This Team Brought Kalshi to Solana

Welcome back to Talking Tokens.

Excited to share Talking Tokens was nominated as one of the best podcasts for the 2025 Crypto Awards on Joke Race. 🏆 Voting is open this Thursday, December 18, from 1-3pm EST so make sure to set up an account here to vote then!

Also we’re rolling out the latest Solana Sessions episode today.

I was also at Solana Breakpoint last week in Abu Dhabi, where I sat down with a handful of startup builders, operators and notable voices from the blockchain’s ecosystem. So keep an eye out for those episodes.

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The latest Talking Tokens podcast 🎙️

For this week’s Tuesday episode, I interviewed Nitesh Nath, Founder and CEO of DFlow, about building trading infrastructure for Solana and enabling native access to prediction markets, starting with Kalshi, through DFlow’s new API.

Nitesh explains why expanding market access matters for Solana’s trading community, how tokenizing these positions unlocks new DeFi composability, and why every prediction can become an SPL token that plugs into borrowing, trading, and liquidity protocols.

We also discuss DFlow’s concurrent liquidity programs, bridging off-chain liquidity onchain, its recent integration with Phantom, and how these systems set the foundation for new financial primitives.

The conversation covers tokenization, onchain market design, expected 2026 milestones, local-market prediction use cases, and how everyday users may eventually use prediction-powered applications without ever realizing it. Nitesh also shares what Solana needs to improve for high-frequency traders, why liquidity provision is still too difficult, and why DFlow is betting on Solana as the most efficient place to build financial rails.

TIMESTAMPS:

00:00 – Intro

01:07 – DFlow’s recent announcements with growing user demand

01:32 – Connecting Solana traders to Kalshi and the importance of market access

02:45 – Network effects between prediction markets and Solana traders through DFlow infrastructure

03:37 – Tokenization as the building block for DeFi and enabling predictions to plug into the ecosystem

04:18 – Phantom partnership as a new entry point for traders and liquidity providers

05:12 – The broader unlock for prediction markets as they reach mainstream attention

06:10 – Concurrent liquidity programs bridging off chain liquidity onto Solana

07:26 – Global user opportunities and Solana’s ability to attract sports and political audiences

09:42 – Burning tokens into stablecoins when markets resolve and how payouts work

12:10 – Open interest expectations for 2026 and how tokenization scales with market activity

14:16 – Too many markets debate and why niche local prediction markets will thrive

17:10 – Everyday apps using prediction markets under the hood without users realizing it

18:31 – Most things eventually moving on chain and how the prediction API integrates into apps

20:27 – Improving Solana infra for HFT and solving jitter, latency and market maker pain points

22:27 – Why DFlow is building on Solana and the vision for DeFi as efficient financial rails

23:08 – Nitesh’s final advice on ignoring price action and thinking long term

This episode is a part of the Solana Sessions campaign that Token Relations and the Talking Tokens podcast are doing, diving into founders’ journeys and startups building on Solana. Check out the accompanying newsletter here.

Talking Tokens episodes are released on Spotify, Apple Podcasts, YouTube every Tuesday and Thursday.

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Money and people moves

1. A lot of recent shifts at Paradigm:

   1. Charlie Noyes, general partner at Paradigm, steps down after an 8-year stint (starting at the age of 19!)

   2. Nick Martisch departs Paradigm after building its GTM function for the past 3 years

   3. Ishan Goyal joins Paradigm’s GTM team, departing Coinbase

2. Joseph Smith joins Polymarket to help lead its iOS development

3. Hemu Rahman leaves Osmosis after four years of leading its product team to build out Interval News

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Please note that this content is for informational and entertainment purposes only. Any views shared should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research. We may have a direct or indirect financial interest in content mentioned in this newsletter.