Solana-based prediction market BET has hit a new milestone of $20 million in daily trading volume, according to data from Dune Analytics.
However, upon closer inspection, it appears that the number of BET transactions over the past three days has been trending downwards, raising questions about how the $20 million volume was achieved.
Nonetheless, the milestone is noteworthy considering that BET launched less than two weeks ago, indicating that it is successfully attracting Solana users interested in blockchain-based prediction markets.
Notably, BET users have wagered more than $23 million across four political bets, including more than $20 million on Kamala Harris to win the popular vote in the next election and roughly $2.3 million on Donald Trump to win the 2024 presidential election.
Prediction markets
Decentralized prediction markets like Polymarkets have grown in popularity over the past year, especially with the US presidential election approaching. These platforms allow users to share their insights into future events and, because they have a financial stake, often offer less biased forecasts.
Incidentally, Polymarket has experienced unprecedented growth, achieving record trading volumes and user participation for several consecutive months.
But the rise of these platforms has sparked debate about their role in public discourse, with some praising them as valuable social tools and others arguing they are akin to gambling.
Ethereum co-founder Vitalik Buterin has praised the potential of prediction markets like Polymarket as a “social awareness tool,” arguing that they offer a unique way for ordinary people to participate in collective predictions.
However, critics believe that Polymarket's election-related markets reflect traditional gambling rather than unbiased predictions, raising concerns that participants may use these platforms primarily for arbitrage opportunities between prediction markets and mainstream betting platforms.
Additionally, the U.S. Commodity Futures Trading Commission (CFTC) and lawmakers, including crypto skeptic Senator Elizabeth Warren, have expressed concern about the impact of these bets on the public interest and have called for regulation.
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