Polymarket’s July trading volume surpasses $275 million, hits record high

Decentralized prediction markets platform Polymarket saw its highest monthly volume in July, exceeding $275 million so far this month.

This record activity has been fueled by heightened interest, with users flocking to the platform to trade outcomes of various political events in the U.S.

According to The Block’s data dashboard, June saw a surge in volume of $100 million. However, July has already surpassed these figures — setting new highs for volume and active users.

The platform’s monthly trader count also crossed its highest level, reaching over 33,000, an increase of more than eightfold since January, when it was about 4,000 — driven by the popularity of election-related prediction markets.

Meanwhile, open interest on the platform stands at its all-time high of about $65 million at the time of writing, according to The Block’s Data Dashboard .

Popular political markets on Polymarket feature bets on who will be the next U.S. president and who will win the Democratic party’s presidential nomination —markets that have seen hundreds of millions of dollars flowing into them. Following incumbent President Joe Biden’s withdrawal from the race, the platform indicates that U.S. Vice President Kamala Harris has a 93% chance of securing the Democratic nomination.

Political bets have seemingly increased Polymarket’s visibility as a potentially reliable platform for predicting political outcomes as it leverages crowd intelligence.