Crypto’s rising curiosity in blockchain-based prediction platforms shifted into excessive gear on Monday, when Solana-based decentralized trade Drift Protocol launched BET.
An acronym for Bullish on Every little thing, which Drift’s providing will compete with Polymarkt because the US election season sows division big quantities of betting on the main platform. Drift’s product was introduced in control and launched in alpha, with customers gearing up for 2 political bets. And that was sufficient to earn the newcomer stable first-day numbers.
“Within the first 24 hours of launching Drift’s BET prediction markets, we achieved a complete of over $3.5 million so as e book liquidity,” Drift co-founder Cindy Leow tweeted.
A key distinction is that Polymarket exists on the Ethereum scaling resolution Polygon, whereas BET and Drift stay on Solana. In keeping with Drift, BET advantages from Solana’s excessive velocity in comparison with different blockchain networks and low charges.
Within the first 24 hours of launching Drift’s BET prediction markets, we completed the next:
1) Whole order e book liquidity of over $3.5 million in Kamala and Trump markets (depth now similar to Polymarket)
2) >$300k open curiosity + betting quantity
BET means Bullish on Every little thing, so try pic.twitter.com/FWzmMR2Kje
— cindy (@cindyleowtt) August 20, 2024
By Drift, customers have guess $124,000 on whether or not former President Donald Trump will win the 2024 presidential election, with a 48% likelihood on the time of writing. As well as, Drift customers have wagered $186,000 on whether or not Vice President Kamala Harris will win the favored vote, at present assigning a 71% likelihood to the Democratic candidate.
Whereas Drift has raised $310,000 in open curiosity throughout two contests in simply over a day, the entire is a far cry from that of Polymarket contests, which have been working for a number of months. Bettors have up to now chosen the winner of the 2024 race positioned $74 million and $82 million for Harris and Trump, respectively. On the time of writing, Trump had a hair lead over Harris, with a 50% likelihood of profitable the White Home, in comparison with her 49% probabilities.
On the subject of who will win the favored vote, Drift and Polymarket award Harris similar odds. Nevertheless, the competitors Awarding a 71% likelihood to Harris on Polymarket has generated $111 million in whole bets, with roughly $9.3 million in whole bets behind Harris.
Like Polymarket, Drift is off-limits to folks within the US and different restricted areas. On all bets, Polymarket’s open curiosity is spherical $80 millionthat means that the worth of excellent bets on Polymarket is greater than 250 instances higher than that of Drift’s present two markets.
One other main distinction between the platforms is that Polymarket collects bets within the type of USDC, crypto’s second-largest stablecoin, whereas Drift accepts bets in 30 totally different cryptocurrencies, in line with a weblog put up. Moreover, Drift states that customers can “earn yield whereas in place” by means of loans, with the choice to hedge positions utilizing so-called structured betting.
Following Drift’s foray into the realm of predictions, the worth of Drift’s governance token skyrocketed. DRIFT is up 24% previously day traded palms at $0.42 on Tuesday.
Whereas politics is Polymarket’s bread and butter, the platform helps user-generated markets in classes like popular culture, crypto, and sports activities. In keeping with Drift’s web site, customers can anticipate related bets quickly, with Method 1, Solana and sports activities markets within the works.
Edited by Ryan Ozawa.