Solana-based Drift Protocol Launches BET Prediction Market, Challenging Polymarket

Solana-based perpetual decentralized exchange Drift Protocol unveiled BET, which stands for Bullish on Everything, a prediction market platform. This new offering aims to challenge the leading protocol Polymarket, which saw record volumes amid a heated U.S. election season.

Drift's BET, released in alpha, quickly gained traction. In just 24 hours, Drift co-founder Cindy Leow reported over $3.5 million in total order book liquidity. BET operates on Solana, providing high-speed and low-cost advantages. Meanwhile, Polymarket is built on Ethereum's Polygon. Drift users have wagered $124,000 on Donald Trump's chances in the 2024 presidential election, estimating a 48% likelihood of victory. Meanwhile, $186,000 has been bet on Kamala Harris winning the popular vote, giving her a 71% chance.

Despite Drift's impressive start with $310,000 in open interest, it remains far behind Polymarket, where bettors have placed $74 million on Harris and $82 million on Trump. Currently, Trump holds a slight edge with a 50% chance of winning.

Polymarket accepts USDC, while Drift allows bets in 30 cryptocurrencies and offers yield opportunities through lending. As political betting dominates, accounting for 88% of Polymarket's volume, Drift plans to expand into areas like pop culture and sports, promising new markets such as Formula 1.

Following the launch of BET, the native governance token DRIFT token saw a 24% increase, and is currently trading at $0.42. It is valued at a market cap of $86 million.