Drift, an on-chain trading protocol, has introduced prediction markets as part of its expanding suite of products.
Solana-based on-chain trading protocol Drift has expanded its product offerings with the introduction of prediction markets.
The platform announced the new feature on Aug. 19, aiming to provide users with a unique betting experience that combines the strengths of prediction markets with the possibilities of decentralized finance (DeFi).
Drift is entering the prediction market space with its B.E.T product, aiming to set it apart from competitors like Polymarket by offering additional capabilities.
While Polymarket offers prediction trades on a limited range of assets, Drift boasts support for over 30 tokens, encompassing yield-generating stablecoins and liquid staking tokens on Solana.
Moreover, Drift users can generate yield on their bet trades as the event unfolds and reaches its resolution. This feature enables users to earn interest on their bets, a capability not offered by Polymarket.
Drift's platform also caters to advanced traders with its “structured bets” option. This feature allows users to hedge their predictions by going long on a prediction market while simultaneously shorting Bitcoin (BTC).
Drift's entry into the prediction market domain aligns with the growing interest in this sector, particularly ahead of the upcoming U.S. elections and other significant events worldwide.
Prediction markets, such as Polymarket, have seen substantial activity, with over $624 million in bets on the 2024 U.S. presidential election as of Aug. 19 at 11:40 am ET.
According to these trades, Kamala Harris has recently surged ahead with 51% of the trades in her favor, indicating that a majority of traders see her winning the Democratic nomination and facing Donald Trump, who is leading the Republican polls with 47% of traders betting on his victory in the November election.
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