On Election Day, Polymarket, a blockchain-based prediction market, experienced a surge in activity, recording an unprecedented open interest of $463 million, a 40% increase from $329 million in the previous week. The surge was largely driven by bets on the outcome of the U.S. presidential election between former President Donald Trump and Vice President Kamala Harris, with over $249 million actively wagered on the election winner. Polymarket's trading volume for the day reached nearly $174 million, surpassing its previous record of $161 million. Since its launch in 2020, Polymarket has become a popular platform for political betting, particularly during significant events like elections. The platform is seen as part of a growing trend where free-market predictions are used to gauge political outcomes. Historical data shows that Polymarket's open interest increased until the inauguration of Joe Biden in 2021, after which it dropped significantly. As election-related activities peak, more bettors are joining the platform, attracted by its reputation and ease of use.

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