Markets· ★★★· neutral· October 21, 15:34

Delphi Digital: own the platforms, not the assets traded on them

—Kalshi and Polymarket did $53B in July volume, about 25x year-on-year
—Robinhood's Q2 event-contract revenue reached $156 million
—That topped equities ($129M) and crypto ($100M) revenue
—Hyperliquid and Lighter were named as leading onchain platforms

Why it matters: The report points to a shift in speculative demand toward intermediaries, reshaping how exchanges and prediction markets are valued.

Source: PANews