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Odaily Pyth Network has announced a major strategic transformation: a comprehensive infrastructure upgrade and a shift in its economic model from token incentives to revenue-driven. According to two core proposals (OP-PIP-100, OP-PIP-103), Pythnet will be gradually shut down by 2026, with focus shifting to the next-generation underlying network Lazer. The OIS staking reward mechanism will be terminated (parameter Y set to 0), while the security slashing mechanism will be retained.Meanwhile, the PYTH Reserve has repurchased approximately 12 million PYTH using protocol revenue. Commercial products (Pyth Pro, Data Markets) have become the core growth drivers, with leading prediction markets such as Polymarket and Kalshi already integrated. Institutional adoption continues to rise.
Odaily News: New York State Governor Kathy Hochul signed an executive order on Wednesday prohibiting state government employees from using non-public information to trade in prediction markets or assisting others in profiting from it. This move aims to address growing concerns over "insider betting" in prediction markets.According to the executive order, all government officials appointed by the governor or under her jurisdiction, as well as members of public agencies, are prohibited from using any non-public information obtained in the course of their duties to seek profits or avoid losses in prediction markets or similar services. They are also barred from assisting others in such activities. The governor mentioned in the document that the current "rapid expansion of prediction markets" has drawn regulatory attention.The day before, Illinois Governor JB Pritzker also issued a similar executive order, banning state government personnel from using non-public information to participate in prediction market betting.Meanwhile, prediction market platform Kalshi disclosed that it has launched investigations into three insider trading cases involving candidates and has imposed fines and trading suspensions on the relevant individuals. One of those penalized is Mark Moran, a candidate in the Virginia State Senate Democratic primary, who was penalized for betting on his own campaign and stated he "hoped to be caught."
According to an official announcement, Kalshi—a prediction market regulated by the U.S. Commodity Futures Trading Commission (CFTC)—has integrated Pyth as the settlement data source for its newly launched Commodities Hub, covering markets including gold, silver, Brent crude oil, natural gas, copper, corn, soybeans, and wheat. Meanwhile, Pyth Pro will provide Kalshi’s market makers with direct access to market data. Kalshi stated that this move aims to support continuous trading and reliable settlement of commodity-related event contracts; Pyth Pro will subsequently expand to additional asset classes, including indices, equities, and foreign exchange.
According to The Wall Street Journal, prediction market platforms Polymarket and Kalshi have both announced plans to launch perpetual futures contracts. Polymarket posted a video on X on Tuesday stating it will list perpetual futures products tied to crypto tokens, U.S. equities, and commodities; Kalshi has a similar plan. Perpetual futures are crypto-native derivatives with no fixed expiration date. It remains unclear whether Polymarket will offer these products in the U.S. market, as such products face relatively strict regulatory restrictions in the United States.
Odaily News Kalshi has launched a 24/7 commodity market, providing price prediction services for commodities including crude oil, diesel, gold, silver, copper, lithium, natural gas, sugar, soybeans, wheat, corn, coffee, cocoa, live cattle, and more.
According to CoinDesk, Wall Street brokerage Bernstein released a research report stating that prediction market trading volume is expected to grow from $5.1 billion in 2025 to approximately $100 billion in 2030, representing a compound annual growth rate (CAGR) of roughly 80%. Trading volume is projected to reach $24 billion in 2026, while Polymarket and Kalshi combined have already generated $60 billion in trading volume year-to-date. The report identifies three core drivers of this growth: increasing regulatory clarity at the federal level, blockchain infrastructure enabling global liquidity, and integration with mainstream trading platforms. Industry revenue is expected to rise from approximately $400 million in 2025 to about $10.8 billion in 2030. Distribution capability is viewed as a key competitive barrier. Robinhood has achieved an annualized revenue run-rate of $350 million from prediction markets and is advancing its exchange infrastructure development; Coinbase, meanwhile, offers nationwide access to over 1,000 contracts via the Kalshi platform. Bernstein maintains an “Outperform” rating on both companies.
According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice jointly filed an application with a federal court on Tuesday evening seeking to block Arizona from enforcing its state gambling laws against prediction market operator Kalshi. The two agencies argue that Kalshi’s contracts—tied to real-world events such as sporting events and elections—are, in substance, financial derivatives (swaps) subject to the Commodity Exchange Act and the federal regulatory framework, rather than state-level gambling regulations. Arizona had previously brought criminal charges against Kalshi, with a trial scheduled for April 13. Courts across the country have issued conflicting rulings: the U.S. Court of Appeals for the Third Circuit (New Jersey) has leaned toward supporting the federal regulatory position, while other district courts have remained open to the state’s arguments.