DeFi protocol Drift has expanded its offerings with the launch of a prediction market called BET on the Solana blockchain. Co-founder Cindy Leow described BET as a platform that allows users to bet on real-world events similar to perpetual trading in the crypto world. The platform allows users to use over 30 cryptocurrencies as collateral and earn yields on their assets before the event outcomes are determined. Additionally, users can hedge their predictions with structured bets and participate in a rewards system called FUEL to boost trading activity.
BET operates similarly to popular platforms like Polymarket, where users can purchase YES or NO shares on upcoming events like the US presidential election. Drift Protocol is initially focusing on the US elections, but plans to expand into other areas such as Formula 1 and other cultural events. The platform aims to provide users with a unique way to engage in prediction markets and earn rewards for their participation. By allowing users to bet on a wide range of events using various cryptocurrencies, BET is positioning itself as a versatile and user-friendly platform for prediction market enthusiasts.
Decentralized prediction markets have gained significant popularity in recent years, with platforms like Polymarket leading the way. These markets allow users to bet on a wide range of events, from sports outcomes to political elections. Ethereum co-founder Vitalik Buterin has praised prediction markets as a revolutionary technology that promotes truth-seeking and democratic participation. However, regulatory scrutiny has also increased, with the CFTC and lawmakers like Senator Elizabeth Warren expressing concerns about the impact of these markets on public interest.
Despite regulatory challenges, major players in the crypto industry like Coinbase and Gemini oppose restrictions on prediction markets, arguing that they are economically flawed. As the popularity of decentralized prediction markets continues to grow, platforms like BET are providing users with innovative ways to engage in these markets and earn rewards for their participation. With its unique features and focus on user engagement, BET is poised to become a leading platform in the decentralized prediction market space.
