Crypto is leading the race to build the ultimate gambling super-app

Several crypto platforms, including Hyperliquid, Kalshi, Polymarket, and Pump.fun, are evolving into comprehensive "super-apps" by integrating diverse speculative products. Hyperliquid is adding outcome token trading alongside its perpetuals, while Kalshi is reportedly preparing to offer crypto perpetual futures, and Polymarket has announced perpetual contracts. Pump.fun has become a social trading environment for browsing coins, following creators, and swapping tokens. The common strategy is to keep users engaged in a continuous speculative loop with high exit costs. These platforms are increasingly offering shorter-duration contracts, which generate higher revenue. For instance, Kalshi and Polymarket's event contracts yield significantly more revenue per notional dollar than Hyperliquid's perpetuals. This convergence is driven by the economics of capturing higher-margin flow and creating continuous revenue streams. The regulatory landscape remains a challenge, with ongoing clashes between federal derivatives law and state gambling regulations, creating uncertainty for these evolving platforms.

(Source：CryptoSlate)