As the US Presidential election looms, Polymarket, a decentralized prediction platform on Ethereum and Polygon, is drawing significant attention. With over $200 million in wagers, the platform marks a crucial moment for cryptocurrency's integration into mainstream finance.

• Polymarket captures $200 million in wagers for the US Presidential election.

• June trading volume surpassed $111 million.

• Metrics on the Poymarket prediction market platform have seen a dramatic increase: the total value locked (TVL) has risen by 69% to $40.2 million, and active user numbers have grown by 115%.

Polymarket is a decentralized prediction market platform that allows users to place bets on the outcomes of various events using cryptocurrency. Operating on the Ethereum sidechain Polygon, it leverages blockchain technology to offer transparent and tamper-proof markets. Users can bet on binary outcomes, such as election results or sports events, by purchasing shares in the outcome they believe will occur. The platform uses oracles to resolve market outcomes, ensuring the results are based on verified data.

Read more: What Is Polymarket Prediction Market, and How Does It Work? 

Polymarket’s monthly trading volume | Source: Dune Analytics 

June saw Polymarket's highest monthly volume, surpassing $111 million. Analysts at Kairos Research predict the platform’s trading volume could exceed $1 billion by year-end. Total value locked (TVL) on the platform rose by 69% to $40.2 million, and monthly active users surged by 115% to 29,266. These metrics highlight the growing interest in decentralized prediction markets.

Polymarket’s TVL grows | Source: Token Terminal 

Polymarket's "Presidential Election Winner 2024" market has attracted $203.3 million in bets. Donald Trump leads with a 62% probability of winning, followed by Joe Biden at 21%. Biden’s odds have dropped significantly since his debate performance on June 28, sparking further speculation on his potential withdrawal. The "Biden drops out of presidential race" market saw a spike, with $10 million in bets and a 50% probability as of June 30.

Yuga Cohler, a Coinbase executive, emphasized the importance of prediction markets, according to a report on BeInCrypto. "Prediction markets are the purest technological manifestation of liberal democracy. They take free markets and free speech as inputs and output truth. In an age when centralized control of information is a systemic risk, prediction markets offer a way of cutting through misleading narratives and viewing the unvarnished truth," Cohler said. This highlights the broader societal implications of decentralized prediction platforms like Polymarket.

Read more: Trending PolitiFi Tokens to Watch Before the US Elections

In a recent controversy, Polymarket contradicted UMA Protocol’s resolution on Barron Trump's involvement with the DJT token. UMA Protocol, an optimistic oracle service, had determined "No" on a market betting whether Barron Trump was involved with the DJT token. Polymarket disagreed, stating, “We firmly believe that UMA got this resolution wrong.” They are working on a "near-term solution" to address the issue.

Bettors placed over $1 million on the market, according to Polymarket. UMA’s oracle operates to record verifiable truth or data for smart contracts, used for dispute resolution with decisions voted upon by token holders.

The DJT token, a Solana-based memecoin, has been surrounded by controversy. Entrepreneur Martin Shkreli claimed to co-create DJT, according to blockchain sleuth ZachXBT, who was awarded a $150,000 bounty for revealing Shkreli’s involvement. Despite these claims, the Trump campaign has yet to respond.