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

According to CoinDesk’s report Solana (SOL) -based cryptocurrency trading platform Drift is adding a Polymarket-style prediction market.

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

Drift added new BET service, investors only USDC instead of various cryptocurrencies It will allow them to bet on binary outcomes, such as election results, using their funds as collateral.

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

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

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 said that users are hesitant to use Polymarket due to its dependence on Polygon, thanks to the ideological and functional implications of Drift, which allows users to speculate on the future price of cryptocurrencies without owning them. Solana He stated that he aims to attract investors.

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

*This is not investment advice.