No One Needs Blockchain

The author argues that blockchain is mostly used as financial rails rather than as the core of the businesses that succeed, using Kalshi and prediction markets as examples. Kalshi's matching, clearing and settlement run offchain, and perpetual futures and prediction markets do not technically require blockchain, though Polymarket once used the Polygon network and UMA oracle. The piece says sectors like stablecoins, RWAs, memecoins, prediction markets and perpetual futures have grown in 2026 mainly by using blockchain for deposits, withdrawals and tradable assets. It concludes that without a blockchain-native application, the industry may become one of many financial infrastructure providers.