Deniz 
With its open interest surging above the $100 million level, Polymarket, the crypto-powered prediction market, is keeping expanding its monopoly in the field. As the U.S. presidential contest looms on the horizon, this explosive climb indicates a growing taste for political forecasting based on cryptocurrencies.
Since the beginning of the year, Polymarket’s open interest has increased astonishingly 1,429% from a meager $7 million to an unbelievable $107 million. This development path tells eloquently about the public’s readiness to invest their money where their forecasts point and about the platform’s rising appeal.
Comprising 77% of Polymarket’s weekly volume, the presidential election steals the show. This concentration implies that political junkies and crypto aficionados both are swarming to the platform to gamble on the outcome of one of the most anticipated political events of the year.
Predicting market based on Solana recently introducing its BET product, Drift created waves with a noteworthy one-day volume surge of $20 million. If BET wants to topple Polymarket, nevertheless, their average daily volume has lately dropped to less than $1 million, indicating that more has remained to be done.
All eyes will be on Polymarket and its rivals as we get nearer the November presidential contest. Open interest could keep rising, but a dark horse platform might show up to contest Polymarket’s supremacy. Concurrent with this, regulatory issues could sour the prediction market party.
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