In this issue of Coin Metrics’ State of the Network, we dive into how Polymarket’s prediction markets operate on Polygon and analyze data behind the 2024 Presidential Election market to understand potential implications for digital assets.
Key takeaways:
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Prediction markets provide real-time, market-driven insights into event probabilities, offering a more dynamic alternative to traditional polling methods.
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Polymarket has emerged as one of the most widely adopted prediction market platforms, built on the Polygon Layer-2 blockchain. It has amassed over $200M in TVL and consumes 25% of all gas on Polygon.
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Polymarket’s 2024 U.S. presidential election markets have gained tremendous traction, with bitcoin returns showing moderate positive correlation to election odds, suggesting intermittent connections between crypto and political sentiment.
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