Polymarket Traffic Boosts Past DeFi Giants Amid U.S Election Betting Frenzy
Polymarket, a top prediction market platform, has witnessed a considerable surge in website traffic, boosting past renowned DeFi platforms like UniSwap, Compound, dYdX, and GMX.
The rise in activity is primarily because of the high interest in betting on the upcoming US presidential election between the Republican candidate, President Donald Trump, and Vice President and Democratic front-runner, Kamala Harris.
Polymarket Growth
Recent statistics have revealed that Polymarket’s daily average visits have surged to an impressive 296,515, with users spending around 6 minutes and 46 seconds on the platform per visit.
In contrast, Uniswap, the second runner-up in terms of traffic, reports an average of 134,309 daily visits, with users staying for around 5 minutes and 21 seconds. The second and third largest DeFi platforms trail significantly, with only GMX exceeding the 10,000 visit mark.
According to Dune Analytics, Polymarket’s total bet volume skyrocketed to $1.03 billion in July, up from $672.94 million in June. This is a dramatic increase compared to July 2023, when the cumulative bet volume was $283.16 million.
The surge in betting activity is linked to high-profile news events, such as Vice President Kamala Harris’s expected Democratic nomination and an assassination attempt on former President Donald Trump earlier this month.
Trump Vs. Harris: Why the Betting Hysteria?
The prospect of a Trump-Harris contest has captivated Polymarket users. The following week, after incumbent President Joe Biden bowed out from the Democratic race, the odds of Harris securing the Democratic nomination increased from 18% to 44%.
Trump remains the favorite among major bettors, with a 53% chance of winning the election. However, this is a drop from 59% after he appeared at the National Association of Black Journalists (NABJ).
Polymarket’s interactive map and trending market analysis depict a highly competitive election season.
Currently, Republicans are predicted to control the presidency and the Senate, while Democrats are anticipated to retain the House. In battleground states, Republicans lead in Arizona, Georgia, and Pennsylvania, while Democrats hold Michigan.
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