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Kalshi will launch tokenized prediction market contracts on Solana that allow pseudo-anonymous trading without identity verification, the CFTC-regulated platform told CNBC, as it moves to compete with decentralized rival Polymarket which handled $2.3 billion in weekly volume during October’s election betting surge.
Traditional Kalshi contracts require full identity verification and operate through a regulated exchange. By contrast, tokenized event contracts will function like digital assets, allowing transactions through crypto wallets and enabling pseudo-anonymous participation similar to Polymarket.
The technical framework mirrors industry tokenization principles described in the Solana Developer Documentation, which outline how real-world assets can be minted as freely tradable blockchain tokens.
Turning event outcomes into on-chain tokens allows Kalshi to operate at lower costs, improve pricing efficiency and expand global access. Because tokenized event contracts run entirely on the Solana blockchain, traders no longer need traditional Kalshi accounts; instead, they can use self-custodied wallets which is a sharp change from the platform’s KYC-centered model.
This design echoes the decentralized architectures showcased in the Jupiter DEX Technical Overview, which details how Solana protocols achieve high throughput and low latency.
Kalshi aims to attract users who have already poured billions into decentralized prediction markets such as Polymarket. October saw trading volumes reach nearly $2.3 billion in a single week, reinforcing the size of the opportunity.
John Wang, former Web3 strategist and newly appointed head of crypto at Kalshi, said the strategy leverages the platform’s existing liquidity while appealing to the on-chain user base.
“There’s a lot of power users in crypto,” — John Wang, Head of Crypto, Kalshi. He added that enabling tokenized event contracts is also about “allowing developers to build third-party front ends that utilize Kalshi’s liquidity.”
Wang said liquidity depth remains a major advantage for Kalshi, and drawing crypto-native traders will allow the platform to offer more accurate and competitive pricing.
Kalshi’s entry into tokenized event contracts comes at a time of significant regulatory shifts. Earlier this year, the CFTC dropped its appeal against Kalshi after the company won a court battle permitting political event markets. The commission later issued a no-action letter to QCX LLC and QC Clearing LLC entities associated with Polymarket which is a development widely interpreted as a strong signal of regulatory tolerance for the sector.
These regulatory milestones, documented in the CFTC Enforcement Actions Archive, opened the door for alternative platforms and triggered a flood of new entrants. Kalshi plans to leverage this momentum as it races to compete with crypto-native platforms that already dominate the on-chain event trading ecosystem.
Alongside Polymarket, multiple new firms have begun offering alternative prediction tools, each aiming to capture users interested in tokenized event contracts and real-time market forecasting.
Kalshi’s relationship with Solana began in May 2025, when the platform first enabled SOL deposits through a partnership with Zero Hash. Since then, the companies have collaborated on several initiatives, including a beta prediction market launched by Jupiter as Solana’s leading decentralized exchange. These integrations align with the network’s broader strategy detailed in the Solana Ecosystem Roadmap.
To support the rollout of tokenized event contracts, Kalshi has funded developer grants and ecosystem programs to incentivize builders to integrate with its liquidity pools. For custody services tied to USDC payouts, Kalshi selected Coinbase, which now safeguards the platform’s stablecoin holdings under institutional-grade controls.
Reports also indicate that Kalshi has been in discussions with decentralized finance (DeFi) protocols and on-chain market makers including several firms already collaborating with Polymarket to strengthen liquidity and broaden access to its tokenized event contracts.
Kalshi currently serves users in more than 140 countries and has raised substantial venture capital to scale its platform. In November, the company secured $1 billion in new funding, just weeks after closing a previous $300 million round. Investors now value the company at roughly $11 billion, underscoring the growing institutional confidence in tokenized event contracts and their potential to redefine prediction markets.
Analysts say the company’s embrace of crypto infrastructure places it in direct competition with Polymarket, but also positions it to capture a more regulated share of global prediction flows.
With Kalshi now preparing to deploy tokenized event contracts across its markets, the platform could fast become one of the most significant bridges between traditional prediction finance and decentralized, blockchain-native speculation.
