New Solana-Based Polymarket Rival from Drift Draws Over $3 Million in Liquidity

An acronym for Bullish on Every thing, which Drift’s providing will compete with Polymarkt because the US election season sows division big quantities of betting on the main platform. Drift’s product was introduced in control and launched in alpha, with customers gearing up for 2 political bets. And that was sufficient to earn the newcomer stable first-day numbers.

“Within the first 24 hours of launching Drift’s BET prediction markets, we achieved a complete of over $3.5 million so as guide liquidity,” Drift co-founder Cindy Leow tweeted.

A key distinction is that Polymarket exists on the Ethereum scaling resolution Polygon, whereas BET and Drift dwell on Solana. Based on Drift, BET advantages from Solana’s excessive velocity in comparison with different blockchain networks and low charges.

By Drift, customers have guess $124,000 on whether or not former President Donald Trump will win the 2024 presidential election, with a 48% likelihood on the time of writing. As well as, Drift customers have wagered $186,000 on whether or not Vice President Kamala Harris will win the favored vote, at the moment assigning a 71% likelihood to the Democratic candidate.

Whereas Drift has raised $310,000 in open curiosity throughout two contests in simply over a day, the overall is a far cry from that of Polymarket contests, which have been working for a number of months. Bettors have thus far chosen the winner of the 2024 race positioned $74 million and $82 million for Harris and Trump, respectively. On the time of writing, Trump had a hair lead over Harris, with a 50% likelihood of successful the White Home, in comparison with her 49% probabilities.

In the case of who will win the favored vote, Drift and Polymarket award Harris equivalent odds. Nonetheless, the competitors Awarding a 71% likelihood to Harris on Polymarket has generated $111 million in whole bets, with roughly $9.3 million in whole bets behind Harris.

Like Polymarket, Drift is off-limits to folks within the US and different restricted areas. On all bets, Polymarket’s open curiosity is spherical $80 millionwhich means that the worth of excellent bets on Polymarket is greater than 250 occasions larger than that of Drift’s present two markets.

One other main distinction between the platforms is that Polymarket collects bets 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” via loans, with the choice to hedge positions utilizing so-called structured betting.

Following Drift’s foray into the realm of predictions, the worth of Drift’s governance token skyrocketed. DRIFT is up 24% up to now day traded arms at $0.42 on Tuesday.

Whereas politics is Polymarket’s bread and butter, the platform helps user-generated markets in classes like popular culture, crypto, and sports activities. Based on Drift’s web site, customers can count on comparable bets quickly, with Method 1, Solana and sports activities markets within the works.

Edited by Ryan Ozawa.