Kalshi Goes Onchain With Solana in Bid to Challenge Polymarket

Kalshi launches tokenised contracts on Solana to target crypto users and boost liquidity.
November volumes hit US$5.8B (AU$8.97B) for Kalshi, US$3.7B (AU$5.70B) for Polymarket.
Builder Codes and a US$2M (AU$3.08M) grant programme aim to encourage developer engagement.

Kalshi, a leading US prediction market, has integrated tokenised event contracts on Solana, aiming to capture the growing crypto-native audience and strengthen market liquidity. The platform now offers on-chain versions of thousands of its markets, positioning itself as a direct rival to Polymarket, which is based on the Polygon blockchain.

The month of November set new records for both platforms, with Kalshi’s trading volume reaching US$5.8 billion (AU$8.97 billion) and Polymarket exceeding US$3.7 billion (AU$5.70 billion). These gains coincide with recent CFTC rulings that have allowed Polymarket to resume operations in the US, increasing the competitive pressure on Kalshi.

To support this on-chain expansion, Kalshi has partnered with Solana protocols DFlow and Jupiter, bridging its off-chain orderbook to on-chain liquidity. The introduction of Kalshi Builder Codes enables developers to build applications such as trading terminals, analytics dashboards, and AI agents, earning fees based on the volume they facilitate.

Related: Upbit Halts Trading After $36.8M Solana Network Hack

Enhanced Privacy on Solana

Kalshi has also launched a US$2 million (AU$3.08 million) grants programme to encourage innovative use of its markets, including mobile apps, browser extensions, and data visualisation tools. The firm’s valuation recently increased to US$11 billion (AU$16.94 billion) following a US$1 billion (AU$1.54 billion) fundraising round, highlighting strong investor confidence.

Tokenisation allows users to trade contracts with enhanced privacy while retaining the same core mechanics as standard Kalshi wagers, placing the platform on an equal footing with Polymarket’s on-chain system. John Wang, Head of Crypto at Kalshi, explained that engaging crypto investors is key to securing the liquidity needed for competitive pricing and market accuracy.

The ultimate moat for any exchange is liquidity.
Kalshi is the only prediction market in the world that aggregates onchain and offchain, US and international into one giant liquidity pool.
Tokenization is the endgame: non-custodial, instant, and crypto-native. https://t.co/TKqtUdZSRR pic.twitter.com/aaG2L6BvFs
— John Wang (@j0hnwang) December 1, 2025