Solana is becoming part of the infrastructure behind a boom in prediction market trading, where users wager on real-world outcomes. Combined monthly volume on Kalshi and Polymarket rose from $4.5 billion in September 2025 to $43.7 billion in June. CoinShares detailed the trend in a July report.
Key Takeaways:
- Solana and Hyperliquid activity offers an indirect way into the prediction market boom.
- Fee revenue on both networks remains tiny next to their token market values.
- DIME spreads exposure across altcoins like Solana without betting on one network.
Neither platform is publicly traded, and neither offers a native token, leaving investors without a direct way into the trend. Pew Research Center’s analysis of data from The Block put the same figure at roughly $24 billion for April, corroborating the growth.
That gap is why CoinShares treats Solana and Hyperliquid as an indirect play for investors. The two blockchain networks settle much of this activity. It also highlights the CoinShares Altcoins ETF (DIME) strategy, offering exposure to those networks alongside a broader basket of altcoins.
Hyperliquid built its own outcome markets feature, HIP-4, into its exchange May 2, offering yes-or-no contracts like Kalshi and Polymarket’s. The venue processed $331.1 million in cumulative notional volume, or total value traded, in its first nine weeks. Weekly volume climbed from under $3 million to a peak above $75 million in late June, Token Terminal data show.
See more: Hyperliquid Takes on Traditional Derivatives Markets
That trading generated just $5,906 in revenue, a rounding error next to HYPE’s $15.4 billion market capitalization, according to the report. The fees feed Hyperliquid’s Assistance Fund, which buys back HYPE on the open market to support its price.
Solana Becomes the Prediction Market Rail
Solana plays a different role, working more as a distribution layer than a trading venue. Phantom, Solana’s dominant wallet with 20 million users, replaced its Kalshi-linked market with World on June 1, according to CoinShares.
World settles automatically through Chainlink oracles, which verify real-world data to close out each bet. Jupiter, Solana’s largest trading app, launched Forecast in June, matching traders against market makers instead of a shared liquidity pool.
None of this activity shows up as Kalshi or Polymarket revenue. Instead, it shows up as Solana network activity. Protocol revenue, roughly half the transaction fees the network keeps, averaged about $1.4 million a month in the second quarter, against a $47 billion SOL market capitalization.
CoinShares frames the gap between fee revenue and token values as a bet on optionality, not near-term earnings. That framing comes with a caveat: Phantom swapped its Kalshi-linked product for World in seven months, a reminder that today’s leading rail may not lead tomorrow.
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