Monthly Polymarket Volume Soars To $2.28 Billion As Election Looms

Monthly activity on Polymarket, the largest web3 prediction market platform, outpaced combined volume for the entire year in October in a heated run-up to the U.S. presidential election.

According to Dune Analytics, Polymarket hosted $2.28 billion October worth of trades in October, compared to nearly $1.7 billion throughout the rest of 2024 combined. October’s activity outpaced September’s previous monthly all-time high of $503.9 million by 353%.

Open interest on the platform now sits at almost $315 million, its largest on record. More than $2.87 billion has been wagered on who will win the election in total, with $523.5 million also placed on the Polymarket’s popular vote market.

October also hosted the largest number of users on record with 220,682 unique addresses interacting with the platform, beating out September’s 80,514 by 174%. Nearly 300,000 new users signed up to Polymarket last month.

Election markets accounted for between 80% and 91.5% of weekly volume on the platform and roughly two-thirds of users throughout October.

Non-election markets boom

While many analysts anticipate that Polymarket’s adoption could crash once the election is over, non-election markets are also enjoying unprecedented growth.

Weekly activity has surged above $100 million for two consecutive weeks, beating out the previous high by more than double. The week starting on Oct. 28 has already hosted $116 million worth of trades, with almost three days to go.

The number of Polymarket users interacting with non-election markets also posted a new weekly high of 77,398 for the week ending on Oct. 28.