Key Takeaways
BET reached $20 million each day quantity however Polymarket maintains market dominance.
Crypto prediction markets noticed 740% quantity development and 1,500% person development in 2024.
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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 occasions 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 is not 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 the moment, whereas Polygon-based Polymarket is at almost $6 million. The comparability can be utilized to gauge how lengthy the bottom BET ought to cowl to realize extra relevance amongst crypto buyers.
Furthermore, Polymarket’s US presidential election information was added to Bloomberg’s infamous Terminal yesterday. The quantity of bets on the election final result surpassed $766 million on the Polygon-based prediction market at the moment.
Vital yearly development
The crypto prediction market sector skilled substantial development in 2024. Analyzing Polymarket’s information, its month-to-month buying and selling quantity has risen roughly 740% this yr, 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 a virtually $70 million bounce when in comparison with July.
The expansion will also be noticed within the variety of customers, as they totaled 4,097 in January and are actually over 61,500. This represents 1,500% yearly development.
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 because the final week of Could.
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