Polymarket dominates the App Store during the USA elections and records a notable crypto profit

On the day of the USA 2024 presidential elections, the crypto prediction platform Polymarket reached the top of the App Store in the financial category, generating a lot of profit.  

Furthermore, it has fueled interest in betting on electoral outcomes and the political future. In this article, we see all the details. 

Growing interest and profit for prediction markets on the results of the USA 2024 elections: the ‘crypto’ platform Polymarket

The 2024 United States presidential elections saw an unusual growth in popularity for financial prediction platforms, with apps like Polymarket ranking among the top in Apple’s App Store in the financial category.

While the public followed the election results, the app indeed recorded an unexpected demand, offering users a unique opportunity to bet on the outcome of political events. 

According to the data from SensorTower, on November 5th Kalshi secured the first position among financial apps and the third place among overall free apps, while Polymarket came in fourth in the same financial category.

The interest in prediction platforms is not new, but it is growing strongly thanks to their ability to offer alternative information on electoral outcomes compared to traditional polls. 

In a context where electoral polls can sometimes be conflicting, prediction markets like Kalshi and Polymarket allow users to place bets on different scenarios. 

For example, the results in the so-called “swing states” or the possible victory of one of the main candidates, such as Donald Trump or Vice President Kamala Harris.

The idea behind these markets is simple yet powerful. That is, betting on future probabilities, which encourages users to make predictions based on unbiased and personal information, as the stakes are represented by real money.

Kalshi, which is available for the American public, quickly established itself as the first financial betting platform during election day. 

Specifically, with an impressive betting volume that reached 247 million dollars just for the market related to the victory of the presidential candidates. 

To ensure security in transactions, Kalshi has chosen to collaborate with Zero Hash. This is a digital asset payment infrastructure company, which allows its users to deposit and manage the stablecoin USDC. 

Polymarket: a giant of predictions based on Ethereum

Polymarket, founded in 2020 and developed on the layer-2 of Ethereum Polygon, represents one of the largest prediction platforms in the world.

Even though it is not available in the United States for ordinary users, the platform has recorded a total betting volume of 3.26 billion dollars on the winner of the 2024 presidential elections, making it the largest market on the platform. 

The overall trading volume reached a total of 5.15 billion dollars. A remarkable milestone that brought Polymarket to fourth place in the App Store among financial apps.

Polymarket is considered a global alternative to electoral forecasting, allowing users to bet on a wide range of events, from the economy to climate change, to political elections in various countries. 

Thanks to the transparency and security of the Ethereum blockchain, Polymarket offers a platform where bets are recorded on an immutable ledger. Thus ensuring trust and security to users.

The surge in popularity of Kalshi and Polymarket reflects a growing curiosity about financial forecasts and the role these markets can play in understanding electoral dynamics. 

Their forms of betting differ from traditional methods, such as polls, because users are incentivized to evaluate objectively the probabilities of a given outcome.

Furthermore, prediction markets can offer a more up-to-date view compared to electoral polls, which can be influenced by variables such as methodology, sampling, and timing. 

Experts believe that platforms like Kalshi and Polymarket can offer valuable insights into public opinion, based on the probabilities indicated by users rather than on direct questions. 

Although they are not exempt from criticism and regulations, these platforms represent a new frontier in understanding voter behavior and electoral trends.

The future of prediction platforms

The 2024 elections could mark a turning point for the prediction markets sector, drawing the attention of investors, institutions, and regulators to these platforms. 

While Kalshi and Polymarket have capitalized on the interest in elections, the future of prediction markets could extend to other areas, such as the economy and global issues.

However, it remains to be seen how the regulation of these platforms will evolve. Especially in the United States, where betting on events can raise ethical and legal issues.

In an increasingly connected world, prediction markets could become a valuable source of data not only for users but also for analysts and scholars interested in interpreting social and political changes.

In conclusion, the success of Kalshi and Polymarket reflects an evolving landscape where finance and politics intersect. Consequently offering users new tools to understand and bet on future developments.