Phantom Integrates Kalshi Markets for On-chain Event Trading
- Phantom users can trade tokenized Kalshi event markets directly inside the wallet.
- Kalshi prediction markets now run on Solana with support from Jupiter and DFlow.
- Phantom enables SOL or CASH trading, but activity still follows Kalshi’s KYC requirements.
Phantom and Kalshi introduced Phantom Prediction Markets, enabling users to trade tokenized event contracts directly inside the Phantom crypto wallet. The integration covers politics, crypto, sports, economics, and cultural events in real time.
The launch allows Phantom users to open positions as easily as swapping a token. Users can track live prices, odds, and updates without creating new accounts or depositing funds elsewhere. The move connects Phantom’s wallet features and user base with Kalshi’s regulated prediction markets. Together, they aim to meet crypto users where activity already happens.
The feature relies on Solana infrastructure and uses SOL or CASH, a Solana stablecoin launched by Phantom in September. Users receive notifications when markets resolve and positions settle.
As adoption grows across crypto apps, the partnership raises a central question: can prediction markets become a daily on-chain activity for millions of wallet users?
How the Integration Works on Solana
Phantom allows users to buy and sell tokenized positions that reference Kalshi’s prediction markets. Users stay inside the wallet while interacting with live event markets. Kalshi recently migrated its markets onto the Solana blockchain. It also partnered with DFlow and Jupiter to route order-book liquidity onto blockchain infrastructure.
As a result, Phantom users can trade positions without friction. They use existing wallet balances rather than external deposits. The experience mirrors common DeFi actions. Although Phantom supports Ethereum, Polygon, and other networks, Kalshi limits tokenized positions to Solana for now. The firm has not announced expansion to other chains.
Throughout each event, users can follow odds and prices as they change. The wallet sends updates during market activity and confirms final settlements.
Market Growth and Competitive Landscape
Kalshi has recorded rapid growth across political, economic, and cultural markets. In November, the platform logged $5.8 billion in trading volume, a figure that marked a 32% increase from October. During the same month, crypto-native rival Polymarket recorded $3.7 billion in trading volume.
Earlier this month, sources reported that Kalshi closed a $1 billion Series E funding round. Paradigm led the raise and valued the company at $11 billion. The funding instantly made cofounders Tarek Mansour and Luana Lopes Lara billionaires. At 29, Lopes Lara became the world’s youngest self-made woman billionaire.
John Wang, Kalshi’s recently appointed head of crypto, called the Phantom integration the company’s biggest crypto announcement yet. He previously told Forbes that crypto users drive financial innovation.
Related: Prediction Markets Go Mainstream as CNBC Partners Kalshi
Regulation and Strategic Expansion
Kalshi operates under oversight from the Commodity Futures Trading Commission. The regulator approved Kalshi as a designated contract market in 2020. Despite that status, Kalshi faces regulatory challenges in several U.S. states. Some states argue that event-based contracts resemble unlicensed online gambling.
This week, Kalshi secured a temporary pause against an enforcement action by Connecticut. The company argues that federal approval shields it from state gambling laws. Meanwhile, Kalshi continues to expand on-chain distribution. Several third parties now mint tokens referencing positions held on Kalshi markets.
Phantom CEO Brandon Millman said the integration brings simplicity to prediction markets. He stated that users can trade real-world events alongside DeFi, perps, and stablecoins. Kalshi CEO Tarek Mansour said Phantom opens access to millions of crypto-native users. He added that the company aims to lead on-chain event trading as it does off-chain.
