Kalshi, the U.S.-based CFTC-regulated prediction market platform, officially launched tokenized versions of its event contracts on the Solana blockchain.
This move allows users to trade blockchain-based representations (SPL tokens) of Kalshi’s prediction markets—covering events like politics, sports, economics, weather, and entertainment—directly on-chain, bridging traditional finance with decentralized ecosystems.
The integration is powered by Solana-based DeFi protocols DFlow and Jupiter Exchange, which connect Kalshi’s off-chain order book to Solana’s liquidity pools for atomic, non-custodial trades.
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Tokenization converts Kalshi’s event contracts into programmable SPL tokens on Solana. These tokens can be traded, borrowed, lent, or used as collateral in DeFi protocols, offering faster execution, lower fees, and greater anonymity compared to Kalshi’s traditional KYC-required platform.
A hybrid RFQ (request for quote) system ensures instant, transparent trades backed by Kalshi’s global liquidity—the deepest in the prediction market space. Live now via Jupiter, Solana’s largest DEX aggregator and DFlow’s Prediction Markets API, exposing millions of users to these markets.
Axiom Exchange integration is slated for soon, with EVM chain support via Ethereum L2s in the pipeline. Kalshi announced over $2 million in grants for developers building on its liquidity pool, plus “Kalshi Builder Codes” for permissionless monetization of apps tied to these markets.
This taps into Solana’s billions in on-chain liquidity, potentially scaling Kalshi’s volumes amid a prediction market surge—total industry trading hit nearly $28 billion through October 2025, with a weekly peak of $2.3 billion.
Solana’s high throughput and low costs make it ideal for real-time event betting. Kalshi, founded in 2018 and the first CFTC-designated platform for event derivatives since 2020, has operated 3,500+ markets with strong U.S. compliance.
By going on-chain, it’s challenging crypto-native rivals like Polymarket which dominates offshore, permissionless trading with USDC bets. While Polymarket surged on events like the 2024 U.S. election, Kalshi’s regulated tokens aim to attract institutional and crypto users seeking legitimacy without borders—though full U.S. access may still require KYC for off-chain settlement.
Recent partnerships, like with Robinhood for sports betting, underscore Kalshi’s growth trajectory.Early reactions on X highlight excitement for Solana’s composability enabling programmatic strategies, though some note geographic limits.
SOL traded around $127 post-announcement, with broader ecosystem buzz including Solana’s logo update on X to nod the partnership. This “Powered by Kalshi” era could redefine hybrid TradFi-DeFi models, making prediction markets more accessible and liquid.
Solana’s DeFi ecosystem has exploded in 2025, driven by its high throughput up to 65,000 TPS, sub-second finality, and fees often under $0.01. With over 329 protocols and $34 billion in bridged assets, Solana now hosts $11 billion+ in stablecoin market cap and generates billions in trading volume monthly.
Total Value Locked (TVL) across Solana DeFi hovers around $10-15 billion, fueled by innovations in liquidity, lending, and restaking. Recent integrations, like Kalshi’s tokenized predictions via Jupiter and DFlow, highlight Solana’s composability for hybrid TradFi-DeFi plays.
However, challenges persist: market share volatility, 20% quarterly shifts among primitives and occasional centralization critiques, such as Kamino’s recent loan migration restrictions on Jupiter Lend, sparking debates on permissionlessness.
Solana DEXs dominate with AMMs optimized for concentrated liquidity, enabling efficient swaps and farming. Jupiter, as the leading aggregator, routes trades across 100+ venues, generating $2M+ in daily fees.
Solana’s lending protocols emphasize capital efficiency, flash loans, and risk management. Kamino leads with automated strategies, holding $2-3B TVL amid leveraged yield booms.
Staking SOL yields ~7-8% APY, but liquid staking tokens (LSTs) unlock DeFi composability. Sanctum unifies LSTs, while restaking protocols like Solayer mimic EigenLayer.
$11B stablecoin mcap USDC/USDT dominant and BTC inflows like $91.5M LBTC minted, 8.8% of Solana BTC assets. Protocols like Solstice Finance reward cross-DeFi interactions with points for airdrops.
High competition erodes market share; e.g., Ellipsis Labs’ “dead” protocols. Security incidents like the Balancer’s $120M hack underscore risks—always DYOR and use audited platforms.