On August 29, the daily betting volume on the prediction platform BET, operating on the Solana blockchain, reached $23.3 million, according to Dune Analytics.
The graph above illustrates the rapid rise of this metric. For comparison, the cumulative figure, excluding the last reported day, was $3.28 million.
In terms of daily trading volume, the protocol surpassed the sector leader Polymarket on the Ethereum network ($5.87 million).
The increase in BET’s trading volume occurred against a backdrop of a decline in the number of transactions from 733 to 607.
BET (an abbreviation for Bullish on Everything) utilizes the Drift stack and offers features such as cross-margin trading and structured betting. The platform employs a liquidity pool from a related protocol.
BET was launched on August 19.
The surge in interest in such projects has emerged in the context of the upcoming U.S. presidential elections in November.
According to Polymarket, the Democratic candidate Kamala Harris trails her Republican opponent Donald Trump, with 49% to 50%. The betting volume on the outcome has approached $757.6 million.
Earlier, the cryptocurrency options exchange Deribit launched a new contract on the results of the U.S. presidential elections.