On September 23, Polymarket, a prediction market operating on the Polygon blockchain, experienced a remarkable 57.5% increase in daily trading volume, as reported by Dune Analytics.
This surge in activity comes amidst speculation regarding the potential launch of Polymarket’s own token, following a substantial $50 million funding round.
Polymarket recorded 12,468 active daily users on that date, just 182 users shy of hitting an all-time record. This figure also surpassed the platform’s average of 11,344 users for the week.
Rising User Engagement
Over the month, Polymarket has seen its user base reach an unprecedented total of 67,130 active traders, marking a 5.5% increase compared to August.
Despite this growth in users, the monthly trading volume has not yet matched last month’s impressive figure of nearly $473 million, currently standing at $411.4 million with one week remaining in September.
Focus on Elections
The recent trading activity has been heavily influenced by the upcoming U.S. presidential elections, with 85.1% of the trading volume and 72.5% of users focused on this topic.
This trend is consistent in weekly trading patterns, with only 3 out of the past 39 weeks showing more bets placed on topics other than the elections. However, user engagement has been more variable, with 17 out of the 39 weeks reflecting increased activity across diverse topics.
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