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Kalshi is finally going on-chain through a new partnership with RedStone, just as Polymarket gears up for its U.S. return.\n<\/p>\n
Kalshi, the first CFTC-regulated prediction market<\/a>, is teaming up with oracle data provider RedStone<\/a> to make it possible to place bets on-chain across more than 110 networks, including Ethereum, Solana, Base, and TON.<\/p>\n In a press release shared with The Defiant, RedStone said that DeFi<\/a> developers could use real-world data to create smart contracts that will be able to read and respond to actual events like who wins an election or how the Fed moves on interest rates.<\/p>\n At launch, however, the rollout starts with three data categories: the New York City Mayoral Election, the 2028 Democratic Nominee, and the number of rate cuts in 2025, with more markets expected to follow as developers start using the data.<\/p>\n \u201cKalshi has built one of the most credible sources of regulated event data, but making that data useful on-chain requires robust oracles,\u201d said Marcin Kazmierczak, co-founder of RedStone, adding that the company wants to make this data \u201cas dependable and easy to build with as price feeds, so developers can design financial applications that respond directly to real-world events.\u201d<\/p>\n According to Kalshi Data<\/a>, which tracks the platform\u2019s statistics, Kalshi saw over $109 million in trading volume on Oct. 22, with cumulative volume reaching over $12 billion to date. <\/p>\n Kalshi received approval<\/a> from the Commodity Futures Trading Commission (CFTC) to operate as a prediction market in the U.S. back in 2020, but the firm had no explicit crypto ambitions at the time. Kalshi began accepting<\/a> crypto for deposits last year, and revealed its crypto push<\/a> in earnest this summer, hiring John Wang as its head of crypto, and recently raising $300 million from VCs with strong crypto portfolios, namely Paradigm, Sequoia, and Andreessen Horowitz.<\/p>\n Until now, Kalshi\u2019s data was limited to its own off-chain platform, a sharp contrast to Polymarket<\/a>, the world\u2019s leading on-chain prediction markets, which runs entirely<\/a> on Polygon<\/a>. Polymarket\u2019s daily trading volume reached above $126 million<\/a> on Oct. 19, per data from Dune Analytics.<\/p>\n Wang said in the press release that thanks to RedStone, builders in the Kalshi ecosystem \u201cwill benefit from both Pull and Push oracle model, based on needs, ensuring Kalshi has comprehensive data feed support.\u201d<\/p>\n The partnership comes as Polymarket, Kalshi\u2019s main rival, gears up for its U.S. comeback after acquiring<\/a> QCX, a CFTC-licensed exchange and clearinghouse, in a $112 million deal in July. <\/p>\n For now, Kalshi remains the only regulated prediction market actively operating in the country, but Polymarket\u2019s return is set to heat things up.<\/p>\n In crypto circles, Kalshi has drawn some skepticism over its past feud with Polymarket, including reports that it paid influencers<\/a> to go after Polymarket\u2019s founder and CEO.<\/p>\nKalshi vs. Polymarket<\/h2>\n