Polymarket, the crypto-powered prediction market, is continuing to grow its monopoly in the space, with its open interest skyrocketing past the $100 million mark. This meteoric rise signals a growing appetite for cryptocurrency-based political forecasting as the U.S. presidential election looms on the horizon.

Polymarket's open interest has experienced an astounding 1,429% increase since the start of the year, climbing from a modest $7 million to an impressive $107 million. This growth trajectory speaks volumes about the platform's increasing popularity and the public's eagerness to put their money where their predictions are.

The presidential election is the star of the show, commanding 77% of Polymarket's weekly volume. This concentration suggests that crypto enthusiasts and political junkies alike are flocking to the platform to speculate on the outcome of one of the most anticipated political events of the year.

Source: https://www.theblock.co/post/314470/polymarkets-open-interest-soars-past-100-million-as-crypto-enthusiasts-bet-big-on-presidential-election

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