Decentralized crypto prediction platform Polymarket reached a monthly trading volume of $100 million in June as investors increased their predictions on the outcome of the US presidential elections.

As of the writing of the news, there is a bet worth $203.3 million in the '2024 Presidential Election Winner' consisting of 'Yes' or 'No' bets. Former president Donald Trump is currently seen as the favorite with a 62% chance of winning the US elections and a total of $24.7 million bets made for and against him.

Current president Joe Biden is in second place with a $23.9 million bet on whether he will stay in office for another term. However, these odds have dropped from 34% to 21% since the lackluster Presidential Debate performance on June 28th.

By the way, the chances of Democrats Gavin Newsom, Kamala Harris, and Michelle Obama increased with some political commentators questioning whether Biden should withdraw from the presidential race. Millions of dollars in bets were also made on other platforms related to the elections.

Biden's recent debate performance has led to an increase in the 'Yes' bets for the 'Biden drops out of the presidential race' and 'Biden leaves on July 4th' markets; these bets are currently at 43% and 9% respectively. More than $10 million has been bet on these markets.

American rapper Kanye West and whether Elizabeth Warren can win the presidency, only show less than 1% chance at this stage, even though there are millions of dollars in bets on the outcome of the market.

Polymarket, operating on Polygon, saw a transaction volume of $109.9 million in June; for the first time, it exceeded $100 million according to the Dune Analytics control panel. While the transaction volume fluctuated between $38.9 million and $63 million from January to May, there was a 620% increase compared to the previous five months (August-December 2023).

According to Token Terminal data, the total locked value on Polymarket has increased by approximately 69 in the last 30 days, reaching $40.2 million. In addition, the platform has gained significant volume with the 2024 UEFA European Football Championship.

Polymarket, which went live in June 2020, recently raised 70 million dollars in investment and was founded under the leadership of Ethereum's co-founder Vitalik Buterin and venture capital firm Founders Fund.

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.