U.S. 2020 election boosts use of decentralized prediction markets


The 2020 U.S. election has been a boon for decentralized prediction markets, according to data compiled by The Block Research.

On Augur, open interest recently passed $4 million, primarily driven by Catnip.exchange, a simple end-user interface for Augur's U.S. election market. According to The Block researcher Mika Honkasalo, open interest on Augur has been steadily increasing by over $1 million or 25% daily, leading up to election day.

Polymarket, a popular newcomer in the prediction markets space, also benefited from the U.S. election, with its election-related markets receiving over $3.5M in trading volume on Polymarket V2 — roughly 91% of total volume on the platform.

This piece has been updated to clarify that data for Polymarket is based on the Polymarket V2 prediction market

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC