The blockchain-based prediction platform Polymarket recorded a trading volume of $533.51 million in September, largely driven by interest in the 2024 U.S. presidential election and geopolitical developments in the Middle East.

Polymarket’s Growth

With the U.S. election just over a month away, demand for Polymarket has surged. In September, the platform recorded a $61.51 million increase in trading volume from August. The number of active users rose by 41%, reaching 90,037 from August's 63,616. The most active market on the platform, 'Presidential Election Winner 2024,' recorded $89.07 million in trading volume over the last 30 days.

Election Betting Dominates

By the end of September, election-related predictions accounted for 84% of market activity. Some 64% of users were involved in election betting, along with interest in geopolitical events and financial forecasts.

Interest in Future Prospects

The platform is reportedly in talks to raise $50 million in funding and is considering launching its own token, which could allow users to verify outcomes of real-world events.

Polymarket's activity is increasing amidst growing interest in decentralized prediction markets, spurred by global events such as elections, economic policies, and rising geopolitical tensions that capture public attention.