Solana-based prediction market BET has hit a brand new milestone of $20 million in its each day quantity, in response to Dune Analytics knowledge.
Nonetheless, a deeper look reveals a downward development in BET’s commerce rely over the previous three days, elevating questions on how the $20 million quantity was achieved.
Regardless of this, the milestone is noteworthy as BET launched lower than two weeks in the past. This implies that BET efficiently engages Solana customers concerned about blockchain-based prediction markets.
Notably, BET customers have wagered greater than $23 million throughout 4 political bets. Over $20 million of that is on Kamala Harris profitable the favored vote within the upcoming election, whereas round $2.3 million is on Donald Trump profitable the 2024 Presidential Election.
Prediction markets
Decentralized prediction markets like Polymarkets have grown in recognition over the previous yr, particularly with the upcoming US elections. These platforms permit customers to pool insights on future occasions, usually providing much less biased predictions as a result of monetary stakes concerned.
For context, Polymarket has seen unprecedented progress, reaching its highest buying and selling volumes and person participation for consecutive months.
Nonetheless, the rise of those platforms has sparked debate about their position in public discourse. Some reward them as beneficial social instruments, whereas others argue they resemble playing.
Ethereum co-founder Vitalik Buterin has praised prediction markets like Polymarket for his or her potential as “social epistemic instruments,” arguing they supply a novel manner for the general public to interact in collective forecasting.
Critics, nevertheless, consider Polymarket’s election-related markets mirror conventional playing greater than unbiased forecasting, elevating considerations that individuals might use these platforms primarily for arbitrage alternatives between prediction markets and mainstream betting platforms.
Furthermore, the US Commodities Futures Buying and selling Fee (CFTC) and lawmakers, together with crypto cynic Senator Elizabeth Warren, have raised considerations concerning the affect of those bets on public curiosity and known as for his or her restrictions.
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