Jupiter Launches Beta Version of Predictions Market
The decentralized exchange (DEX) Jupiter, built on Solana, has recently rolled out a beta version of its new predictions market developed in collaboration with Kalshi. This innovative platform allows users to place bets on various real-world events, with expectations for a complete launch by Q4 2025.
On October 3, Jupiter announced its beta launch via Twitter, stating that Kalshi will supply liquidity for the new market, enhancing user engagement through event-based betting opportunities.
Jupiter’s Rationale for Entering Prediction Markets
Kash Dhanda, the Chief Operating Officer at Jupiter Exchange, shared insights on their strategy, emphasizing the aim to provide diverse services within a unified platform. He expressed excitement about collaborating with Kalshi, underlining that prediction markets signify a significant shift in available on-chain assets:
“Prediction Markets represent a powerful evolution in the types of assets that are available on-chain, and we’re thrilled to partner with Kalshi to bring them to Solana.” “Los mercados de predicción representan una poderosa evolución en los tipos de activos disponibles en cadena, y estamos emocionados de asociarnos con Kalshi para llevarlos a Solana.”
As of the third quarter, Jupiter has achieved a total of 8.4 million active users, reflecting a 5% increase from the previous quarter, as reported in their tokenholder update.
Benefits for Tokenholders
Dhanda highlighted that enhancing the predictions market would boost the platform’s reach and beneficially impact JUP tokenholders:
“As our prediction markets grow, so does our reach, our cross-product synergy, and our revenue, all of which is long-term beneficial to JUP tokenholders.” “A medida que nuestros mercados de predicción crecen, también lo hace nuestro alcance, nuestra sinergia entre productos y nuestros ingresos, todo lo cual es beneficioso a largo plazo para los tenedores de tokens JUP.”
He reiterated the platform’s commitment to user-driven development, promising iterations based on feedback. Aiming for a more robust market offering, he stated:
“We’ll keep iterating on the product and increasing limits in line with feedback we receive — more markets will be added and we’ll be gearing up for a full launch in Q4 itself.” “Seguiremos iterando en el producto y aumentando los límites de acuerdo con los comentarios que recibamos; se añadirán más mercados y nos prepararemos para un lanzamiento completo en el cuarto trimestre.”
Current Beta Offering
Currently, the beta platform presents only one market concerning which Formula One driver is predicted to win the upcoming Mexico Grand Prix. The total number of contracts allowed for global markets is capped at 100,000, with each user limited to 1,000 contracts.
The initial market has seen a notable trading volume of $120,000 since its launch, with predictions favoring Formula One driver Max Verstappen, who has garnered about 46% support among users, while Lando Norris has received 27% of the vote.
Growing Institutional Interest
Platforms like Polymarket and Kalshi have recently experienced soaring valuations, driven by surging trading volumes. Just recently, on October 7, Intercontinental Exchange, which operates the New York Stock Exchange, announced a $2 billion investment in Polymarket, elevating its valuation to $9 billion. Additionally, Kalshi has raised $300 million in a Series D funding round, valuing the company at $5 billion with backing from major investors.
The prediction market industry is witnessing rapid growth, with platforms hitting a record weekly trading volume of $2.03 billion, indicating robust interest in this evolving sector.
