Next Gen Prediction Markets

Prediction markets are growing fast, and this piece compares the incumbents Polymarket and Kalshi with newer platforms Limitless and Onit. Polymarket is a crypto-based market that curates its own listings and resolves outcomes through the UMA Optimistic Oracle, while Kalshi is a CFTC-regulated U.S. exchange with in-house listings and resolution by reference to authoritative data sources. The article reports that Robinhood users traded around $1 billion of Kalshi event contracts in a quarter, according to CFO Jason Warnick. It describes Limitless as a crypto platform for short-term asset price bets that facilitated over $250 million in volume on Base within a few months of launch, and Onit as a protocol for creating private markets inside chat groups.