- Drift, the biggest perpetuals trading protocol in Solana, has introduced the BET prediction market.
- According to Drift’s co-founder, BET, which stands for “Bullish on Everything,” would leverage Drift’s technology stack to provide features like cross-collateral trading and yield payouts.
BET is a prediction market that has been introduced by Drift, a perpetual trading protocol based in Solana.
Cindy Leow, a co-founder of Drift Labs, stated on the social media site X on Monday that the new betting market allows traders to earn yield on their bets and accepts over thirty cryptocurrency assets as collateral.
Trading pairs involves artificially speculating on an underlying’s price increase. The idea is the same in prediction markets. Leow noted that both are essentially methods of establishing financial linkages to a result. Investors are allowed to bet on the price of an item without having to own it using perpetual swaps, a sort of futures contract with no expiration date.
According to some economists, prediction markets allow anyone to cast a bet on how future events will pan out, so leveraging “the wisdom of crowds.” In the cryptocurrency space, these platforms have grown in popularity, particularly during the election season in the United States.
The main force behind Drift Protocol is Drift Labs. Only those nations where the Drift protocol is operational will have access to BET.
According to Leow, the ability to gamble on everything from hyperlocalized wagers with friends to attempting to forecast the results of a US presidential election is made possible by turning real events into permissionless financialization.
With a total stake of more than $300,000, there are presently two active contracts in BET’s alpha release pertaining to the US presidential election. The website states that Drift plans to grow into areas including sports, cryptocurrency, and economics. By rewarding traders with FUEL tokens for placing wagers and staking DRIFT tokens, the team is encouraging adoption.
Built on Drift’s decentralized exchange, BET, or Bullish on Everything, will have access to its $500 million liquidity pool. Features like complex bets and cross-collateral trading will be available on the connected platforms.
According to the crypto statistics tracker DeFiLlama, Drift is one of the biggest perpetual trading systems on Solana, with a total value locked of around $374.1 million.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
