🌋 Polymarket Betting Platform's TVL Reaches $137 Million
posted 3 Oct 2024
On October 3, 2024, the total value locked (TVL) on the betting platform Polymarket reached a new all-time high of $137.68 million, according to data from the analytics site DefiLlama.
Polymarket TVL Hits New High. Source: defillama.com
In addition to this, Polymarket hit a new daily trading volume record. On October 3, the figure reached $39.7 million.
TVL on the Polymarket Platform. Source: dune.com
Polymarket is a betting platform where users wager on a variety of events. Bets are presented as two options (“Yes” or “No”), and users can buy futures for either outcome. The price of these futures fluctuates based on the balance of bets placed. If your chosen outcome is correct, you profit from the bets that didn’t win. For more details on how Polymarket works, check out our guide. нашому гайді по Polymarket.
The platform’s most popular betting market continues to be the U.S. presidential election, where Donald Trump and Kamala Harris are the only remaining candidates. The odds are currently split 50/50, with the total volume of bets exceeding $1.2 billion.
U.S. Election Betting on Polymarket. Source: polymarket.com
As reported by Cryptorank, Polymarket has secured $74 million in venture capital funding. Although the platform doesn’t yet have its own token, developers have hinted at the possibility of launching one during discussions for the next investment round.
Each bet on Polymarket is executed via smart contracts based on the UMA protocol, which has its own token. UMA token holders are involved in voting on some of the platform's most debated bets.
On our website, you can find an in-depth overview of the UMA ecosystem and its native token. The current market capitalization of this asset is $240 million.
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