Polymarket, the crypto-based prediction market platform, saw its volume exceed $100 million in June, marking a record month. According to Dune Analytics, users placed a total of $111 million in bets last month. This milestone coincides with Polymarket’s four-year anniversary and growing interest in the upcoming November U.S. election.
President Joe Biden’s performance at last week’s presidential debate acted as a major catalyst for this surge. After the debate, Biden’s odds of winning the presidency fell sharply from 33.5% to 18%, while Trump’s odds rose to 63%.
Another highly traded contract speculated on whether Biden would drop out of the race. Post-debate, the “yes” shares in this contract jumped from 19 cents to 44 cents, reflecting a 44% probability that Biden might bow out. Each share pays out $1 in USDC stablecoin if the prediction is correct.
In addition to political events, Polymarket users also bet on Bitcoin price predictions. A current contract suggests a 78% chance that Bitcoin will be above $61,000 by July 5.