Recently, I feel like that "cha" (猹) in the melon field—eating whatever comes my way. After following the donation drama in China, I look up and see there's another juicy topic to bet on abroad.

Lately, Kalshi has been everywhere:
One headline is that Kalshi became CNN’s exclusive official prediction market partner; another is its partnership with Solana to fully tokenize all Kalshi prediction markets.
Plus, after just raising $1 billion and reaching a $11 billion valuation, I got curious about what this thing looks like now, so I spent some time researching.

Today, I’ll share my findings with everyone—if you have any opinions or suggestions, feel free to comment~~
If you’re interested, bookmark this and take your time to read~~🔖🔖
@Kalshi @kalshidata @KalshiEco
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Almost all of Kalshi’s core metrics have entered exponential growth

- Over 80 million cumulative trades, with total notional trading volume surpassing $20 billion. For November alone, volume hit $5.8 billion, a 32% month-over-month increase, and the last week of November saw $1.51 billion traded—a record high.

Together with Polymarket, Kalshi has basically established a duopoly in the prediction market industry: one operates regulated event trading, the other does decentralized on-chain trading.

- Open interest jumped from $50 million to $350 million, peaking around the 11.4 New York City mayoral election. If this surge was just due to a big event, OI usually wouldn’t jump to a new sustained level.

This indicates two things:
1. Capital is consistently accumulating on Kalshi
2. Political/macro events may serve as anchors in its capital structure—important election dates drive OI up

With this business foundation, Kalshi’s valuation went from $2 billion in June → $5 billion in October → $11 billion in December—over a 5x increase in six months.
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Officially announced ecosystem partners & progress

【Traffic Entry/Data Distribution】
- CNN:
Official prediction market data partner—Kalshi’s prediction data is directly integrated into TV tickers, digital content, and show analysis. This is a huge boost for brand and credibility.

- Google Finance:
Displays Kalshi event probabilities in relevant search results, treating prediction markets as a future data source for search and market pages.

- Robinhood:
Kalshi’s prediction market events are integrated into the Robinhood app. Kalshi co-founder Tarek Mansour called this a “milestone,” exposing 25 million users to prediction markets.

- NHL (first among the US Big Four leagues):
Sports IP—signed a multi-year licensing deal with Kalshi/Pm, allowing use of “NHL,” “Stanley Cup,” and team names, becoming the league’s official prediction partner.

【Public Chains / Infrastructure】
- Solana:
Via DFlow, Kalshi’s event contracts are tokenized as Solana assets and can be traded directly on Jupiter. There’s $2 million in builder grants; F1 and other markets are live, making Solana the fastest to achieve real-world implementation.

- Base:
Listed as a KalshiEco partner chain, more focused on the Coinbase ecosystem. Their direction is “compliance + L2” integration, but it’s still early days.

- Sei:
Emphasizes high-frequency and matching engine performance. Officially announced integration with Kalshi—users can trade Kalshi event markets on Sei using SEI/USDC. They’re still expanding the market and building tools.

【Middleware/Trading Terminals】
- DFlow:
The key bridge bringing Kalshi to Solana—responsible for pulling data from Kalshi’s regulated order book, minting corresponding tokens, and handing them to DEXes like Jupiter for liquidity.

- Jupiter:
The main DEX aggregator on Solana, now the first to integrate Kalshi tokenized contracts, with a pre-release prediction market page.

- Axiom Exchange:
A multi-chain professional terminal and quant tool. On Kalshi’s roadmap, it’s one of the future aggregators to be integrated, focused on strategies and market making.

- Sharpe Terminal:
Originally a crypto trading terminal, now adding a prediction module—integrating Kalshi data and trading, providing tools for professional traders.

- Level Terminal/Kairos:
Both are prediction market trading terminals, but Level Terminal is a professional-grade terminal incubated by Kalshi.
Level beta test:
Kairos private test:

- SynthesisTrade/TradeFox:
Prediction market aggregators, focused on integrating Kalshi, Polymarket, and other venues into a unified interface.

- Meridian:
Builds smart interfaces for investment portfolios—integrates Kalshi odds into its AI investment app (US only).

【Other Related Projects】
- Phygitals:
A phygital platform for Pokémon cards on Solana. Mentioned alongside prediction track—could be about prediction-generated card types, pricing, etc.