According to Wu, Alliance co-founder Imran posted that the series of products launched by the U.S.-compliant prediction market platform Kalshi inherently have a net negative effect on 'on-chain liquidity.' Imran believes that every new product Kalshi launches essentially siphons trading liquidity from on-chain environments to offshore/traditional off-chain closed-loop systems. This also results in new users entering the market through Kalshi being more inclined to stay within its closed off-chain ecosystem, rather than converting into crypto-native users on platforms like Hyperliquid, Polymarket, or other public blockchains. Imran expressed concern that while on-chain liquidity is currently sufficient to absorb this diversion, in the long run, if the primary needs of marginal users and funds are first captured by compliant platforms like Kalshi off-chain, the associated capital, positions, and settlement states will become disconnected from the crypto ecosystem. https://www.(wublock123.com)/news/news-62736