Polymarket, a prediction market platform, has experienced a surge in website traffic, surpassing other DeFi giants like Uniswap, dYdX, Compound, and GMX. This increase in traffic is mainly due to the growing interest in betting on the US presidential election, specifically on a potential match-up between former President Donald Trump and Vice President Kamala Harris.
Recent data indicates that Polymarket has an average daily visit of 296,515 users, spending an average of 6 minutes and 46 seconds per visit on the platform. In comparison, Uniswap, the closest competitor in terms of traffic, has 134,309 daily average visits with a visit duration of 5 minutes and 21 seconds. Other DeFi platforms have significantly fewer visits, with GMX being the only one to break the 10,000 mark.
The cumulative bet volume on Polymarket reached $1.03 billion in July, up from $672.94 million in June, according to Dune Analytics. This shows a substantial increase compared to July 2023 when the total bet volume was at $283.16 million. The rise in bets can be attributed to recent high-profile events such as Harris’s expected Democratic nomination and an assassination attempt on Trump earlier this month.
The potential face-off between Trump and Harris has generated a betting frenzy among Polymarket users. Following President Joe Biden’s withdrawal from the Democratic race, Harris’s odds of winning the Democratic nomination more than doubled from 18% to 44%. Trump is still the favored candidate among large-scale bettors, with a 53% chance of winning the election. However, his odds dropped from 59% after his appearance at the National Association of Black Journalists (NABJ).
Polymarket’s interactive map and trending market analysis provide insight into the dynamic and highly contested election season. Republicans are currently predicted to control the presidency and the Senate, while Democrats are expected to retain control of the House. Key battleground states show a mix of support, with Republicans leading in Arizona, Georgia, and Pennsylvania, while Democrats are ahead in Michigan.
Overall, Polymarket’s success in attracting traffic and bets highlights the growing interest in prediction markets, particularly in the context of major political events like the US presidential election. Users are actively engaging with the platform to place bets and make predictions, adding an exciting dimension to the political landscape.