Solana Update: dYdX Expands Into US, Phantom Introduces CFTC-Approved Prediction Markets

In Brief

dYdX has launched its first US spot trading product on Solana amid a more supportive regulatory climate, while Phantom integrated CFTC-approved prediction markets through Kalshi, underscoring Solana’s growing role in regulated blockchain applications.

Decentralized exchange dYdX announced the introduction of spot trading access for users based in the United States, marking the platform’s initial rollout of spot market functionality in the country

This launch represents the first spot trading offering made available by dYdX to US participants, with the company indicating that additional products may follow

Historically, regulatory conditions limited US access to various digital asset opportunities, including token distributions and incentive programs. In 2025, a shift toward a more supportive policy environment and a less confrontational regulatory stance has contributed to renewed engagement by blockchain projects in the US market.

dYdX has chosen to begin its US expansion with a spot trading product built on Solana, which the company views as a measured entry point. dYdX Labs has stated that it continues to monitor guidance and regulatory signals from the Securities and Exchange Commission and the Commodity Futures Trading Commission when assessing the potential introduction of decentralized derivatives

At the same time, Solana continues to broaden its use cases, evolving beyond its earlier association with speculative assets to support a wider range of applications for both individual and institutional participants. Recent developments highlight the network’s expanding role and its increasing relevance within a more receptive US regulatory and market environment, with dYdX among the notable projects contributing to this trend.

Phantom Introduces CFTC-Approved Prediction Markets

Another Solana-related development this week involves the Commodity Futures Trading Commission (CFTC) through the integration of the regulated prediction market Kalshi into the Phantom wallet. While wallet integrations are typically routine, Phantom holds a central position within the Solana ecosystem, making its support for Kalshi notable and reflective of the heightened attention prediction markets are receiving

Throughout 2025, prediction markets have attracted disproportionate levels of capital, participation, and public interest, with multiple platforms seeking to challenge the dominance of established leaders by differentiating themselves through structure or compliance. Kalshi, which is based in New York, has focused on rapid expansion while maintaining adherence to regulatory requirements. With Phantom reporting a user base exceeding 15 million and Kalshi operating on Solana, the integration lowers barriers to access and increases visibility for the platform. Following recent collaborations with DFlow and Jupiter, Kalshi has strengthened its presence within the Solana ecosystem

The platform recorded approximately $5.8 billion in trading volume in November and has secured late-stage funding, positioning it as a credible competitor within the sector. If current growth trends continue alongside successful navigation of the US regulatory landscape, Kalshi is positioned for sustained relevance, reinforcing broader indications that Solana is increasingly viewed as a preferred network for regulated and mainstream blockchain applications.