Kalshi Goes On-Chain With Tokenized Contracts on Solana, Challenging Polymarket on its Own Turf

SOL-USD +1.05% JUP29210-USD +4.57%

Key Takeaways

• Kalshi has launched tokenized event contracts on Solana.

• The pivot to on-chain trading challenges Polymarket on its own turf.

• Jupiter is the first DEX to integrate the new tokens.

Kalshi has launched tokenized prediction contracts on Solana, marking its entry into a field that Polymarket currently dominates.

While Kalshi is the older platform, Polymarket’s on-chain platform helped really popularize the concept.

By following its rival into on-chain contracts, Kalshi is looking to replicate its success tapping into deep crypto liquidity.

Kalshi’s On-Chain Predictions Promise Crypto Liquidity

Since its launch in 2020, Polymarket has become the default on-chain prediction market, favored by users who prioritize decentralization and permissionless trading.

As crypto-native users embraced the concept, an influx of stablecoin liquidity helped fuel Polymarket’s growth.

For a while, the platform surpassed Kalshi in trading volume and open interest, despite technically being exiled from the U.S. market.

However, in 2025, Kalshi has increasingly encroached on Polymarket’s home turf.

In August, the firm hired prediction market influencer John Wang as its head of crypto.

He set to work expanding Kalshi’s crypto event coverage, which has grown to include over 90 tradable contracts.

However, although the platform has embraced crypto narratives, crypto liquidity has remained out of reach until now.

Kalshi’s tokenized event contracts are initially tradable on the Solana-based decentralized exchange (DEX) aggregator, Jupiter.

Other platform integrations and support for EVM chains are planned at a later date.

Embracing Permissionless Trading

From a trading perspective, Kalshi contracts are now even more permissionless than those available on Polymarket.

“Tokenization is the endgame,” Wang said in a statement, adding that “it is non-custodial, instant, and crypto native.”

With heavyweight trading firms like Galaxy Digital lining up to act as market makers, Kalshi’s new direction envisages the platform evolving into a liquidity and resolution layer that bridges institutional capital and permissionless blockchain apps.

To help grow the ecosystem around tokenized contracts, the company has also launched a new program to provide funding and technical support for builders.

For now, Polymarket still hosts the deepest markets.

As they battle for dominance, the platform’s trading volumes significantly outstrip Kalshi’s for the most popular events.

But with various third-party trading terminals and aggregators lining up to integrate its tokenized contracts, Kalshi may soon have an edge.

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