Polymarket is experiencing a surge in activity amid an intensifying US election campaign and a massive funding round.
Token terminal data shows that the number of active weekly users hit a record high on June 11 at over 11,000, while the number of monthly users is currently at a record high of 25,500, reflecting increased interest from the crypto community.
Polymarket is a decentralized prediction market powered by Polygon. The platform lets crypto holders speculate on the outcome of current and future events related to politics, sports, and other domains.
As the US election is getting closer, many crypto holders are making predictions on who of the two candidates, current President Joe Biden and former President Donald Trump, will win the crucial battle later this year. On Thursday, June 27, Biden and Trump will have their first presidential debate in Atlanta, which may cause significant volatility in the odds.
Another major event that may have contributed to the surge in activity is the European Football Championship held in Germany, which started on June 14.
Last month, Polymarket announced that it had raised $70 million from investors like Peter Thiel (via Founders Fund), Vitalik Buterin, and Polychain Capital. Interestingly, Polymarket said it had raised the amount in two separate rounds: a Series B round conducted recently and a previously undisclosed Series A round.
The increase in active users is accompanied by a surge in volume. Token Terminal data shows that the weekly amount of net deposits (open interest) and trading volume have both set new records at $36 million and $3.17 million, respectively.
Interestingly, the majority of active users are using Polymarket for the first time. Data shared via Dune suggests that the number of monthly active users has already reached a record high in June about one week before the end of the month.
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