Markets
New Solana-Based Polymarket Rival from Drift Draws Over $3 Million in Liquidity
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2 months agoon
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adminCrypto’s growing interest in blockchain-based prediction platforms shifted into high gear Monday, as the Solana-based decentralized exchange Drift Protocol released BET.
Short for Bullish on Everything, Drift’s offering is set to compete with Polymarket as a divisive U.S. election season spurs massive amounts of bets on the leading platform. Ramping up to speed, Drift’s product was released in alpha, with users gearing up across two political bets. And those were enough to deliver solid day-one numbers for the newcomer.
“In the first 24 hours after Drift’s BET prediction markets launch, we’ve achieved more than $3.5 million total orderbook liquidity,” tweeted Drift co-founder Cindy Leow.
One key difference is that Polymarket exists on the Ethereum scaling solution Polygon, while BET and Drift live on Solana. According to Drift, BET benefits from Solana’s high speed compared to other blockchain networks and low costs.
In the first 24 hours after Drift’s BET prediction markets launch, we’ve achieved:
1) >$3.5m total orderbook liquidity on Kamala + Trump markets already (depth is now on par with Polymarket’s)
2) >$300k open interest + bet volume
BET means Bullish on Everything so checks out pic.twitter.com/FWzmMR2Kje
— cindy (@cindyleowtt) August 20, 2024
Through Drift, users have wagered $124,000 on whether former President Donald Trump will win the 2024 presidential election, penciling in a 48% chance as of writing. Separately, Drift users have bet $186,000 on whether Vice President Kamala Harris will win the popular vote, currently assigning a 71% chance to the Democratic nominee.
While Drift has notched $310,000 in open interest across two contests in little more than a day, the tally is a far cry from that of Polymarket contests, which have been running for several months. Picking the winner of the 2024 race, bettors have so far placed $74 million and $82 million on Harris and Trump, respectively. As of this writing, Trump was a hair ahead of Harris, with a 50% chance of winning the White House compared to her 49% odds.
When it comes to who will win the popular vote, Drift and Polymarket assign Harris identical odds. However, the contest assigning a 71% chance to Harris on Polymarket has seen $111 million in total wagers, with around $9.3 million in total bets positioned behind Harrris.
Much like Polymarket, Drift is off-limits to those in the U.S. and other restricted territories. Across all wagers, Polymarket’s open interest is around $80 million, meaning the value of outstanding bets on Polymarket is more than 250 times that of Drift’s current two markets.
Another big difference between the platforms is that Polymarket collects wagers in the form of USDC, crypto’s second largest stablecoin, while Drift accepts bets in 30 different cryptocurrencies, according to a blog post. Additionally, Drift states that users can “earn yield while in position” through lending, with the opportunity to hedge positions using so-called structured bets.
Following Drift’s foray into the realm of predictions, the value of Drift’s governance token popped. Rising 24% over the past day, DRIFT traded hands at $0.42 on Tuesday.
Though politics is Polymarket’s bread and butter, the platform supports user-generated markets in categories like pop culture, crypto, and sports. According to Drift’s website, users can expect similar betting pools soon, with Formula 1, Solana, and sports markets in the works.
Edited by Ryan Ozawa.
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Top cryptocurrencies to watch this week
Published
4 hours agoon
October 6, 2024By
adminThe global crypto market cap ended last week with a 7% drop, losing $160 billion as it closed at $2.15 trillion.
While Bitcoin (BTC) influenced the broader market, several altcoins charted their own paths, benefiting from unique developments within their ecosystems.
Here are some of these cryptocurrencies to keep an eye on this week, following their diverse price movements last week:
HMSTR collapses 18%
Hamster Kombat (HMSTR) saw a bearish week, dropping 18% to $0.004714. Its worst day came on Oct. 1 when it fell 13.94% amid a broader market decline on the back of geopolitical tensions.
Last week’s bearishness built on a downtrend HMSTR has faced since its airdrop on Sept. 26. However, the four-hour chart shows some signs of recovery, with the RSI sloping upward, now at 42.82.
For the DMI, the +DI is steady at 17.46, signaling slight buyer momentum. However, the -DI at 23.07 slopes downward, indicating weakening selling pressure. The ADX is at 22.68 and trending downward, as the current trend loses strength.
These figures suggest a possible recovery if buying momentum continues, with bulls possibly targeting $0.0051. However, the downtrend may persist if buyers do not pick up pace this week.
SUI demonstrates resilience
Sui (SUI) showed resilience despite broader market volatility, dropping only 0.3%. On Oct. 1, amid market turmoil, SUI dipped just 0.97%.
However, it saw a sharper 10.38% decline on Oct. 3, its largest intraday crash in three months.
SUI appears to be forming a bull pennant following its uptrend in September. Currently, the Bollinger Bands indicate the upper band at $1.97, which acts as resistance, and the 20-day MA at $1.62 provides immediate support.
With SUI trading below the upper band, the price could stabilize above the $1.62 support.
Investors should monitor for a bounce between $1.62 and $1.97, with a breakout above the resistance likely signaling bullish momentum for the week.
FTT bucks the trend
FTX Token (FTT) defied market trends last week, gaining 22% while most assets declined.
On Oct. 1, FTT rose by 13.89%, followed by a 21.53% surge on Oct. 4 and another 9.86% the next day.
Amid this uptrend, the Williams Percent Range stands at -32.59, signaling that FTT is near overbought territory but still has room for further gains.
As it witnesses a 9% retracement this new week, bulls need to defend the Pivot support at $2.01 to prevent a slip into bearish territories. Below this, the next support rests at $1.33, marking lows last seen in two weeks.
Should FTT recover from the latest correction, market participants should watch for a break above the resistance level at $2.68, which continues the bullish momentum.
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Bitcoin
Whales didn’t sell Bitcoin at $62k, on-chain data shows
Published
7 hours agoon
October 6, 2024By
adminBitcoin faces yet another correction after surpassing the $62,000 mark on Oct. 2. However, data shows that whales haven’t taken part in the latest selloff.
Bitcoin (BTC) consolidated around the $60,000 zone between Oct. 1 and 4 as the geopolitical tension between Iran and Israel heated up.
Right after the U.S. jobs report, the flagship cryptocurrency reached a local high of $62,370 on Oct. 5 as the broader crypto market witnessed bullish momentum.
Bitcoin declined by 0.2% in the past 24 hours and is trading at $61,950 at the time of writing. Its daily trading volume plunged by 53% and is currently hovering at $12.2 billion.
According to data provided by IntoTheBlock, large Bitcoin holders recorded a net inflow of 205 BTC on Oct. 5 as the outflows remained neutral. The on-chain indicator shows that whales didn’t sell Bitcoin as its price surpassed the $62,000 mark.
Meanwhile, Bitcoin’s whale transaction volume decreased by 48% on Oct. 5 — falling from $48 billion to $25 billion worth of BTC. Lower trading and transaction volumes usually hint at price consolidations and lower volatility.
Data from ITB shows that Bitcoin registered a net outflow of $153 million from centralized exchanges over the past week. Increased exchange outflows suggest accumulation as the bullish expectations for October rise.
It’s important to note that macroeconomic events and geopolitical tension can suddenly change the direction of financial markets, including crypto.
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AI Tokens Lead Crypto Rebound Amid Strong U.S. Economy
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