Polymarket, a leading prediction market platform, has seen a significant spike in website traffic, surpassing prominent DeFi platforms such as Uniswap, dYdX, Compound and GMX.
The increase is mainly caused by the intense interest in betting on the US presidential elections, especially on the possible confrontation between former President Donald Trump and Vice President Kamala Harris.
Poly market growth
Recent data shows that Polymarket’s daily average number of visits is an impressive 296,515, with users spending an average of 6 minutes and 46 seconds on Polymarket per visit.
In comparison, Uniswap, its largest competitor in terms of traffic, records 134,309 daily average visits with a visit duration of 5 minutes and 21 seconds. Meanwhile, the second and third largest DeFi platforms recorded only a fraction of the visits, with only GMX surpassing the 10,000 mark.
According to Dune Analytics, Polymarket’s cumulative betting volume rose to $1.03 billion in July, up from $672.94 million in June. This represents a significant increase compared to July 2023, when the cumulative betting volume was $283.16 million.
The betting surge follows high-profile news events, including Harris’ expected Democratic nomination and an assassination attempt on Trump, the leading Republican candidate, earlier this month.
Trump vs. Harris’ gambling frenzy
The possibility of a showdown between Trump and Harris has Polymarket users intrigued. In the week following President Joe Biden’s withdrawal from the Democratic race, the odds of Harris winning the Democratic nomination more than doubled from 18% to 44%.
Trump remains the favorite candidate among big gamblers, with a 53% chance of winning the election. However, his odds dropped from 59% after his appearance at the National Association of Black Journalists (NABJ).
Polymarket’s interactive map and trend-based market analysis reveal a dynamic and closely contested election season.
Republicans are currently favored to control the presidency and the Senate, while Democrats are expected to retain control of the House of Representatives. Meanwhile, key battleground states are showing a mix of support, with Republicans leading in Arizona, Georgia and Pennsylvania, and Democrats in Michigan.