Kalshi Rolls Out Tokenized Event Contracts On Solana As Rivalry With Polymarket Grows: Report

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Kalshi’s move to tokenize event bets on Solana comes as prediction-market volumes surge and competition with Polymarket intensifies.

  • Kalshi now offers tokenized versions of its event contracts on Solana with support from DFlow and Jupiter.
  • Prediction-market volume has surged to nearly $28 billion this year, driven by crypto traders.
  • Polymarket’s regulated U.S. return adds competitive pressure as both platforms pursue deeper liquidity.

Kalshi said on Monday it now allows users to buy and sell tokenized versions of its event-contract wagers on the Solana blockchain, expanding access for cryptocurrency traders and bringing the federally regulated prediction market closer in functionality to rival Polymarket.

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Tokenized Trading Goes Live On Solana

The new feature lets users trade blockchain-based tokens that mirror Kalshi’s existing event contracts. The company said that the tokenized instruments behave the same as the contracts already available on its platform but offer additional anonymity because trading happens via tokens rather than directly through Kalshi’s core interface, according to a CNBC report.

Kalshi said support for tokenized wagers is live on Solana, with decentralized finance protocols DFlow and Jupiter acting as institutional clients to connect Kalshi’s off-chain orderbook to on-chain liquidity.

John Wang, Kalshi’s head of crypto, said that the move is aimed at tapping into the large pool of crypto-native traders. “This is about tapping into the billions of dollars of liquidity that crypto has, and then also enabling developers to build third-party front ends that utilize Kalshi’s liquidity,” he told CNBC.

Prediction Market Demand Surges

Combined marketwide prediction-market volume reached nearly $28 billion through October, with a weekly record of $2.3 billion during the week of Oct. 20, according to data cited by Crypto.com’s research division. Wang said digital-asset holders tend to trade at higher volumes compared with non-crypto users, providing liquidity that Kalshi sees as necessary to scale its offering.

Kalshi, founded in 2018, became the first platform to launch federally regulated event contracts on U.S. congressional races in late 2024 after a years-long regulatory dispute with the Commodity Futures Trading Commission (CFTC). The company now operates about 3,500 markets and last year raised more than $300 million at a $5 billion valuation, supported by investors including Andreessen Horowitz and Sequoia Capital.

Competitive Pressure Rises As Polymarket Reenters US Market

Kalshi’s expansion comes as Polymarket prepares a full U.S. relaunch after securing an updated CFTC order last week permitting it to operate as a regulated, intermediated exchange. Polymarket was previously forced to block U.S. users in 2022 following a cease-and-desist order and a $1.4 million civil penalty related to unregistered swaps activity.

Polymarket’s approval allows it to work with brokerages, offer custody through futures commission merchants (FCMs), and provide reporting infrastructure aligned with U.S. futures-market rules. The company has implemented improved surveillance, clearing and supervision policies to meet CFTC requirements.

Expanding Crypto And Sports Wagering Footprint

In September, Kalshi launched an ecosystem hub on Solana and Base to support builders and traders across blockchain networks, with trading volumes reaching $875 million in September. The platform has also targeted growth in sports-related prediction markets through a partnership with Robinhood, covering pro and college football.

Polymarket is also reportedly exploring a fundraising round that could value the company between $9 billion and $10 billion, while Kalshi is targeting additional capital raises near $5 billion as both firms position for broader regulatory clarity and rising demand under the current U.S. administration’s digital-asset policies.

Wang said attracting crypto-native liquidity is essential. “If you have a market with no liquidity, then you don’t really have a market,” he said. “People can’t really trade size or get the prices that they want.”

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