Kalshi has introduced tokenized versions of its event-contract wagers on the Solana blockchain. The rollout appeared in a Monday disclosure to CNBC and represents the firm’s clearest attempt to attract crypto-native traders who prefer on-chain markets such as Polymarket. The expansion also unifies major portions of Kalshi’s off-chain liquidity with Solana’s high-speed infrastructure.
Tokenized contracts reach Solana
The new system converts Kalshi’s existing event markets into Solana-based tokens. Each token represents a “Yes” or “No” position in markets tied to politics, macroeconomic releases, weather outcomes or sports-related questions. The structure mirrors Kalshi’s traditional contracts, although on-chain trading introduces additional anonymity and an execution style that mirrors Polymarket’s model.
Tokenization refers to the creation of blockchain-based versions of real-world financial instruments. These tokens behave as normal digital assets and sit on decentralized ledgers such as Solana. Kalshi confirmed that support for tokenized wagers is now live. DeFi protocols DFlow and Jupiter act as institutional clients and connect Kalshi’s off-chain order book to liquidity available on Solana.
Announcing Kalshi Builder Codes: anyone can now permissionlessly monetize applications on top of our global liquidity pool via @DFlow or @JupiterExchange.
— Kalshi (@Kalshi) December 1, 2025
Trading terminals, weather sites, AI agents… anything you want to build can now earn fees and rewards proportional to… pic.twitter.com/oI5nGAh06I
Kalshi targets deeper crypto liquidity
John Wang, Kalshi’s head of crypto, told CNBC that the company aims to access larger pools of capital as demand for event markets grows. Crypto users tend to trade at higher volumes and often generate substantial liquidity on prediction platforms. He stated:
“There’s a lot of power users in crypto. This is about tapping into the billions of dollars of liquidity that crypto has, and then also enabling developers to build third party front ends that utilize Kalshi’s liquidity.”
Wang noted the central importance of liquidity. He said:
“If you have a market with no liquidity, then you don’t really have a market. People can’t really trade size or get the prices that they want.”
Separate commentary on X reinforced the position. Wang posted:
“The ultimate moat for any exchange is liquidity. Kalshi is the only prediction market in the world that aggregates on-chain and off-chain, US and international into one giant liquidity pool. Tokenization is the endgame: non-custodial, instant, and crypto-native.”
Market reaction and Solana’s role
The launch prompted immediate action within Solana community channels. Traders began to swap the new event tokens in the same manner as other Solana assets. Developers inside Solana’s ecosystem highlighted the arrival of a regulated product inside a high-throughput chain that can process more than 65,000 transactions per second.
The combination of Kalshi’s CFTC-regulated settlement and Solana’s execution environment may draw institutional flows. Kalshi has processed more than 17.6 billion cumulative contracts and recorded $2.3 billion in weekly volume during the 2025 U.S. election cycle.
Builder grants and ecosystem expansion
Kalshi also announced a $2 million Builder Program for teams that integrate on-chain prediction markets into their own front ends or create new tools around the firm’s event contracts. The FAQ for the program states interest in trading bots, dashboards, educational resources, data visualizations, market-making utilities, mobile apps and browser extensions. Builders receive a referral code that tracks volume and produces earnings based on flows directed into Kalshi’s markets. Additional support includes marketing help and direct communication with Kalshi’s engineering team.
Wang explained the broader aim. He said:
“Kalshi already has the best product in the industry. Our next chapter is turning our US-focused app into a global platform. This evolution is only possible through crypto rails. Builders will catalyze power users and deepen usage of novel categories such as weather markets, economic trading, and mentions sniping.”
Regulatory landscape and competitive pressure
Kalshi became the first exchange to offer federally regulated contracts tied to U.S. congressional races after a long dispute with the Commodity Futures Trading Commission. The company now runs about 3,500 markets and has raised more than $300 million at a $5 billion valuation, according to CNBC, while a separate TechCrunch report cited a later round that valued the firm at $11 billion.
The firm continues to face competition from Polymarket, which recently secured CFTC approval to re-enter the U.S. market. Kalshi also faces new regulatory challenges. A Nevada judge ruled last week that the platform falls under state gaming rules.
Despite this, Kalshi remains committed to its broader expansion strategy. The company has already attracted more than $20 million in USDC deposits. Its combined on-chain and off-chain liquidity model positions it for a larger role in global prediction markets as tokenized trading spreads across more blockchains.
Oleksii Shumak
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