The Drift Protocol has officially launched its prediction market called BET on the Solana blockchain, according to an announcement on August 19.

Cindy Leow, co-founder of Drift Protocol, likened the BET prediction market to a version of perpetual contract trading. She explained that, similar to how perpetual contract traders bet on price movements in the crypto market, prediction markets allow participants to invest financially in the outcome of real-world events.

She shared:

“The permissionless financialization of real-world events opens up opportunities to bet on everything from small bets between friends to predicting the outcome of the US presidential election.”

Features of BET

BET works in a similar way to Polymarket, allowing users to buy YES or NO shares for events like the upcoming US presidential election.

However, this Solana-based platform stands out in that it allows users to use more than 30 cryptocurrencies, including USDC and SOL, as collateral. Users can also earn yield on their assets before the outcome of an event is determined.

Additionally, BET offers users the ability to hedge their prediction risk with “structured bets.” This feature allows users to take a long position in a prediction market while simultaneously shorting Bitcoin. BET also introduced a rewards system called FUEL, designed to drive trading activity and encourage user participation.

While BET initially focused on US elections, the platform has plans to expand into other areas such as Formula 1 racing and crypto and cultural events.

The Rise of Prediction Markets

Decentralized prediction markets have exploded in popularity this year, thanks in large part to the success of Polymarket. These platforms allow users to bet on the outcome of events ranging from sports to geopolitical issues.

Vitalik Buterin, co-founder of Ethereum, has specifically praised prediction markets as one of the most innovative social technologies of the 2020s. He commented:

“These markets seek truth and promote democracy, built on public participation rather than on pre-selected elites.”

However, the growing popularity of prediction markets has attracted the attention of regulators. The U.S. Commodity Futures Trading Commission (CFTC) and lawmakers such as Senator Elizabeth Warren have expressed concerns about the impact of these bets on the public interest and called for controls.

In contrast, leading figures in the crypto industry, such as Coinbase and Gemini, have opposed these regulatory moves, arguing that they could cause economic damage.

Source: https://tapchibitcoin.io/giao-thuc-drift-ra-mat-nen-tang-bet-dua-thi-truong-du-doan-len-solana.html