Crypto
Dominance of Kalshi and Polymarket forces two prediction market startups to shut down
Two cryptocurrency-based prediction market startups, Trepa and Fireplace, announced they will shut down 90 minutes apart and told users to withdraw funds by Sept. 30. Data tracked by DefiLlama showed $14.87 billion in total trading over the past 30 days across 40 prediction markets, with Kalshi and Polymarket accounting for $13.87 billion, or 93.3%. The closures highlight how liquidity and distribution channels, not novel product structures, are becoming central to competition.
