Crypto’s rising curiosity in blockchain-based prediction platforms shifted into excessive gear Monday, because the Solana-based decentralized change Drift Protocol launched BET.
Brief for Bullish on Every little thing, Drift’s providing is ready to compete with Polymarket as a divisive U.S. election season spurs huge quantities of bets on the main platform. Ramping up to the mark, Drift’s product was launched in alpha, with customers gearing up throughout two political bets. And people have been sufficient to ship stable day-one numbers for the newcomer.
“Within the first 24 hours after Drift’s BET prediction markets launch, we’ve achieved greater than $3.5 million complete orderbook liquidity,” tweeted Drift co-founder Cindy Leow.
One key distinction is that Polymarket exists on the Ethereum scaling resolution Polygon, whereas BET and Drift stay on Solana. In line with Drift, BET advantages from Solana’s excessive pace in comparison with different blockchain networks and low prices.
Within the first 24 hours after Drift’s BET prediction markets launch, we have achieved:
1) >$3.5m complete orderbook liquidity on Kamala + Trump markets already (depth is now on par with Polymarket’s)
2) >$300k open curiosity + guess quantity
BET means Bullish on Every little thing so checks out pic.twitter.com/FWzmMR2Kje
— cindy (@cindyleowtt) August 20, 2024
By Drift, customers have wagered $124,000 on whether or not former President Donald Trump will win the 2024 presidential election, penciling in a 48% likelihood as of writing. Individually, Drift customers have guess $186,000 on whether or not Vice President Kamala Harris will win the favored vote, at present assigning a 71% likelihood to the Democratic nominee.
Whereas Drift has notched $310,000 in open curiosity throughout two contests in little greater than a day, the tally is a far cry from that of Polymarket contests, which have been operating for a number of months. Selecting the winner of the 2024 race, bettors have thus far positioned $74 million and $82 million on Harris and Trump, respectively. As of this writing, Trump was a hair forward of Harris, with a 50% likelihood of successful the White Home in comparison with her 49% odds.
In terms of who will win the favored vote, Drift and Polymarket assign Harris an identical odds. Nonetheless, the contest assigning a 71% likelihood to Harris on Polymarket has seen $111 million in complete wagers, with round $9.3 million in complete bets positioned behind Harrris.
Very similar to Polymarket, Drift is off-limits to these within the U.S. and different restricted territories. Throughout all wagers, Polymarket’s open curiosity is round $80 million, that means the worth of excellent bets on Polymarket is greater than 250 instances that of Drift’s present two markets.
One other large distinction between the platforms is that Polymarket collects wagers within the type of USDC, crypto’s second largest stablecoin, whereas Drift accepts bets in 30 totally different cryptocurrencies, in accordance with a weblog submit. Moreover, Drift states that customers can “earn yield whereas in place” by way of lending, with the chance to hedge positions utilizing so-called structured bets.
Following Drift’s foray into the realm of predictions, the worth of Drift’s governance token popped. Rising 24% over the previous day, DRIFT traded fingers at $0.42 on Tuesday.
Although politics is Polymarket’s bread and butter, the platform helps user-generated markets in classes like popular culture, crypto, and sports activities. In line with Drift’s web site, customers can anticipate related betting swimming pools quickly, with Method 1, Solana, and sports activities markets within the works.
Edited by Ryan Ozawa.
