Drift Bet Review
Drift Bet is a prediction market platform on the Solana blockchain. It’s part of Drift Protocol, which has offered futures contracts since 2021. Among newer prediction markets, B.E.T is the most prominent challenge to Polymarket’s dominant position within the crypto sector prediction industry. Here’s everything you need to know about this promising Polymarket alternative, a B.E.T.
What is Drift BET?
B.E.T. is a prediction market built by Drift Protocol, a perpetual futures exchange on the Solana blockchain. On B.E.T., users can trade directly with each other on the outcome of future events.
On Drift, users could trade perpetual futures, allowing them to speculate on asset prices without owning the underlying assets. For example, traders didn’t have to own gold to predict its price. The prediction market is a new addition for 2024 and beyond.
How does Drift BET work?
B.E.T. works like prediction markets elsewhere. You buy “yes” and “no” contracts on whether future events will occur. Contracts cost between $0.01 and $0.99. Correct predictions pay $1 per contract, and incorrect predictions earn nothing. That price model turns futures prices into probability forecasts.
Unlike other prediction markets, B.E.T. is built on a blockchain. Traders use cryptocurrencies to make their trades, which can lead to volatile prices and high fees even before users place their B.E.T.s. However, B.E.T. does a good job of using direct deposit options through QR codes to take some of the most frustrating steps out of Web3 deposits.
What are the benefits of trading on Drift BET?
B.E.T. offers a few benefits to its traders.
First, traders get the standard benefits of crypto platforms. Users can make predictions anonymously. You can also earn yield from your positions. Additionally, B.E.T. is boosting FUEL rewards, the platform’s reward currency, during B.E.T.’s first two weeks. These points will be redeemable for prizes.
B.E.T. stands out among crypto’s top prediction markets. It accepts 30 cryptocurrencies, a vast improvement over Polymarket’s exclusive use of USDC. So, you can use your favorite cryptocurrencies or another stablecoin.
How to create an account and trade on Drift BET
Step 1
Creating a B.E.T. account is easy, even if you’ve never used Drift Protocol. After a quick tour and some legal acknowledgments, you can decide how to create your account. You can link your Google account, email, or a crypto wallet.
Step 2
Once you’ve got a Solana wallet address, you can fund it. B.E.T. makes it easy to pull up a QR code and make direct transfers from your wallet to your new Solana address. We did most of our transactions on our phones and scanned our SOL to make the deposit.
Step 3
Once you’ve funded your account, you can browse the markets and begin trading. Select a market and decide whether you want to place a market or limit order.
Decide how many contracts you’d like to buy, then complete the order. Your order confirmation will be a small pop-up in the bottom-right corner of the screen.
If you come back to the market later, you can see your orders and their performances below the graph.
How to use Drift BET safely
As a crypto platform, B.E.T. is part of Web3’s infancy. It’s a legitimate product, but you can lose your money if you don’t know what you’re doing. Your crypto wallet address looks like a secure code; However, it isn’t. You can share it with others. That address is how other users send you crypto.
The secure information is the private keys that back your crypto account up. The private keys are strings of random words that act as passwords if you need to get into your crypto account. Anyone with these private keys can access your crypto account and send your money to themselves or someone else
You should avoid overspending as much as you avoid oversharing. Don’t chase your losses. The same problem gambling behaviors the gambling industry is concerned about apply to high-risk financial trading.
Drift BET fees
There are a few fees at B.E.T. The first is an account creation fee. Ours was 0.0314 SOL, about $4.50.
B.E.T. transaction fees are negligible, but they exist. Transaction and priority fees are charged for each purchase on the exchange. Our deposit transaction charged a 0.000025 SOL transaction fee and a 0.00002 SOL priority fee. In the transaction placing our trade, B.E.T. charged a 0.000023 SOL transaction fee and a 0.000018 SOL priority fee. The fees on both transactions came out to just over one cent.
Your larger fees will come from ways you may transfer crypto from your exchange or wallet to your Drift account. These are separate from B.E.T. or Drift’s fees, so you’ll have to navigate the rest of the crypto ecosystem yourself. You’ll also have to choose your cryptocurrency with care. The more volatile cryptocurrencies can fall in value, reducing the amount you end up trading between the time you make your transfers and execute your trade.
Deposit and withdrawal options on drift BET
B.E.T.’s deposit options are straightforward. There are standard deposit methods like debit cards and bank transfers. You can also deposit through Coinbase or deposit through a QR code directly to your Solana Wallet address. Withdrawals can go to one of three places: bank accounts, gift cards, or another Solana address.
Is Drift BET a legitimate company?
Yes. Drift Protocol has been around since 2021 with different futures contracts and two cryptocurrencies: Solana and USDC. B.E.T. is a modest extension of futures into prediction markets and a large increase in the number of cryptocurrencies traders can use. B.E.T. is as legitimate as any company operating on Web3
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