The prediction market giant Kalshi, valued at $11 billion, recently launched tokenized betting contracts on the Solana blockchain. Users can now buy and sell event contracts for the U.S. elections, sports events, and more on-chain, participating in the prediction market in the form of tokens.
Kalshi's crypto head John Wang stated that this move aims to leverage the liquidity of crypto users and allow third-party developers to build new front-end interfaces using Kalshi's existing liquidity pool. DeFi protocols Jupiter and DFlow will also connect Kalshi's order book with on-chain trading on Solana, providing users with higher privacy protection and enhancing competitiveness against rivals like Polymarket.
Kalshi has achieved rapid growth after winning a lawsuit in the United States. This ruling allows the platform to offer political prediction contracts before the elections and raised $1 billion in funding from investors such as Sequoia Capital and CapitalG in November, bringing the company's valuation to $11 billion. Polymarket also received a $2 billion investment from Intercontinental Exchange in October, and platforms like Robinhood are also exploring the layout of prediction markets.
The price of Solana is currently under pressure, with SOL having dropped below the $130 mark and testing support around $123. In the short term, $128 and $130 are key resistance levels, while $125 and $122 are critical supports. If it falls below $122, SOL could drop to $120 or even $112. Conversely, if it breaks the descending trend line at $136, the price is expected to rebound to $140-145.
Kalshi's tokenized prediction contracts on the Solana network mark a move towards on-chain prediction markets, while the price movement of SOL still requires attention to key support and resistance levels, which will determine short-term market sentiment.
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