In a new report from Animoca Brands Research, analysts claim that Polymarket will likely have staying power after today's presidential election in the United States — an event that has skyrocketed the decentralized betting platform's popularity into the mainstream.
Polymarket, an onchain prediction market that provides quantitative odds for future events, saw its monthly trading volume surge from $40 million to $2.5 billion between April and October, according to the report. Meanwhile, open interest increased from $20 million to $400 million. In October alone, the platform's website drew 35 million visits. At the same time, citing Polymarket has become something of a standard in not only crypto media but mainstream news media.
Polymarket's surge into the mainstream consciousness has left some wondering whether it will have staying power after its biggest draw — the U.S. presidential election — has concluded. However, according to Animoca Brands Research, roughly 75% of users with positions trade on topics unrelated to the election, "indicating sustained interest across diverse topics." Additionally, the fact that Polymarket has not determined whether or not it has plans for a token generation event may keep airdrop-hunting users engaged.
"In the long term, Polymarket's growth will depend on deftly navigating its market positioning, content strategy, and regulatory landscape," the analysts wrote. "As the platform's popularity grows, so will public scrutiny and competition from traditional and web3 platforms. To fully leverage its visibility and influence, the Polymarket team must make strategic choices to strengthen its position without losing the public interest it has cultivated."
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