Drift brings DeFi-integrated prediction market to Solana
Drift, an on-chain buying and selling protocol, has launched prediction markets as a part of its increasing suite of merchandise.
The Solana (SOL)-based platform revealed its new predictions market function in an announcement on Aug. 19.
Drift’s prediction market product will perform equally to Polymarket, providing customers the prospect to guess on the end result of occasions such because the U.S. election. Nevertheless, Drift’s B.E.T goes a step additional by integrating decentralized finance.
With Drift’s B.E.T, customers can earn yield on their guess trades because the occasion unfolds and reaches its decision. Moreover, customers can hedge their predictions by “structured bets,” permitting them to go lengthy on a prediction market whereas concurrently shorting Bitcoin (BTC).
Not like Polymarket, which provides prediction trades by way of the USDC (USDC) stablecoin on Ethereum (ETH) and Polygon (MATIC), Drift helps over 30 tokens, together with yield-generating stablecoins and liquid staking tokens on Solana.
Rising predictions market
Drift’s announcement of its prediction market on Solana follows the protocol’s unveiling of an earn product and election heart in July. The election heart permits political meme coin fans to swap $TREMP and $KAMA meme cash.
Prediction markets proceed to draw consideration, particularly with the upcoming U.S. elections and different vital occasions all over the world.
For instance, Polymarket at present has greater than $624 million in bets on the 2024 U.S. presidential election. As of Aug. 19 at 11:40 am ET, Kamala Harris has not too long ago surged forward, with 51% of trades in her favor, whereas 47% of merchants see Donald Trump successful a second time period within the November election.
