Quick Breakdown
- Kalshi begins offering tokenized versions of its event contracts on the Solana blockchain.
- The move targets crypto-native users and could intensify competition with Polymarket.
- A fresh $1B funding round boosts Kalshi’s valuation to about $11B.
Kalshi brings event contracts to Solana
Prediction platform Kalshi has taken a significant step toward embracing the crypto ecosystem by launching tokenized versions of its event-based contracts on the Solana blockchain, CNBC reported on Monday.
Tokenized predictions powered by Kalshi are live on @Solana
$2M+ in builder grants are open, @AxiomExchange is next, and more chains coming soon.
Welcome to the “Powered by Kalshi” era. pic.twitter.com/0zlNoyZNDA
— Kalshi (@Kalshi) December 1, 2025
The integration allows users to buy, sell, and trade blockchain-based representations of Kalshi’s prediction markets, ranging from US election outcomes to sports results. By moving these contracts on-chain, Kalshi aims to give users the anonymity and liquidity often associated with DeFi platforms.
“There’s a lot of power users in crypto,”
said John Wang, Kalshi’s head of crypto, highlighting that the platform hopes to tap into the sector’s deep liquidity while enabling developers to build independent front ends powered by Kalshi’s markets.
DeFi protocols Jupiter and DFlow will serve as bridges, connecting Kalshi’s off-chain orderbook to Solana’s on-chain liquidity layer.
Competitive pressure for Polymarket
With contract trading now available on Solana, Kalshi could intensify competition with existing blockchain-native prediction platforms like Polymarket, which has built strong traction through US political markets.
Kalshi’s activity surged throughout 2024 after a federal court cleared the company to list political event contracts, a ruling the CFTC ultimately chose not to appeal in May.
Valuation climbs to $11 billion after new funding
The platform’s crypto push comes shortly after a massive funding round in November led by Sequoia Capital and CapitalG, which reportedly injected $1 billion into Kalshi. The investment lifted the firm’s valuation to around $11 billion, putting it closer to Polymarket’s scale after the latter received a $2 billion infusion from the Intercontinental Exchange earlier in the year.
Other major players are eyeing the sector as well, with Robinhood expanding into prediction markets through an acquisition tied to FTX, while Coinbase is reportedly exploring similar opportunities. Coinbase appears to be preparing the launch of its own prediction markets platform, according to new findings shared by well-known tech researcher Jane Manchun Wong.
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