Drift brings DeFi-integrated prediction market to Solana

On-chain trading protocol Drift has introduced prediction markets as part of its expanding product line.

The Solana (SOL)-based platform announced its new prediction market feature on August 19.

Drift’s prediction market product will operate similarly to Polymarket, offering users the chance to bet on the outcome of events like the US elections. However, Drift’s BET goes a step further by integrating decentralized finance.

With Drift’s BET, users can earn returns on their bets as events unfold and reach their conclusions. Users can also hedge their bets through “structured bets,” which allow them to go long on a prediction market and short Bitcoin (BTC) at the same time.

Unlike Polymarket, which offers prediction trading on Ethereum (ETH) and Polygon (MATIC) via the USDC (USDC) stablecoin, Drift supports over 30 tokens, including yield-generating stablecoins and liquid staking tokens on Solana.

The growing prediction market

Drift’s prediction market announcement on Solana comes after the protocol announced a revenue product and polling hub in July. The polling hub allows political meme coin enthusiasts to trade $TREMP and $KAMA meme coins.

Prediction markets continue to gain traction, especially with the upcoming US elections and other major events around the world.

For example, Polymarket currently has more than $624 million in bets on the 2024 U.S. presidential election. As of 11:40 a.m. ET on August 19, Kamala Harris has recently led with a 51% action rate, and 47% of investors think Donald Trump will win a second term in the November election.