BET on Drift is the First Capital Efficient Prediction Markets on Solana (Guide to Getting Started)
The growth of Polymarket in 2024 has been amazing and proves the demand for crypto based prediction markets. BET on Drift Protocol is the newest player with its launch in late August ahead of the United States presidential elections. Trading volume on the 3 real-world events initially offered by BET (bullish on everything) has been impressive in the first week as you’ll see below…
- Will Donald Trump win the 2024 Presidential Election?
- Will Kamala Harris win the popular vote in 2024?
- Will the Fed cut interest rates by at least 50bps at the September 2024 Federal Reserve meeting?
What makes BET on Drift a Unique Prediction Markets Platform?
- Earn yield on your positions.
- Trade with USDC and many other Solana ecosystem tokens.
- Enjoy unified liquidity from Drift’s more than $500 million pool of deposits.
- Earn FUEL rewards with every wager made on BET.
BET on Drift is poised to see significant growth as it’s the first Solana native fully on-chain prediction markets protocol. Known for it’s speed, low fees, and ease of use Solana has averaged close to a million active users in 2024.
Meme coins on Solana have been the meta and it feels like wagering on real-world outcomes could be next up. In this tutorial, we’ll show you how to get started with BET on the Drift Protocol so you can get in on the crypto prediction markets action.
How to Get Started on BET by Drift Protocol
The launch of BET on the Drift Protocol makes it easy for Solana users to wager on real-world outcomes. To get started, simply go to the Drift app here: app.drift.trade
Connect your Phantom wallet to the Drift app and go through the “Acknowledge Terms” process. Next, fund your Drift Protocol account with USDC, $SOL, or any other Solana ecosystem token they support. In our tutorial video above, we deposited the Jupiter ($JUP) token to fund our Bet on Drift account.
Once your Drift account is funded, you’re ready to place your first real-world outcome bet. To do that, click on “BET” and choose an event to wager on. In this example, we’ll choose “Will Donald Trump win the 2024 Presidential Election?”. Every real-world event will have a date that it “resolves on” and in this case it is one day after the US elections November 6, 2024. We’ll bet “Yes” and enter our trade size which in our example is 62 $USDC at at price of $.51 cents per share. Keep in mind that you’ll earn FUEL rewards for every wager you make with BET on Drift. Our potential profit is $58.92 if Trump wins the election and our position size is 121 shares.
To complete the process, click the “Bet Yes” button and confirm the transaction in your Phantom wallet. We now have one open position that will resolve on 11/6/2024.
Drift BET on Solana to Add Sports and Formula 1 Prediction Markets Categories in Near Future
BET on Drift makes it easy to wager with crypto on election results and they will be adding more real-world events in other categories. They’ve already hinted that prediction markets for Formula 1 and sports are coming soon.
Side note, if you’re looking for a crypto sports betting platform then checkout COQBOOK on AVAX.
It’s easy to see the potential for massive growth with BET given that the Drift V2 trading protocol currently has 198,045 cumulative users and over $400,714,772 total value locked.
If you’re interested in prediction markets on Solana then consider giving BET on Drift a try. Start small and build up your FUEL rewards which will be redeemable in the near future. It often pays in crypto to be an early adopter of new protocols. Thanks for taking time to check-out this Stouy Crypto BET on Drift tutorial and we look forward to seeing you on the next one!
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
