Drift, an on-chain trading protocol, has introduced a new prediction market feature on the Solana blockchain. This addition is part of the platform's expanding suite of products.
Introduction of New Product
The Solana-based platform Drift revealed its new prediction market feature on August 19. This innovation allows users to bet on the outcome of events such as the U.S. election and earn yield on these bets as the event unfolds and reaches its resolution.
Details of the Prediction Market
Drift’s B.E.T offers users the ability to earn from their bet trades using various strategies. Unlike other similar products, users can hedge their predictions through 'structured bets', allowing them to go long on a prediction market while simultaneously shorting Bitcoin. The platform also supports over 30 tokens, including yield-generating stablecoins and liquid staking tokens on Solana.
Growing Interest in Prediction Markets
The introduction of the prediction market on Solana follows Drift’s recent unveiling of an earn product and election center in July. Prediction markets continue to attract attention, particularly with the upcoming U.S. elections and other significant events around the world. For instance, Polymarket has more than $624 million in bets on the 2024 U.S. presidential election. As of August 19, Kamala Harris has recently surged ahead with 51% of trades in her favor, compared to 47% of traders seeing Donald Trump winning a second term.
Prediction markets are gaining increasing attention, and the launch of Drift's new feature could boost interest in this area.
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