Polymarket presence overshadows BET despite strong debut

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Prediction market based on Solana BET OVER $20 million in daily volume on August 29, but failed to sustain volume growth the following day. Meanwhile, Polymarket it shows more than ten times the trading volume of BET on August 30.

BET is a prediction market launched by Drift currency market on August 17th. Thus, recording a significant amount of daily trading volume in less than two weeks after launch is no small feat. Polymarket has exceeded this threshold in only 10 out of 90 days since 30 May.

However, BET’s daily trading volume is under $500,000 today, while Polymarket’s Polymarket is close to $6 million. The comparison can be used to gauge how much ground BET should cover to gain more relevance among crypto investors.

Plus, Polymarket data on the US presidential election has been added at Bloomberg’s notorious terminal yesterday. Bets on the outcome of the election topped $766 million today on the Polygon-based prediction market.

Significant annual growth

The crypto prediction market sector has seen substantial growth in 2024. Analyzing Polymarket data, its monthly trading volume has increased by about 740% this year, rising from $54.1 million in January to $454 million today.

Notably, the trading amount recorded in August is a new all-time high for the platform, representing a jump of almost $70 million compared to July.

The increase can also be seen in the number of users, who totaled 4,097 in January, and now there are more than 61,500. This represents an annual increase of 1,500%.

The key factor driving activity in the prediction markets is the US election, the topic dominated the weekly trading volume on Polymarket in 3 out of 35 weeks in 2024.

This dominance can also be seen in the number of users, as the number of platform traders interested in the US election is the majority since the last week of May.

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