Another unicorn in DeFi. After Polymarket, it’s Kalshi’s turn to announce a massive fundraising: over 100 million dollars, for a valuation surpassing one billion. The information, confirmed by Bloomberg, propels Kalshi to the same symbolic rank as its main competitor and rekindles the battle for leadership in the prediction market.
The prediction market enters a new dimension
Despite being regulated by the Commodity Futures Trading Commission (CFTC), Kalshi lags behind in volumes, open interest, and the number of active users compared to Polymarket.
Polymarket and Kalshi: same valuation, different logic
Kalshi stands out from Polymarket with a more institutional positioning, but despite a stricter framework, it falls short in volume and liquidity. Kalshi records 113 million dollars in cumulative volume on its active markets, versus nearly 600 million for Polymarket.
Rapid growth but still some catching up to do
Kalshi offers more active markets but less open interest than Polymarket, reflecting greater options but less user conviction. The difference is also noticeable in the number of users, with Polymarket attracting over 186,000 active traders.
Paradigm in funding, Trump Jr. in strategy
Kalshi’s fundraising is led by Paradigm, one of the most influential VCs in the crypto ecosystem. Another noteworthy development is Donald Trump Jr. joining Kalshi as a strategic advisor in January 2025. This decision could bolster the platform’s political ties as the Trump family expands its presence in the ecosystem.
A market that becomes a true barometer of web3
The rise of prediction markets like Kalshi and Polymarket confirms a structural shift: users want to speculate on real-time information, whether it’s politics, economics, or culture. With two unicorns in just a few days, the sector emerges as one of the most dynamic in web3, at the intersection of finance, entertainment, and data. A trend worth closely monitoring.
