Source: Cointelegraph Original: "{title}"
Donald Trump may have won the White House race, but the cryptocurrency market has its own champion: Polymarket, a decentralized prediction market platform running on the Polygon blockchain.
The platform, established just four years ago, has seen a total betting volume exceeding $3.2 billion related to the U.S. election results, with $239.5 million wagered on election day alone.
According to Pitchbook, Polymarket's CEO and board member is 26-year-old Shayne Coplan. Key election dynamics predicted by traders on Polymarket include President Joe Biden withdrawing from the race, as well as other geopolitical developments.
In recent months, the company has attracted significant venture capital, raising a total of $70 million across two funding rounds with support from notable investors such as Peter Thiel's Founders Fund and Ethereum co-founder Vitalik Buterin.
In the past 30 days, the platform's betting volume surged to $5.3 billion, primarily driven by politically related polls. For instance, the largest Trump betting account on Polymarket earned over $20.4 million in profit after the AP announced the election results.
Source: Polymarket from Blockworks Research
In October, traders on the platform generated over $111,000 in fees for the Polygon network, while in the first few days of November, they generated $40,613. Although the election may be over, traders seem eager to continue betting trends.
Polymarket's growth has also caught the attention of regulators. Reports indicate that the French National Gaming Authority (Autorité nationale des jeux, ANJ) is investigating Polymarket's operations and whether they comply with French gambling laws, with a potential ban on the platform being considered.
This week's Crypto Biz also reported that BlackRock's IBIT trading volume reached $1 billion, Meta's Llama joined the U.S. military, Bitcoin miners set production records in October, and VanEck listed the PYTH ETN.
BlackRock's iShares Bitcoin Trust (IBIT) experienced a surge in trading activity on November 6, with nearly $1.1 billion in volume in the first 20 minutes of trading after the election. Analysts expect Bitcoin's price to continue rising during Donald Trump's new administration, predicting it could reach $100,000 by the time he is inaugurated for a second term on January 20. Trump has expressed intentions to position the U.S. as the "world's cryptocurrency capital," contrasting sharply with the previous administration's regulatory approach to the cryptocurrency industry.
Social media and tech company Meta has opened its AI model Llama to the U.S. military and defense contractors for national security purposes. Meta's President of Global Affairs Nick Clegg stated in a November 4 announcement that Llama will be used to streamline complex logistics and planning, track terrorist financing, and bolster U.S. cyber defenses. The company will collaborate with Microsoft, Amazon, IBM, Oracle, Palantir, and other tech giants to provide comprehensive services to the U.S. government.
Bitcoin miners Marathon Digital and Riot Platforms reported record monthly production since the Bitcoin halving in April, reflecting a strong recovery in the industry. Marathon produced 717 Bitcoins (approximately $48.8 million) in October, primarily due to a 14% increase in its hash rate, exceeding 40 Bitcoins per second, along with higher transaction fees accounting for 5% of total production. Similarly, Riot mined 505 Bitcoins (approximately $34.4 million) in October, a 22.6% increase from the previous month, mainly due to an increase in hash rate to 29.4 EH/s after installing new MicroBT mining machines.
On November 5, asset management firm VanEck listed an exchange-traded note (ETN) in Europe tracking the performance of the Pyth network's native token, PYTH. The VanEck Pyth ETN will be traded on Euronext Amsterdam and Euronext Paris, targeting investors in 15 European countries, including Germany, France, Norway, and Switzerland. The Pyth network is a decentralized oracle protocol designed to enable smart contracts to interact with off-chain data and communicate with other blockchain networks. PYTH has a fully diluted market cap of approximately $3.4 billion.
Equally important: Research analysts at cryptocurrency asset management firm 21Shares indicate that Wall Street investors largely remain unaware of Ethereum's potential, similar to the situation with Amazon in the early 1990s before it became a $2 trillion tech giant.
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