Polymarket Surges Past Uniswap, dYdX, and the Rest of DeFi Combined as US Election Betting Heats Up

Polymarket, a top prediction market platform, has witnessed a considerable surge in website traffic, boosting past renowned DeFi platforms like UniSwap, Compound, dYdX, and GMX.

Prediction market platform Polymarket has seen a massive surge in website traffic, surpassing even popular DeFi platforms like Uniswap, Compound, dYdX, and GMX.

Polymarket is getting more website traffic than Uniswap, dYdX, and the rest of DeFi combined pic.twitter.com/u9rnWqdylh

The spike in activity is largely due to the high interest in betting on the upcoming US presidential election between Republican candidate President Donald Trump and Vice President and Democratic frontrunner Kamala Harris.

Polymarket’s daily average visits have surged to 296,515, with users spending an average of 6 minutes and 46 seconds on the platform per visit. In comparison, Uniswap, the second-highest platform in terms of traffic, sees an average of 134,309 daily visits, with users staying for about 5 minutes and 21 seconds. The second and third-largest DeFi platforms trail significantly, with only GMX exceeding the 10,000 visit mark.

According to Dune Analytics, Polymarket’s total bet volume soared to $1.03 billion in July, up from $672.94 million in June. This marks a dramatic increase compared to July 2023, when the cumulative bet volume was $283.16 million.

The surge in betting activity is linked to high-profile news events, such as Vice President Kamala Harris’s expected Democratic nomination and an assassination attempt on former President Donald Trump earlier this month.

The prospect of a Trump-Harris contest has captivated Polymarket users. The following week, after incumbent President Joe Biden bowed out of the Democratic race, the odds of Harris securing the Democratic nomination increased from 18% to 44%.

Trump remains the favorite among major bettors, with a 53% chance of winning the election. However, this is a drop from 59% after he appeared at the National Association of Black Journalists (NABJ).

Polymarket’s interactive map and trending market analysis depict a highly competitive election season.

Currently, Republicans are predicted to control the presidency and the Senate, while Democrats are anticipated to retain the House. In battleground states, Republicans lead in Arizona, Georgia, and Pennsylvania, while Democrats hold Michigan.

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