Drift, an on-chain trading protocol, has introduced prediction markets as part of its expanding suite of products.
The Solana (SOL)-based platform unveiled its new prediction market feature in an announcement. Drift’s prediction market product allows users to bet on events, much like Polymarket, but with added decentralized finance (DeFi) elements.
Drift’s B.E.T enables users to earn yield on their trades as the event unfolds. Users can also hedge predictions through “structured bets,” going long on a market while shorting Bitcoin (BTC).
Unlike Polymarket, which trades via USDC on Ethereum and Polygon, Drift supports over 30 tokens, including liquid staking tokens on Solana.
Growing Predictions Market
Drift’s announcement comes after releasing an earn product and election center in July. The election center lets users swap $TREMP and $KAMA meme coins.
Prediction markets are gaining attention, particularly with the upcoming U.S. elections and other global events.
For example, Polymarket has over $624 million in bets on the 2024 U.S. presidential election. As of Aug. 19, Kamala Harris has 51% of trades in her favor, while 47% favor Donald Trump for a second term.
