Kalshi launches tokenized event contracts on Solana blockchain
Kalshi has begun enabling users to trade tokenized versions of its event contracts on the Solana blockchain, according to a CNBC report published Monday. The offering, which is now live on Solana, converts wagers on the platform’s markets — including US elections, sports and others — into tokens that can be bought and sold on-chain.
John Wang, Kalshi’s head of crypto, told CNBC the initiative is intended to access the billions of dollars in crypto liquidity and to allow developers to build third-party interfaces that leverage Kalshi’s liquidity.
The tokenization framework could intensify competition with prediction platforms such as Polymarket by offering Kalshi users greater anonymity. Decentralized finance protocols Jupiter and DFlow are expected to connect Kalshi’s off-chain order book with Solana’s liquidity.
Kalshi saw increased activity in 2024 after a court ruling permitted the platform to list contracts on political events ahead of a major US election. In May, the US Commodity Futures Trading Commission moved to withdraw its appeal of that decision.
Kalshi valued at $11 billion after new funding
A November funding round led by Sequoia Capital and CapitalG reportedly raised an additional $1 billion for the platform, resulting in an estimated valuation of about $11 billion. The development could place Kalshi on a closer footing with Polymarket, which in October received a $2 billion investment from the Intercontinental Exchange.
Other companies have expanded into prediction markets as well. Robinhood moved into the sector through the acquisition of an FTX-linked exchange and clearinghouse, and Coinbase is reportedly evaluating a similar strategy.
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