Solana-based prediction market BET has hit a new milestone of $20 million in daily volume, according to data from Dune Analytics.
However, a closer look reveals a downward trend in the number of BET transactions over the past three days, raising questions about how the $20 million volume was achieved.
Still, this milestone is notable since BET launched less than two weeks ago. This suggests that BET is successfully attracting Solana users interested in blockchain-based prediction markets.
BET users have placed over $23 million on four political bets, with over $20 million tied to Kamala Harris winning the upcoming election, while about $2.3 million is tied to Donald Trump winning the 2024 presidential election.
Prediction Markets
Decentralized prediction markets like Polymarkets have grown in popularity over the past year, especially in the run-up to the US election. These platforms allow users to pool their knowledge about future events, often offering less biased predictions due to the financial stakes involved.
To put things into context, Polymarket has experienced unprecedented growth, reaching its highest transaction volumes and user engagement for consecutive months.
However, the rise of these platforms has sparked debate over their role in public discourse, with some touting them as valuable social tools while others argue they resemble gambling.
Ethereum co-founder Vitalik Buterin has hailed prediction markets like Polymarket for their potential as “social epistemic tools,” saying they offer a unique way for the public to engage in collective forecasting.
Critics, however, argue that Polymarket’s election-related markets more closely mirror traditional gambling than unbiased predictions, raising concerns that participants may be using the platforms primarily for arbitrage opportunities between prediction markets and traditional betting platforms.
Additionally, the U.S. Commodities Futures Trading Commission (CFTC) and lawmakers including cryptocurrency cynic Senator Elizabeth Warren have expressed concerns about the impact of such bets on the public interest and called for them to be restricted.
