US Election Takes Polymarket to All-Time High, Token Launch Rumored

2024-10-6 13:30

Polymarket surpassed records for trading volume and active users in September despite a drop early in the month. US election bets have dominated this success, but Polymarket may be launching a new token for long-term gains.

Polymarket is reportedly seeking $50 million in investment capital to fund this token.

Polymarket’s Winning September

Polymarket, the prominent blockchain betting platform, broke several records this September. Although Polymarket saw a significant drop in the middle of the month, it recovered with impressive milestones. Trading volume increased to $533.31 million, and active users grew 41% from August to over 90 thousand.

Several factors are responsible for this runaway growth, but one stands out among them: the impending US election. Election betting crossed the $200 million threshold several months ago but has continued to increase. Despite the aforementioned doldrums in September, election bets shot up to nearly $1 billion, guaranteeing a bullish month overall.

Read more: How Can Blockchain Be Used for Voting in 2024?

Polymarket Trade Volumes. Source: Dune Analytics

Success like this is phenomenal for any blockchain startup. However, there is one obvious concern: the election will not last forever. Topics like interest rate cuts or Israel’s invasion of Lebanon have attracted their own betting hype, but analysts are waiting to see if Polymarket activity will drop off after November 5.

Rumors reported by Fortune may provide insights into this situation. Allegedly, Polymarket is now seeking $50 million in investment capital, despite having already raised $70 million earlier this year. This new funding is speculated to support the launch of a Polymarket token.

A token launch at the height of Polymarket’s popularity could be a winning strategy to ensure interest in the platform outlasts the election. For one thing, hype about a future token airdrop could influence Polymarket users today, encouraging them to boost trading volume.

Still, any specific claims about this rumored token would be complete speculation. Ideally, it would substantially improve Polymarket’s functionality in key ways. Regardless, though, any sort of token might be Polymarket’s key to long-term relevance as a platform.

The post US Election Takes Polymarket to All-Time High, Token Launch Rumored appeared first on BeInCrypto.

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