With the 2024 U.S. election showdown between former President Donald Trump and Vice President Kamala Harris looming, Polymarket’s trading activity has soared. While Polymarket recorded $503.88 million in trading volume in September, October has already seen a staggering increase, hitting $1.612 billion as of October 26, 2024.
This sharp increase means October’s trading volume is 3.2 times last month’s total, with several days remaining in the month. Monthly active traders have reached a record-breaking 163,140 in October, significantly up from September’s 80,514.
Daily volume and active traders on October 24 set new platform highs, while open interest also peaked at over $287 million on October 26, marking Polymarket’s busiest month to date.
New accounts are also on the rise. The driving force? The U.S. election. A notable 76-91% of trading volume is election-focused, with election bettors comprising 76% of weekly users.
Interestingly, non-election trading hit a record on October 7, suggesting a potential broadening of Polymarket’s user base. Although election hype will likely continue to propel activity through early November, post-election shifts could alter the landscape.
Fueled by Election Day, Polymarket is cementing its role in political betting. As November 5 nears, trading may reach unprecedented levels.
The post-election period will serve as a key test of Polymarket’s staying power. How it adapts could determine whether it continues attracting users as new global events unfold.