Personally, I think Kalshi’s products are net negative for on chain liquidity. Every product they launch like perps or prediction markets pulls trading liquidity into an off chain venue rather than onchain. As a result, new users entering through Kalshi are more likely to remain within a closed, o

Personally, I think Kalshi’s products are net negative for on chain liquidity. Every product they launch like perps or prediction markets pulls trading liquidity into an off chain venue rather than onchain. As a result, new users entering through Kalshi are more likely to remain within a closed, o

Personally, I think Kalshi’s products are net negative for on chain liquidity. Every product they launch pulls trading liquidity off chain rather than onchain. As a result, new users entering through Kalshi are more likely to remain within a closed, off chain environment instead of flowing into pl

Personally, I think Kalshi’s products are net negative for on chain liquidity. Every product they launch pulls trading liquidity off chain rather than onchain. As a result, new users entering through Kalshi are more likely to remain within a closed, off chain environment instead of flowing into pl

Thank you @renato_mariotti , @RebeccaRettig1 , and @JohnLothian for the conversation on perpetual futures. I truly appreciated the opportunity to share Kalshi’s perspective and engage on the important topic. These innovative and successful offshore products do need the protection and risk manageme

吴说获悉，Alliance 的联合创始人 Imran 发文指出，美国合规预测市场平台 Kalshi 推出的一系列产品在本质上对“链上流动性”具有净负面效应。Imran 认为，Kalshi 每上线一个新产品，实际上都是在将交易流动性从链上虹吸至离岸/传统的链下闭环环境中。这也导致通过 Kalshi 进入市场的新用户更倾向于留在其封闭的链下生态内，而无法转化为 Hyperliquid、Polymarket 或其他公链的加密原生用户。Imran 担忧，虽然目前链上流动性仍足以消化这种分流，但长期来看，如果边际用户与边际资金的首要需求在链下被 Kalshi 等合规平台率先捕获，那么与之绑定的资本、持仓

Personally, I think Kalshi’s products are net negative for on chain liquidity. Every product they launch pulls trading liquidity off chain rather than onchain. As a result, new users entering through Kalshi are more likely to remain within a closed, off chain environment instead of flowing into pl