Kalshi launches tokenized event contracts on Solana to tap crypto liquidity

Kalshi has integrated the Solana blockchain to launch tokenized versions of its event contracts on-chain.

Summary

• Kalshi has launched tokenized versions of its event contracts on the Solana blockchain.
• The move is expected to enhance liquidity across Kalshi’s markets.
• Kalshi will be directly competing against Polymarket as both platforms scale up U.S. market activity.

As prediction markets have become a major area of interest in the U.S., Kalshi is looking to tap into the cryptocurrency community by offering on-chain versions of its contracts, company insiders told CNBC on Dec. 1.

Kalshi to rival Polymarket

Kalshi’s traditional contracts operate through a regulated exchange and require full identity verification, but the tokenized alternatives offer a distinct advantage, mainly in terms of anonymity and speed, that could bring them on par with its crypto-native rival, Polymarket.

For those unaware, tokenization involves creating a digital version of a real-world asset, which in this case means turning event contracts into tokens that can be freely traded on the Solana blockchain. 

With tokenized contracts, Kalshi would be able to operate at lower costs, offer global accessibility, and deliver better pricing efficiency. And since these versions run on-chain, they enable pseudo-anonymous trading through crypto wallets rather than through Kalshi’s traditional identity-based accounts.

Kalshi already houses a sizable global userbase and regulated market presence, but the company plans to aggressively attract crypto users who have poured billions of dollars into decentralized prediction markets like Polymarket. Trading volumes across the sector have been surging, hitting nearly $2.3 billion in a single week in October alone.

Kalshi has set up a dedicated on-chain ecosystem strategy and appointed John Wang, a well-known figure in the Web3 space, as its head of crypto to oversee the expansion.

“There’s a lot of power users in crypto,” Wang said, adding that the move is also about “enabling developers to build third-party front ends that utilize Kalshi’s liquidity.”

There’s also the question of liquidity depth, which Kalshi could benefit from by drawing in crypto-native traders, allowing it to offer more accurate and competitive pricing across its markets, he added.

Besides Polymarket, Kalshi will be going up against a growing list of new entrants that have flooded the U.S. market with alternative platforms ever since the Commodity Futures Trading Commission cleared political markets and dropped its appeal over Kalshi’s court victory earlier this year.

Months later, the commission also issued a no-action letter to QCX LLC and QC Clearing LLC, entities acquired by Polymarket, which was widely seen as a signal of regulatory support among investors and added another layer of legitimacy to the space.

Kalshi’s partners with crypto firms 

Kalshi’s engagement with Solana first began taking shape in May 2025, when the platform enabled SOL deposits through a partnership with Zero Hash. 

Since then, the two have collaborated on multiple initiatives, including the launch of a beta prediction market by Jupiter, a Solana-based decentralized exchange. Kalshi has also funded developer grants through its ecosystem hub to spur third-party innovation around its liquidity.

For its stablecoin custody and payouts, Kalshi has selected Coinbase as a partner, which now holds the platform’s USDC reserves under institutional custody.

More recently, reports suggested that Kalshi was in talks with several decentralized finance protocols and market makers alongside Polymarket to deepen on-chain liquidity and broaden access to its tokenized markets.

Kalshi now serves users in more than 140 countries and has managed to draw in significant venture capital. As part of its latest funding round, the company raised $1 billion in November, less than two months after it secured $300 million in an earlier round. The latest round valued the company at roughly $11 billion.