As a seasoned crypto investor with a knack for spotting promising projects and a keen interest in prediction markets, I must admit that Drift’s latest move into the realm of decentralized prediction markets is quite intriguing. Having dabbled in Polymarket myself, I can appreciate the allure of betting on events while earning yield, but the integration of DeFi through B.E.T and the support for various tokens on Solana sets Drift apart.
Drift, a protocol for trading directly on the blockchain, recently added prediction markets to its growing lineup of offerings.
On August 19th, the team behind the Solana platform unveiled their latest addition – a predictions market feature, built on the SOL infrastructure.
Drift’s prediction market service operates in a manner similar to Polymarket, allowing users to wager on various event outcomes like the U.S. elections. But what sets Drift apart is its integration of Decentralized Finance (DeFi), as represented by B.E.T, taking this concept one step further.
Using Drift’s B.E.T (Bet-and-Earn Technology), users can generate income from their wager transactions as the event progresses and concludes. Moreover, users have the opportunity to secure their forecasts through “structured bets,” which lets them invest in a prediction market while simultaneously selling off Bitcoin (BTC).
Instead of Polymarket, which facilitates prediction trades using the USDC stablecoin on both Ethereum and Polygon, Drift provides trading opportunities with more than 30 different tokens, among them yield-bearing stablecoins and liquid staking tokens based on the Solana network.
Growing predictions market
Drift recently announced the launch of its prediction market on the Solana blockchain, which came after Solana revealed their ‘Earn’ product and ‘Election Center’ in July. This Election Center serves as a platform for supporters of political meme coins like $TREMP and $KAMA to exchange these digital assets.
There’s growing interest in prediction markets as people eagerly anticipate the U.S. elections and other major global happenings.
Currently, Polymarket is hosting over $624 million worth of bets for the 2024 U.S. presidential election. As of August 19 at 11:40 am ET, Kamala Harris has seen a significant increase in support, with approximately 51% of traders backing her, compared to 47% who believe Donald Trump will secure another term in the November election.
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2024-08-19 19:19