As a seasoned crypto investor with over a decade of experience under my belt, I must admit that I was initially skeptical about the practical applications of Web3. However, Bloomberg’s decision to integrate Polymarket data into its election terminal has certainly changed my perspective.
In a significant milestone, Polymarket witnessed another achievement when Bloomberg decided to leverage the Polygon platform for its prediction market.
According to Michael McDonough, the top economist at global financial software and media company Bloomberg, they plan to incorporate data from Polymarket into their election prediction system.
On Polymarket, individuals can participate in a decentralized platform where they can make predictions and place bets on real-world occurrences or events, like the U.S. Presidential Election. Users wager by purchasing shares with Circle’s stablecoin (USDC), which supports their chosen predictions.
In the year 2020, Shayne Coplan launched Polymarket, a platform that has seen unprecedented growth this year. Remarkably, traders placed over $100 million in collective wagers during June alone, pushing the total volume for the year above a staggering $360 million by 2024. As a researcher studying this surge in popularity, it’s fascinating to witness such rapid growth and engagement within the trading community.
According to crypto.news, the results of the U.S. elections dominated the activity on Polymarket, accounting for a significant portion. In fact, an astonishing 88% of all bets this year were related to election predictions. To date, users have placed over $750 million in wagers on the “Presidential Election Winner 2024” pool, which is the largest prediction outcome available on the platform.
Additionally, significant trading activity was triggered not only by the normal flow of transactions but also by events such as the approval of a spot Bitcoin ETF in January and the Olympics in Paris in August, which led to unusual volume surges.
The incorporation of Polymarket data by Bloomberg can be viewed as a sign of acknowledgement from an established traditional player towards a growing web3 service provider. According to ETF Store President, Nate Geraci, this development serves to underscore the practicality of blockchain technology for investors and market watchers alike.
The move could also establish the crypto platform as an international user-focused opinion hotbed moving forward, at a time when some expressed doubts over the platform’s sustained volume post-elections.
I thought there were no use cases for Web3…
BBG seems to find value here.
— Nate Geraci (@NateGeraci) August 29, 2024
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2024-08-29 21:16