As a seasoned crypto investor with a keen eye for emerging trends and platforms, I find myself closely watching the developments at Polymarket, particularly amidst the heated U.S. presidential elections. With over 95% of the on-chain betting market share, this platform has undeniably made its mark, especially during this election cycle.
Polymarket closely monitors its major users to prevent any pre-election betting activity during the upcoming U.S. presidential elections.
Starting today, October 22nd, as reported by Bloomberg, high-stakes gamers using Polymarket’s service on the Polygon network are being asked to reconfirm their identity credentials. This move is aimed at enhancing security and adhering to regulations, particularly for American users, who will now face stricter know-your-customer checks as part of this geoblock implementation. The company, headed by founder Shayne Coplan, is overseeing these changes.
Although Polymarket makes up more than 95% of the market for on-chain betting, it is not accessible to users in the United States due to regulatory restrictions. However, the platform has gained significant recognition, particularly in relation to U.S. presidential elections, as it handled over $2.1 billion in wagers regarding whether former President Donald Trump or Vice President Kamala Harris would secure the White House.
In the upcoming election, here are the current odds for each candidate:
— Polymarket (@Polymarket) October 22, 2024
There’s been a lot of discussion recently about platforms such as Polymarket and Kalshi during this U.S. election period. Some people believe that the election outcomes, whether they favor certain federal or state candidates, could either boost or slightly impede the use of cryptocurrencies to some extent.
On these platforms, users can place wagers on various possible results by buying shares of events. Blockchain technology is used to carry out transactions and ensure fair payment for the winners once the outcome of the event has been determined.
Many view betting data as a social sentiment indicator, primarily because it involves money, suggesting that users back their convictions with actual cash and crypto. Others, however, question the authenticity of on-chain betting data and its relevance in real-world events like elections.
Nevertheless, the trend for prediction markets has been steadily rising throughout this year, with a remarkable surge of approximately 560% in the third quarter of 2024, as indicated by a study conducted by 0xPPL.
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2024-10-22 20:44