Polymarket Open Interest Explodes to $100 Million, Skyrockets 1,400% in 2021
CryptoNewsTerminal Staff05 Sep, 2024
Polymarket Open Interest Explodes to $100 Million, Skyrockets 1,400% in 2021
Polymarket, a decentralized prediction market platform, has witnessed a remarkable surge in open interest, surpassing $100 million. Starting the year at just $7 million, Polymarket's open interest has soared by an impressive 1,429%. This surge in activity is attributed to the growing demand for crypto-based political predictions, particularly with the highly anticipated U.S. presidential election approaching in November. Polymarket dominates the prediction market landscape but faces competition from rivals like Drift and Solana-based perpetual futures trading protocol.
