Kalshi brings the prediction market on-chain: Federal regulated exchange's Solana experiment

NonFungibleDegen

2025-12-01 21:00:21

The regulated prediction market platform Kalshi recently did something quite interesting - it directly moved its set of political and macro data markets onto the Solana blockchain.

The technical implementation is not simple. They connected the off-chain order book system with Solana's liquidity pool through two DeFi protocols, DFlow and Jupiter. John Wang, who is responsible for the cryptocurrency business, said this could bring “tens of billions of dollars in liquidity” and also allow third-party developers to build their own front-end interfaces.

The timing is also clever. Kalshi is currently operating about 3,500 trading markets, and its latest valuation has soared to $11 billion. The prediction market space is clearly expanding, and they need a deeper capital pool to support trading depth, while also keeping an eye on competitors like Polymarket. Tokenization is a strategic move that can attract crypto-native users and maintain price competitiveness—after all, the efficiency of decentralized liquidity is there.

The combination of traditional financial licenses and on-chain liquidity will depend on market reactions for the next steps.

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CryptoCrazyGF

· 11h ago

Billions of dollars in liquidity sound impressive, but I'm afraid it's just a hype... Whether Kalshi can succeed with this move depends on whether the market buys it.

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GasFeeCrybaby

· 20h ago

Billions in liquidity sounds quite ambitious, but how much of it can actually be used... Is Kalshi worried that Polymarket is taking too much business? Going on-chain is indeed a signal. To be honest, I'm a bit skeptical about the combination of DFlow and Jupiter; can they stabilize the depth? Wait, is this going to issue coin? If they're issuing coin, I need to think about it... Will on-chain prediction markets turn into gambling tools again? How will they get past the regulatory hurdles?

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MechanicalMartel