Weekly DeFi Index

The market capitalisation index was negative at -5.04%, while the volume and volatility indices were positive at +0.22% and +36.84% respectively.

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Chart of the Week

Biden’s decision not to run for a second term has fueled a surge in betting activity on the 2024 US presidential election on the Polymarket prediction market. Daily trading volume has hit a record US$28 million as bettors rush to take positions.

Bettors have invested over $500 million across several major election-related contracts on Polymarket, including $319 million on the winner of the presidential race, $212 million on the Democratic nominee (with Kamala Harris as the favourite), and $10 million on the vice presidential running mate.

The article notes that the total bet on the 2024 election could potentially surpass the $744 million record set on the Betfair platform for the 2020 US election, and may even reach $1 billion given the time remaining until the election.




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DeFi & L1L2 Weekly – 📈 US spot ETH ETFs began trading; Polymarket saw a record US$28 million in daily trading volume

US spot ETH ETFs begin trading with $107 million inflows. Polymarket sees a record $28 million in daily trading volume. State Street is exploring the creation of its own stablecoin.

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