🌋 Polymarket Suffers 75% TVL Loss After U.S. Elections
posted 15 Nov 2024
The smart contract-based betting platform Polymarket, which facilitates cryptocurrency bets on any event, witnessed a 75% decline in TVL after November 5, coinciding with the end of the U.S. presidential election.
Currently, the total value locked is just $97 million.
For perspective, this number was above $450 million only two weeks prior.
Polymarket’s crypto betting TVL has sharply decreased. Source: defillama.com
The reasons for the outflow included declining betting interest and a wave of rumors about the U.S. prosecution of Polymarket founder Shane Copeland and potential ban on the platform in France.
The volume of bets on the U.S. presidential election on Polymarket reached billions of dollars.
After Donald Trump’s win, many traders decided to pull their money and leave Polymarket.
Trading volume decrease on Polymarket. Source: Dune.com
Despite this, the platform still maintains over 20,000 active traders daily, suggesting a lingering level of interest among current users.
Polymarket Mechanics
Polymarket’s smart contracts and platform development decisions are guided by a collective DAO, consisting of UMA token holders. Despite the noted trading issues, the price of UMA has not been adversely affected.
UMA token price chart. Source: whitebit.com
You could learn more about the algorithms and the operational intricacies of this platform in an exclusive GNcrypto article..
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