Could.

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