- Phantom launches prediction markets supported by Kalshi.
- Engage in trading across sports, cryptocurrencies, and cultural events.
- Supports networks including Solana, Polygon, and Ethereum.
Phantom has announced the launch of Phantom Prediction Markets, supported by Kalshi, for prediction trading in sports, cryptocurrency, and culture on the X platform, starting next week.
This initiative highlights Phantom’s expansion into financial functionalities, potentially influencing user engagement trends amid existing concerns over regulatory changes and trading risks.
Key Developments, Impact, and Reactions
Phantom’s collaboration with Kalshi aims to enhance prediction trading opportunities, leveraging the capabilities of the popular self-custodial wallet. Brandon Millman, Phantom’s co-founder and CEO, leads this initiative, expanding Phantom’s services from primarily Solana-based wallets to now supporting Polygon and Ethereum networks for prediction trading.
“This launch represents a significant shift,” as Phantom ventures into new areas beyond traditional cryptocurrency storage, says Brandon Millman. While the service will soon be available to select users, it carries inherent risks including regulatory uncertainties and potential financial losses if predictions prove incorrect.
Reactions have been mixed, with some community voices expressing enthusiasm for Phantom’s diversification. However, Phantom has cautioned users about possible risks, emphasizing that prediction trading involves significant uncertainty and should be approached with caution.
Solana’s Performance and Expert Analysis on Phantom’s Expansion
Did you know? Phantom’s step into prediction markets reflects its broader strategy to transform into a comprehensive super-app—expanding from its roots in wallet services.
According to CoinMarketCap, Solana (SOL) currently trades at $132.59, with a market cap of $74.50 billion and a 24-hour volume of $2.06 billion. The latest data indicates a 20.61% increase over 7 days, despite a 45.12% decline over 90 days.
Insights from the Coincu research team indicate that this move by Phantom could accelerate the adoption of prediction markets, potentially influencing regulatory dialogue and technological advancements in decentralized finance. The integration with Kalshi highlights a commitment to broadening financial access in the crypto space, despite market volatility challenges.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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