Crypto betting platform Polymarket yesterday said its trading volume reached a new milestone, surpassing the $1 billion mark. A third of that volume has been generated over the last 30 days amid the electoral frenzy in the United States.

Record-Breaking Volume

As of July 30, Polymarket's betting volume was $343 million. This is a significant step up from $111 million in June and $63 million in May. The data from Dune Analytics highlights the platform's rapid growth.

Presidential Election Drives Speculation

The fevered speculation over the United States presidential election has been the primary driver of this record volume. To date, over $429 million has been wagered on which presidential candidate will clinch an election victory on Nov. 4. Donald Trump still commands a strong lead at 60% odds.

Vice President Kamala Harris has also made significant gains. Following Biden's sudden withdrawal from the race, Harris moved from a 1% chance to 38%. This development has only fueled more bets and speculation on the platform.

"Polymarket has been used primarily for speculating on political events, but it also features prediction markets for crypto, sports, business, and the 2024 Olympic games."

Recent Developments and Partnerships

Polymarket closed a $70 million Series B funding round on May 14. The round was led by Peter Thiel's Founder Fund and included contributions from Ethereum co-founder Vitalik Buterin. This funding is expected to fuel further growth and platform enhancements.

On July 24, the betting market partnered with payments platform MoonPay. This partnership enables debit and credit card payments, making onboarding easier, particularly for users outside of the crypto space. These developments aim to attract a broader audience to the platform.

On July 16, Polymarket hired election analyst and statistician Nate Silver as an adviser in a bid to capitalize further on the growing financial speculation surrounding US politics. Silver's expertise is expected to provide valuable insights and enhance the platform's betting accuracy.

Accessibility and Future Prospects

Despite its popularity and extensive usage for US-based events, Polymarket remains unavailable to American users.

This limitation raises questions about the potential for even more significant growth if the platform becomes accessible in the United States.

As more people seek to speculate on political and other significant events, Polymarket stands well-positioned to capture this burgeoning market.