Polymarket records massive surge in trade volume due to token launch.
Polymarket, a Polygon-based prediction market, saw a significant 57.5% spike in daily trading volume on September 23, as reported by Dune Analytics, based on a dashboard created by the user rchen8. This rise coincides with rumors about Polymarket potentially launching its own token following a $50 million funding round.
On the same day, the platform recorded 12,468 active users, just shy of its all-time high by 182 users. This figure also surpassed the average daily user count of 11,344 observed over the previous week. The increased engagement comes after a period of low activity, which had resulted in a drop in daily trading volume.
Election-Related Activity Still Dominates
On a monthly scale, Polymarket achieved a record 67,130 active traders, marking a 5.5% rise compared to August. However, the monthly trading volume, at $411.4 million, still trails last month’s total of $473 million, with a week left in September.
Most of the activity from September 23 was centered around the U.S. presidential elections, with 85.1% of the volume and 72.5% of the users engaging in election-related predictions. This trend has been consistent, with only 3 out of 39 weeks seeing more bets placed on non-election outcomes, though there is more variation in user activity across other topics.
