{"id":16234,"date":"2024-08-20T11:47:37","date_gmt":"2024-08-20T08:47:37","guid":{"rendered":"https:\/\/forklog.com\/en\/solana-network-launches-prediction-market\/"},"modified":"2024-08-20T11:47:37","modified_gmt":"2024-08-20T08:47:37","slug":"solana-network-launches-prediction-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/solana-network-launches-prediction-market\/","title":{"rendered":"Solana Network Launches Prediction Market"},"content":{"rendered":"<p>The team behind the perpetual contracts trading protocol on Solana, known as Drift, has launched the BET prediction platform.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today, we&#8217;re launching BET on Drift \u2014 the first capital efficient prediction markets on <a href=\"https:\/\/twitter.com\/solana?ref_src=twsrc%5Etfw\">@Solana<\/a> <a href=\"https:\/\/twitter.com\/DriftProtocol?ref_src=twsrc%5Etfw\">@DriftProtocol<\/a> <\/p>\n<p>Here&#8217;s why, and why now:<\/p>\n<p>A prediction market is not only a natural extension of trading \u2014 it\u2019s the future of trading. Prediction markets are the natural evolution of\u2026 <a href=\"https:\/\/t.co\/az3zdLZxy0\">pic.twitter.com\/az3zdLZxy0<\/a><\/p>\n<p>\u2014 cindy (@cindyleowtt) <a href=\"https:\/\/twitter.com\/cindyleowtt\/status\/1825543757275836900?ref_src=twsrc%5Etfw\">August 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the developers, BET (an acronym for Bullish on Everything) utilizes the Drift stack and offers features such as cross-margin trading and structured bets. The platform employs a liquidity pool from a related protocol.<\/p>\n<p>BET supports over 30 crypto assets as collateral.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cWhen you trade perpetual contracts, you are synthetically betting that the price of the underlying asset will rise. Prediction markets operate on the same concept. Essentially, both are ways to create a financial tie to an outcome,\u201d<\/em> explained Drift Labs co-founder Cindy Leow.<\/p>\n<\/blockquote>\n<p>Currently, in its alpha version, BET has launched two real-world contracts related to the presidential race, with a total pool exceeding $300,000.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cBringing real-world events into a <\/em><em>permissionless<\/em><em> financial system opens up the possibility to bet on everything from hyper-localized wagers with a few friends to attempts to predict the outcome of US elections,\u201d<\/em> <em>explained Leow.<\/em><\/p>\n<\/blockquote>\n<p>Drift plans to expand its scope to include sports, cryptocurrencies, and the economy, as stated on the project&#8217;s website.<\/p>\n<p>The team is encouraging adoption by paying FUEL tokens to traders who place bets and stake DRIFT tokens.<\/p>\n<p>According to <a href=\"https:\/\/dune.com\/rchen8\/polymarket\">Dune Analytics<\/a>, transaction volume on the popular Ethereum-based prediction platform Polymarket reached $387 million in July, more than any other month in its history. For the incomplete month of August, the figure has already reached $295.9 million.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1161.webp\" alt=\"1-1161\" class=\"wp-image-239283\"\/><figcaption class=\"wp-element-caption\">Data: Dune Analytics.<\/figcaption><\/figure>\n<p>The volume of bets on the outcome of the presidential race <a href=\"https:\/\/polymarket.com\/event\/presidential-election-winner-2024?tid=1723806909608\">exceeded $650 million<\/a>.<\/p>\n<p>Earlier, the cryptocurrency options exchange Deribit launched a new contract on the election outcome.<\/p>\n<p>Back in July, Solana-based funds faced a record outflow of $39 million amid a sharp decline in meme token trading volume.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The team behind the perpetual contracts trading protocol on Solana, known as Drift, has launched the BET prediction platform. Today, we&#8217;re launching BET on Drift \u2014 the first capital efficient prediction markets on @Solana @DriftProtocol Here&#8217;s why, and why now: A prediction market is not only a natural extension of trading \u2014 it\u2019s the future [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1148,1595,1159],"class_list":["post-16234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-polymarket","tag-prediction-markets","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"32","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=16234"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16234\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/16233"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=16234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=16234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=16234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}