Prediction market newcomer BET on Solana hits $20 million milestone in 24-hour trading volume

Solana-based prediction market BET has hit a new milestone of $20 million in its daily volume, according to Dune Analytics data.

However, a deeper look reveals a downward trend in BET’s trade count over the past three days, raising questions about how the $20 million volume was achieved.

Despite this, the milestone is noteworthy as BET launched less than two weeks ago. This suggests that BET successfully engages Solana users interested in blockchain-based prediction markets.

Notably, BET users have wagered more than $23 million across four political bets. Over $20 million of this is on Kamala Harris winning the popular vote in the upcoming election, while around $2.3 million is on Donald Trump winning the 2024 Presidential Election.

Prediction markets

Decentralized prediction markets like Polymarkets have grown in popularity over the past year, especially with the upcoming US elections. These platforms allow users to pool insights on future events, often offering less biased predictions due to the financial stakes involved.

For context, Polymarket has seen unprecedented growth, reaching its highest trading volumes and user participation for consecutive months.

However, the rise of these platforms has sparked debate about their role in public discourse. Some praise them as valuable social tools, while others argue they resemble gambling.

Ethereum co-founder Vitalik Buterin has praised prediction markets like Polymarket for their potential as “social epistemic tools,” arguing they provide a unique way for the public to engage in collective forecasting.

Critics, however, believe Polymarket’s election-related markets mirror traditional gambling more than unbiased forecasting, raising concerns that participants may use these platforms primarily for arbitrage opportunities between prediction markets and mainstream betting platforms.

Moreover, the US Commodities Futures Trading Commission (CFTC) and lawmakers, including crypto cynic Senator Elizabeth Warren, have raised concerns about the impact of these bets on public interest and called for their restrictions.

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