Key Takeaways
- BET reached $20 million each day quantity however Polymarket maintains market dominance.
- Crypto prediction markets noticed 740% quantity progress and 1,500% consumer progress in 2024.
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Solana-based prediction market BET surpassed $20 million in each day quantity on Aug. 29 however didn’t maintain the quantity spike the next day. In the meantime, Polymarket is showing 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 big 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 Might 30.
But, BET’s each day buying and selling quantity is beneath the $500,000 mark right this moment, whereas Polygon-based Polymarket is at practically $6 million. The comparability can be utilized to gauge how lengthy the bottom BET ought to cowl to achieve 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 consequence surpassed $766 million on the Polygon-based prediction market right this moment.
Vital yearly progress
The crypto prediction market sector skilled substantial progress 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 an almost $70 million leap when in comparison with July.
The expansion may 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 progress.
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 may also be witnessed within the variety of customers, because the variety of the platform’s merchants within the US elections represents the bulk for the reason that final week of Might.
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