Polymarket bets near $1 billion on 2024 election winner, but liquidity hurdles loom
Polymarket bets plan $1 billion on 2024 election winner, but liquidity hurdles loom Polymarket bets plan $1 billion on 2024 election winner, but liquidity hurdles loom
Polymarket's dominance in the prediction market will be challenged by BET's rise on Solana.
Gage Skidmore / CC BY-SA 2.0 / Flickr. Remixed by CryptoSlate
Polymarket has accumulated close to $1 billion in bets on the United States 2024 presidential election winner.
Records from the platform presently ranks Vice President Kamala Harris, a Democratic presidential candidate, with a 50% chance of winning, backed by $135 million in wagers. Within the meantime, Republican candidate Donald Trump holds a shut 49% chance, with bets totaling close to $150 million.
Crypto’s role in the election has boosted activity on Polymarket, with each candidates exhibiting ardour in the field. Harris’s group has indicated a shift from the sizzling administration’s anti-crypto stance, whereas Trump has received prefer for his professional-crypto ventures.
With the election drawing shut, Polymarket has considered a surge in activity. Records from Dune Analytics reveals over 40,000 merchants are placing bets, riding up the platform’s volume by close to tenfold in comparison with a 365 days ago.
Challenges forward
Alternatively, the decentralized platform must settle out how that you might possibly presumably sustain its volumes after the US presidential elections, in step with a file from the Crypto.com exchange.
In a Sept. 16 thread on X, the exchange celebrated that the decentralized marketplace would face new competition because the field matures, declaring that the event of Solana-primarily primarily based BET poses necessary challenges to its dominance.
Crypto.com emphasized the discipline of liquidity in prediction markets, mentioning that BET by Circulation introduces unique competition. The file highlighted that BET advantages from novel liquidity on decentralized exchanges (DEXs), now not simply from prediction market opponents.
As a consequence of this, the exchange celebrated that Polymarket has to grow its liquidity in sports actions or necessary crypto events because “gamers with novel liquidity and horizontal growth capabilities (e.g., DEXs) will be a severe contender in the [prediction] dwelling.”
BET was launched in August on Solana as a competitor to the Polygon-primarily primarily based protocol. Since then, the platform has loved truly intensive adoption, drawing around $25 million in total bets on the US elections.
Faraway from the BET’s threat, the platform furthermore has to navigate a regulatory regime which could simply threaten its operations. The US Commodity Futures Trading Commission (CFTC) has proposed a ban on “tournament contracts” and is recently battling a lawsuit to guarantee that Kalshi, a US-primarily primarily based prediction market platform, doesn't provide election-associated making a bet.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's probably. He imparts insights on a range of topics take care of DeFi, hacks, mining and custom, underlining transformative energy.
Liam 'Akiba' Wright
Also called "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the aptitude to develop frequent clear trade.
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Solana is a high-efficiency blockchain platform that utilizes a abnormal consensus algorithm called “Proof of Historical past” to style rapid transaction speeds and low charges.
Polymarket
Polymarket is a decentralized prediction market platform that lets in users to bet on world events using cryptocurrency.
A businessman, politician, and media persona, Donald John Trump served because the Forty fifth president of the United States from 2017 to 2021.
Kamala Devi Harris (born October 20, 1964) is an American politician and approved professional serving because the forty ninth Vice President of the United States.
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