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Polymarket, a number one prediction market platform, has seen a big spike in web site visitors, outpacing outstanding DeFi platforms like Uniswap, dYdX, Compound, and GMX.
The surge is primarily pushed by intense curiosity in betting on the US presidential election, notably on the potential face-off between former President Donald Trump and Vice President Kamala Harris.
Polymarket progress
Current information exhibits Polymarket’s each day common visits reaching a formidable 296,515, with customers spending a mean of 6 minutes and 46 seconds per go to on Polymarket.
As compared, Uniswap, the closest competitor by way of visitors, information 134,309 each day common visits with a go to length of 5 minutes and 21 seconds. In the meantime, the second and third largest DeFi platforms recorded solely a fraction of the visits, with solely GMX breaking the ten,000 bar.
Polymarket’s cumulative wager quantity soared to $1.03 billion in July, up from $672.94 million in June, based on Dune Analytics. This marks a considerable enhance in comparison with July 2023, when the cumulative wager quantity stood at $283.16 million.
The rise in bets follows high-profile information occasions, together with Harris’s anticipated Democratic nomination and an assassination try on Trump, the main Republican contender, earlier this month.
Trump vs. Harris betting frenzy
The opportunity of a Trump-Harris showdown has captivated Polymarket customers. Within the week following President Joe Biden’s withdrawal from the Democratic race, Harris’ odds of successful the Democratic nomination greater than doubled from 18% to 44%.
Trump stays the favored candidate amongst large-scale bettors, sustaining a 53% likelihood of successful the election. Nevertheless, his odds fell from 59% after his look on the Nationwide Affiliation of Black Journalists (NABJ).
Polymarket’s interactive map and trending market evaluation reveal a dynamic and closely contested election season.
Republicans are presently favored to manage the presidency and the Senate, whereas Democrats are anticipated to retain management of the Home. In the meantime, key battleground states present a mixture of assist, with Republicans main in Arizona, Georgia, and Pennsylvania and Democrats holding Michigan.
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