Kalshi, the CFTC‑regulated prediction market operator, has introduced tokenized versions of its event contracts on the Solana blockchain.
The move aims to push regulated bets on real‑world outcomes directly into on‑chain trading venues. It aims to connect Kalshi’s federally supervised exchange to the liquidity and composability of decentralized finance, while preserving off‑chain order‑book infrastructure and U.S. regulatory oversight.
Kalshi Turns Regulated Event Markets into SPL Tokens
Through an integration with prediction‑focused middleware DFlow and Solana’s largest DEX aggregator Jupiter, Kalshi is turning its existing event contracts, covering outcomes such as elections, inflation prints and weather events, into SPL tokens that live natively on Solana. When a user submits an order via DFlow’s Prediction Markets API, liquidity providers fill the request using Kalshi’s centralized matching engine, and the protocol mints tokens representing “yes” or “no” positions in the relevant market; those tokens can then be traded, lent, or used as collateral across Solana DeFi.
At settlement, winning tokens are redeemable for stablecoins, while losing tokens expire worthless, mirroring the binary payoff structure of Kalshi’s off‑chain contracts. DFlow’s architecture uses Concurrent Liquidity Programs and a hybrid request‑for‑quote model to bridge Kalshi’s order book with on‑chain users, aiming to maintain price integrity and atomic execution while allowing high‑frequency minting and burning of tokens.
A Bid for On‑Chain Liquidity
Kalshi’s head of crypto told CNBC that the firm views tokenization as the “endgame,” arguing that moving event contracts on‑chain opens access to “billions of dollars of liquidity” and lets third‑party developers build alternative front‑ends, automated agents and risk‑management tools on top of the same markets. The company has launched a US$2 million grants program and “Builder Codes” to reward teams that drive volume through custom trading terminals, dashboards, or AI‑driven strategies tied to its tokenized contracts.
The launch also sharpens Kalshi’s competition with on‑chain‑native rival Polymarket by offering comparable composability while maintaining a CFTC‑licensed structure. Industry observers note that prediction‑market volumes across platforms have climbed toward US$28 billion year‑to‑date, with weekly turnover hitting record highs in late October as traders speculated on macroeconomic data and U.S. political races. By putting its contracts on Solana, Kalshi is testing whether regulated venues can capture that demand without sacrificing the speed, privacy and programmability that have drawn crypto‑native users to unregulated markets.
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