US Elections Expand to Solana Network! SOL-Based Platform Unveils New Service!

Solana (SOL)-based cryptocurrency trading platform Drift is adding a Polymarket-style prediction market, CoinDesk reported.

Drifit has expanded its vision by introducing prediction markets that are similar to Polymarket’s election betting but with unique features.

Drift’s new BET service will allow traders to bet on binary outcomes, such as election results, using various cryptocurrencies as collateral rather than just USDC.

Drift’s initial prediction market will be about the US election, but more market categories covering sports (F1, CryptoFightNight), cryptocurrency, and culture (Solana debate results) will be added in the future.

“Drift’s BET service will allow traders to bet on binary outcomes (will Trump win the election? will Harris win the popular vote?) using cryptocurrencies, just like Polymarket does with Ethereum and Polygon.”

“Drift’s new service will be more rooted in the decentralized finance (DeFi) space. Instead of just USDC, users will be able to make their selections using dozens of cryptocurrencies as collateral and earn returns on that collateral prior to the outcome of the event. Users can also hedge their event-based predictions with structured trades based on the price movements of various cryptocurrencies,” Drift co-founder Cindy Leow said in a statement.

Prediction markets have gained significant traction in the crypto space during this election cycle, with mainstream media frequently citing statistics from Polymarket. These markets are driven by investors who place significant amounts of money on what they believe to be the most likely outcomes.

Leow noted that Drift, which allows users to speculate on the future price of cryptocurrencies without owning them, aims to attract Solana investors who are hesitant to use Polymarket due to their dependency on Polygon, through its ideological and functional effects.

By integrating prediction markets with DeFi elements, Drift aims to offer a more versatile and attractive platform for investors.

*This is not investment advice.