Drift, a cryptocurrency trading platform based on the Solana blockchain, is set to introduce prediction markets to its portfolio, aiming to capitalize on the success of Polymarket-style election betting with a distinctive approach.
The new BET service will enable traders to place bets on binary outcomes, such as election results or popular vote outcomes, using various cryptocurrencies as collateral, rather than being limited to USDC. This feature aligns with Polymarket’s model, which operates on Ethereum and Polygon, but Drift’s offering will integrate more deeply with decentralized finance (DeFi). In addition to betting, users can earn yield on their collateral before the event’s result is known and can hedge their predictions through structured trades involving different cryptocurrencies, according to Drift co-founder Cindy Leow.
Prediction markets are becoming increasingly prominent in the cryptocurrency space, particularly this election cycle, with mainstream media frequently referencing data from Polymarket. These markets are driven by substantial investments from traders forecasting likely outcomes.
Originally focused on perpetuals trading, where users speculate on future cryptocurrency prices without owning the assets, Drift has diversified into various DeFi services. These include lending and borrowing, yield strategies, and even a platform for trading election-themed memecoins.
Leow emphasized that Drift’s new prediction market service is tailored for Solana traders who prefer not to use Polymarket due to its operation on Polygon. “We are catering to those who have avoided Polymarket for ideological or functional reasons,” Leow stated.
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