An on-chain trading system called Drift has added a new prediction market feature, making its products more diverse. The platform based in Solana announced on August 19 that it would be adding a feature that lets users bet on the result of events, such as the U.S. election.
This brand-new item, called Drift’s B.E.T., is different because it includes decentralized finance features that let users make yield on their bet trades as events happen and end.
Solana Enables Structured Bets
Drift’s B.E.T. also has a unique feature called “structured bets,” which lets users go long on a prediction market and short Bitcoin at the same time. This protects their guesses against failure.
Drift supports over 30 tokens, such as stablecoins that generate return and liquid staking tokens on Solana. Polymarket, on the other hand, works on Ethereum and Polygon and uses the USDC stablecoin.
This new development comes after Drift released an earn product and an election center in July that lets users trade political meme coins like $TREMP and $KAMA. Prediction markets are becoming more popular, especially with the 2024 U.S. elections coming up. Drift’s prediction market comes at an ideal moment.
In contrast, Polymarket, which is also an important player in the forecast market, has more than $624 million bet on the next U.S. presidential election. On August 19, 51% of trades were in support of Kamala Harris. On the other hand, 47% of trades were in support of Donald Trump for a second term in November.
