Kalshi Taps Solana for Major Onchain Expansion as Polymarket Reenters U.S.
U.S.-based prediction market Kalshi is making its most ambitious bet yet on blockchain infrastructure, announcing plans to tokenize “thousands†of its event contracts on Solana.
The move is designed to attract a more crypto-native audience, deepen liquidity and position the company directly against Polymarket, the Polygon-native platform that has quickly become its fiercest rival.
The shift represents a turning point for Kalshi, which has historically operated largely off-chain under a regulated U.S. derivatives framework. Tokenizing markets signals a hybrid strategy: maintaining compliance while tapping into Solana’s high-speed ecosystem where retail and crypto-native traders already thrive.
Surge in Volumes Sets the Stage for a Heated Rivalry
Both Kalshi and Polymarket are experiencing explosive growth.
November has already become the strongest month on record, with Kalshi’s spot volume reaching $5.8 billion and Polymarket surpassing $3.7 billion. Their combined growth has created what many analysts are calling an emerging prediction market duopoly.
That momentum follows a significant policy shift at the U.S. Commodity Futures Trading Commission (CFTC).
After years of skepticism toward event derivatives, the regulator reversed course — culminating last week in a landmark ruling that allows Polymarket to reenter the U.S. market after previously banning the platform for operating without proper registration.
The decision injects fresh competition into the U.S. landscape, forcing Kalshi to defend its US dominance as Polymarket gears up to rebuild its domestic user base.
Solana Integration Aims to Bridge Off-Chain and Onchain Liquidity
Kalshi’s latest strategic move signals a readiness to compete directly within the onchain economy that Polymarket has dominated since inception.
The company is partnering with Solana-based protocols DFlow and Jupiter to bridge its off-chain orderbook to Solana’s liquidity. The integration is expected to allow Kalshi markets to trade seamlessly within the broader Solana ecosystem.
A key part of this transition is the introduction of “Kalshi Builder Codes,†an open framework allowing developers to build applications on top of Kalshi’s liquidity pool.
“Trading terminals, weather sites, AI agents… anything you want to build can now earn fees and rewards proportional to volume,†the company said on X, emphasizing its intention to create a permissionless builder ecosystem.
Previous Solana Initiatives Lay the Groundwork
This is not Kalshi’s first engagement with Solana.
In September, the company launched a grant program to support developers building prediction-focused tools and interfaces on Solana and Coinbase’s Base network.
Kalshi already supports crypto deposits and withdrawals through ZeroHash on networks including Aptos, Avalanche, Sui and multiple Ethereum Layer-2s.
Meanwhile, Polymarket has also expanded its Solana footprint, enabling SOL deposits earlier this year as part of a broader pivot toward multi-chain support.
Dependence on Robinhood Adds Pressure to Kalshi’s Gamble
Despite its rapid growth, Kalshi’s business model still leans heavily on a handful of distribution partners.
Bernstein estimates that Robinhood alone accounted for roughly 57% of Kalshi’s October trading volume. Tokenizing markets represents an effort to diversify liquidity sources and reduce reliance on large fintech players.
Bridging to Solana may also draw in a younger, crypto-native demographic that has historically gravitated toward Polymarket’s purely onchain model.
Distribution Deals and Institutional Interest Intensify the Market Duel
As competition heats up, both Kalshi and Polymarket are signing high-profile distribution deals across mainstream and cultural platforms.
Recent partnerships include integrations with Google Finance and even promotional ties with the National Hockey League.
At the same time, Galaxy Digital is reportedly evaluating liquidity-provision partnerships with both firms — suggesting institutional players see prediction markets as a rising opportunity.
Billion-Dollar Valuations Underline the High-Stakes Battle
Venture capital interest in prediction markets is surging alongside trading volumes.
Kalshi recently raised $1 billion at an $11 billion post-money valuation, while Polymarket is said to be pursuing new funding above a $12 billion valuation.
