On-chain trading protocol Drift has launched prediction markets as part of its expanding product suite.
Solana-based platform SOL has unveiled its new prediction market feature in advertisement On August 19th.
Drift’s market prediction product will work similarly to Polymarket, giving users the opportunity to bet on the outcome of events such as the US election. However, Drift’s BET product goes a step further by integrating decentralized finance.
With BET by Drift, users can earn returns on their betting trades as the event unfolds and reaches its conclusion. Additionally, users can hedge their predictions through “structured bets,” allowing them to trade long in the prediction market while simultaneously shorting Bitcoin (BTC).
Unlike Polymarket, which offers prediction trading via Ethereum (ETH) stablecoin USDC and Polygon (MATIC), Drift supports over 30 tokens, including yield-generating stablecoins and liquid staking tokens on Solana.
Growing market expectations
Drift’s announcement of its prediction market on Solana comes on the heels of the protocol unveiling a profit product and an election hub in July. The election hub allows political coin enthusiasts to trade $TREMP and $KAMA tokens.
Prediction markets continue to attract attention, especially as the US election and other important events around the world approach.
For example, Polymarket currently has over $624 million in bets on the 2024 U.S. presidential election. As of August 19 at 11:40 a.m. ET, Kamala Harris is recently ahead, with 51% of trades in her favor, while 47% of traders see Donald Trump winning a second term in the November election.