Drift Protocol, Solana's ecological decentralized derivatives trading platform, announced on Twitter yesterday that it will launch a prediction market called "BET", which it said is the abbreviation of "Bullish on Everything" and will use Drift's technology to provide multi-collateral transactions. and position income and other functions.
Drift launches prediction market BET: “Bullish on Everything”
Perpetual contract trading protocol Drift pointed out that a prediction market function called “BET: Bullish on Everything” is now online on its official website.
As one of the largest DEXs on Solana, Drift has a total displayed value locked (TVL) of $374.1 million on DeFiLlama.
The protocol wrote in a tweet that BET has the following advantages over other prediction markets:
Enjoy Solana’s transaction speed and low costs
Supports more than 30 crypto-assets as collateral, and can trade across collaterals
Users can stake DRIFT tokens and obtain FUEL tokens, and receive income distribution when holding bets.
Integrate more than $500 million of Drift’s liquidity to give the prediction market deeper liquidity and more reasonable pricing
Currently, there are 2 prediction contracts related to the US presidential election on the BET website, with a total accumulated betting amount of more than 339,000 US dollars. It is not difficult to see that predictions including interest rate cuts, crypto events and other sports events will be added in the future.
Drift Labs: Prediction markets are an extension of trading
Cindy Leow, co-founder of Drift Labs, said that the prediction market is not only an extension of trading, but also the future of trading and a natural evolution:
When you trade perpetual contracts, you are essentially betting that the price of an underlying asset will rise; in prediction markets, the same concept applies, both of which are essentially creating financial bets tied to future outcomes. Way.
He added, “By turning real-life events into financialized bets, BET opens the door to those who love predicting local events to the outcome of the U.S. presidential election.”
Prediction markets have mixed reviews
As the prediction market led by Polymarket achieved a clear victory on the eve of the US election, many Democrats also asked the US Futures Trading Commission (CFTC) to ban gambling on political and sports competitions, emphasizing that it is corroding democracy, and was criticized by Coinbase and Gemini. Opposition from multiple crypto companies.
(Coinbase, Gemini oppose CFTC’s proposal to ban prediction markets: ultra vires and unclear definition)
However, there are still people including Ethereum founder Vitalik Buterin and Tesla founder Elon Musk who appreciate this application.
(Vitalik praised prediction markets and social note-taking as two major cognitive technologies, and Musk also agreed)
This article Solana derivatives trading platform Drift launches prediction market BET. Can you still make money by holding bets? First appeared in Chain News ABMedia.
