Solana-based prediction market BET has hit a brand new milestone of $20 million in its every day quantity, in line with Dune Analytics information.
Nonetheless, a deeper look reveals a downward pattern 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 means that BET efficiently engages Solana customers taken with 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 within 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 reputation over the previous yr, particularly with the upcoming US elections. These platforms enable customers to pool insights on future occasions, usually providing much less biased predictions because of the monetary stakes concerned.
For context, Polymarket has seen unprecedented progress, reaching its highest buying and selling volumes and consumer 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 singular method for the general public to have interaction in collective forecasting.
Critics, nevertheless, consider Polymarket’s election-related markets mirror conventional playing greater than unbiased forecasting, elevating issues that individuals could 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 issues concerning the impression of those bets on public curiosity and referred to as for his or her restrictions.
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