Solana-based prediction market BET has hit a brand new milestone of $20 million in its every day volume, in response to Dune Analytics data.
Nevertheless, a deeper look reveals a downward development in BET’s commerce depend over the previous three days, elevating questions on how the $20 million volume 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 in 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 successful the favored vote in the upcoming election, whereas round $2.3 million is on Donald Trump successful the 2024 Presidential Election.
Prediction markets
Decentralized prediction markets like Polymarkets have grown in recognition over the previous 12 months, particularly with the upcoming US elections. These platforms enable 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 development, reaching its highest trading volumes and consumer participation for consecutive months.
Nevertheless, the rise of those platforms has sparked debate about their function in public discourse. Some reward them as precious 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 tools,” arguing they supply a novel manner for the general public to have interaction in collective forecasting.
Critics, nevertheless, imagine Polymarket’s election-related markets mirror conventional playing greater than unbiased forecasting, elevating issues that contributors could use these platforms primarily for arbitrage alternatives between prediction markets and mainstream betting platforms.
Furthermore, the US Commodities Futures Trading Fee (CFTC) and lawmakers, together with crypto cynic Senator Elizabeth Warren, have raised issues in regards to the affect of those bets on public curiosity and referred to as for his or her restrictions.
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