- Onchain Charts
- Posts
- Blockchain Prediction Markets Soaring
Hello friends,
Today’s chart is about a blockchain application that is gaining strong traction.
Polymarket, a decentralized prediction markets platform that runs on Polygon, has shown incredibly high volumes. In June 2024, they are poised to break the $100M mark.
Polymarket is a platform where people can buy and sell shares in the outcome of future events. The prices of these shares indicate what the market believes is the likelihood of the event happening. For example, if a share predicting a certain election result is trading at $0.70, the market thinks there is a 70% chance of that result occurring.
I find prediction markets quite useful, even if I am not placing bets, as they are a fantastic way to measure the power of the crowds and potential outcomes of important events.
Let's say this is gambling that produces relevant information.
Polymarket Insights:
US Presidential Election Winner: Trump (63%), Biden (22%).
Euro Winner: England (19%), Spain (18%), Germany (15%), France (14%).
Will China invade Taiwan in 2024: Yes (12%), No (88%).
*Taken on June 2024.
Until next time,
Did you find this chart interesting?