Solana Chosen for Kalshi’s First Wave of Tokenized Event Contracts

Kalshi, already known as the first federally regulated exchange offering event contracts across politics, macro data, sports, and more, has now taken a leap into crypto-native territory, according to a CNBC exclusive published this week.

By issuing SPL-based tokens on Solana, the firm is letting traders buy, sell, mint, borrow, lend, and collateralize digital versions of its yes-or-no markets — all without touching the underlying offchain agreements. CNBC reports that the move marks the first time a CFTC-regulated venue has pushed its product set straight into Web3 rails.

These onchain assets mirror Kalshi’s offchain order book, but their execution is powered through DFlow and Jupiter, with the latter serving as the first decentralized exchange to integrate the tokens. Orders placed onchain are matched with liquidity providers on Kalshi’s end, while the protocol mints or redeems tokens using a hybrid request-for-quote model. The result: instant, non-custodial, crypto-native execution designed for traders who prefer tapping liquidity from their wallets instead of relying on traditional Web interfaces.

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The rollout arrives as prediction markets approach $28 billion in cumulative volume, with demand surging throughout 2025. Solana’s infrastructure offers low-cost execution and rapid settlement, giving Kalshi a path to attract high-frequency crypto traders and algorithmic liquidity providers. The company is also dangling $2 million in builder grants to encourage third-party terminals, dashboards, and artificial intelligence (AI)-powered tools.

Kalshi’s pivot also brings it onto the home turf of Polymarket, which dominates onchain prediction markets with deep stablecoin liquidity and relentless retail traffic. By pairing regulatory clarity with permissionless markets, Kalshi is attempting to straddle both worlds — and give crypto traders a regulated alternative without forcing them to abandon their onchain workflows.

John Wang, the company’s head of crypto, said the strategy is simple: tap into crypto’s heavy hitters. “There’s a lot of power users in crypto. This is about tapping into the billions of dollars of liquidity that crypto has,” he told CNBC.

FAQ ❓

• What did Kalshi launch this week?
  Kalshi introduced tokenized versions of its regulated event contracts on Solana for onchain trading.
• How do the onchain versions work?
  Users trade SPL tokens that mirror Kalshi’s offchain markets while orders execute through a hybrid RFQ model.
• Why is Solana the first chain supported?
  Solana’s low-cost, high-speed design supports efficient, high-volume onchain activity.
• Will Kalshi expand beyond Solana?
  Yes, the company plans to support EVM-compatible chains and explore future cross-chain integrations.

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