Prediction Markets: Polymarket, Kalshi, and Myriad Markets

Overview

Kalshi, Polymarket, and Myriad Markets are three prominent platforms in the prediction market space. Among them, Kalshi and Polymarket dominate the market, but they differ significantly in their regulatory approach and geographic reach.

• Kalshi is a U.S.-regulated platform licensed by the Commodity Futures Trading Commission (CFTC) as a Designated Contract Market (DCM). It focuses on political, economic, and event-based markets.
• Polymarket, a decentralized platform built on blockchain technology, restricts access to U.S. users due to regulatory risks but remains popular in Europe, Asia, and Latin America.
• Myriad Markets, launched in September 2024 on Abstract, is a newer entrant that combines media content with forecasting tools.

In March 2024, Polymarket was embroiled in a controversy involving its oracle provider, UMA. Additionally, in early 2024, the FBI executed a raid at the home of Polymarket CEO Shane Coplan. Notably, Kalshi reportedly paid influencers to attack Coplan following the raid.

Myriad Markets: A Media-Integrated Forecasting Platform

Myriad Markets is a decentralized prediction market platform developed by DASTAN , the parent company behind Decrypt Media and Rug Radio. Launched in September 2024, it uniquely integrates news and podcast content from Decrypt and Rug Radio directly with prediction markets.

DASTAN aims to build a decentralized media network, positioning Myriad Markets not just as a forecasting tool but also as an engagement layer for crypto-native audiences.

As of now, Myriad Markets has no publicly announced funding rounds, suggesting it may be bootstrapped or funded internally via Decrypt’s revenue streams.

Funding and Investors

Kalshi

• Raised $185 million at a $2 billion valuation
• Key investors:
  • Sequoia Capital
  • Paradigm
  • Multicoin Capital
  • Personal investments from Charles Schwab and Citadel CEO Peng Zhao

Polymarket

• Raised $74 million at a $450 million valuation
• Aiming to raise $200 million at a $1 billion valuation
• Key investors:
  • Polychain Capital
  • ParaFi Capital
  • DragonFly Capital
  • Vitalik Buterin
  • Founders Fund (Peter Thiel)

Myriad Markets

• No public funding rounds reported
• Likely funded through internal Decrypt revenues

Regulatory Landscape

Kalshi

• First and only prediction market platform regulated at the federal level in the U.S.
• Licensed by the CFTC as a Designated Contract Market (DCM) after a two-year approval process
• In 2023, successfully sued the CFTC over its ban on Congressional election outcome contracts, setting a legal precedent

Polymarket

• Fined $1.4 million by the CFTC in January 2022 for operating an unregistered platform
• Ordered to cease operations in the U.S., prompting the platform to implement geoblocks for American users
• In November 2024, the FBI raided the home of CEO Shane Coplan as part of a criminal investigation; devices were seized

Myriad Markets

• Currently operates without formal regulation
• Emphasizes its decentralized architecture and absence of geoblocking
• Actively demonstrating its non-custodial, permissionless nature

Teams Behind the Platforms

Kalshi Team

• Tarek Mansour – CEO
  MIT alumnus, former macro trader at Citadel, derivatives analyst at Goldman Sachs
  Went through Y Combinator
• Luana Lopes Lara – CTO
  MIT CS undergrad, Master’s in computational cognitive science
  Interned at Bridgewater Associates, Citadel Securities, Five Rings Capital
• Donald Trump Jr. – Strategic advisor (joined in January 2025)
• Brian Quintenz – Policy Chair at a16z Crypto
  Former CFTC Commissioner (2017–2021)
  Nominee for CFTC Chair under Trump
  Holds ~$3.4M in crypto assets
  Would resign from all roles and divest conflicting assets if confirmed

Polymarket Team

• Shayne Coplan – CEO
  Dropped out of NYU Computer Science to pursue crypto
  Participated in Ethereum’s 2014 ICO
• J. Christopher Giancarlo (“Crypto Dad”) – Former CFTC Chair
  Now serves on Polymarket’s advisory board
• Nate Silver – Statistician and founder of FiveThirtyEight
  Advisor to Polymarket

Myriad Markets / DASTAN Team

• Loxley Fernandes – Co-founder & CEO of DASTAN
  Strong Twitter presence with engaged followers
• Ilan Hazan – Co-founder & COO of DASTAN
  Active in the crypto community, influential voice
• Farokh Sarmad – Third co-founder of DASTAN
  Conducted a high-profile interview with CZ (CEO of Binance) in May 2024
  Also maintains a strong social media presence

User Engagement on Myriad Markets

On June 18, 2025, Myriad Markets launched Season 2 of its point-based engagement system:

Key Features of Season 2:

• Unified ranking system combining:
  • Trading volume
  • Referrals
  • Performance
• Real-money trading (USDC) now carries more weight than point-based markets
• Multipliers starting at 2x for users with $500+ in USDC trading volume
• No fees on position closures
• All participants start with zero rating

How to Register on Myriad Markets

1. Visit the official site: https://myriad.markets/
2. Install the MYRIAD Chrome extension
3. Log in using your email or wallet via Abstract

Platform Sections

• Markets: Active prediction markets
• Earn: Tasks to earn points (e.g., linking social accounts, reading Decrypt articles)
• Leaderboard: User rankings based on performance
• News: Embedded prediction markets within Decrypt content
• Portfolio: Track your points and positions

Types of Markets

Point Markets

• Internal currency with no monetary value
• Used to express confidence in outcomes and track reputation
• Earn points by:
  • Connecting social profiles
  • Reading Decrypt articles
  • Watching Rug Radio videos
  • Completing quizzes tied to Decrypt content

USDC Markets (Launched March 2025)

• Allow real-money betting using USDC
• Enhances forecast accuracy and sentiment tracking
• Share prices range from 0 to 1, representing percentage probability
• Winning shares pay out 1 USDC per share

How to Place a Bet

1. Select a market and pick an outcome
2. Enter your bet amount in points or USDC
3. Confirm the transaction
4. Use quick-bet options: 5%, 10%, or 100% of your balance

Conclusion

Prediction markets are gaining traction as powerful tools for gauging public sentiment and forecasting real-world events. While Kalshi leads in regulatory legitimacy in the U.S., Polymarket continues to innovate in the decentralized space despite regulatory headwinds. Meanwhile, Myriad Markets is carving out a unique niche by integrating media and user engagement into its forecasting model.

Each platform offers a different approach to balancing compliance, decentralization, and user experience — making this space one to watch closely in the evolving world of decentralized finance and information markets.