According to CoinDesk, Solana-based crypto trading platform Drift is expanding its offerings by introducing prediction markets, similar to Polymarket's election betting, but with unique features. The new BET service will enable traders to wager on binary outcomes, such as election results, using a variety of cryptocurrencies as collateral, rather than just USDC. This approach allows users to earn yield on their collateral before the event's outcome is determined, as stated by Drift co-founder Cindy Leow. Additionally, users can hedge their predictions with structured trades on the price movements of different cryptocurrencies.
Prediction markets have gained significant traction in the crypto space during this election cycle, with mainstream media frequently referencing Polymarket-derived statistics. These markets are driven by traders investing substantial amounts of money into the outcomes they believe are most likely. Drift, primarily known for its perpetuals trading hub, which allows users to speculate on future cryptocurrency prices without owning them, has diversified into various DeFi product lines. These include borrow-lend facilities, yield-generating strategies, and a trading page for election-themed memecoins.
Leow mentioned that Drift aims to attract Solana traders who have been hesitant to use Polymarket due to its reliance on Polygon, citing both ideological and functional reasons. By integrating prediction markets with DeFi elements, Drift seeks to offer a more versatile and appealing platform for these traders.
