Kalshi Curry market hits $4M as crypto-perp volume tops $1B

In December 2025, Kalshi began offering tokenized versions of its event contracts on the Solana blockchain. The move was aimed at crypto-native traders who prefer on-chain settlement, Kalshi said at the time. A KALSHI pre-stock token also trades on Solana, offering pre-IPO exposure to the company.

Polymarket, the largest prediction market by volume, operates in a legal gray area for U.S. users. Kalshi holds a designated contract market license from the CFTC and settles contracts in fiat. By adding tokenized contracts on Solana, Kalshi serves two audiences: crypto traders get on-chain access and composability; institutional desks get compliance and the Talos integration.

For crypto investors, the tokenization of event contracts creates a new asset class worth monitoring. These contracts settle on binary real-world outcomes rather than price action, so their behavior differs from traditional crypto derivatives.

The risk side is less tested. Regulatory clarity for Kalshi's CFTC license does not automatically extend to its tokenized products. On-chain settlement introduces questions about custody and cross-border compliance that have not been fully examined. Traders depositing up to $500,000 per transaction in crypto are betting the regulatory framework holds.