Looking back, the development of prediction markets has been full of ups and downs. From the earliest "Bay' al-salam" contracts under Islamic law to modern platforms like Kalshi, there have been many fluctuations. This time, Kalshi raised $1 billion in funding, with its valuation soaring to $11 billion, which is truly remarkable.

I remember in 2008, the Intrade platform was forced to shut down due to regulatory issues, and the industry mourned. But in hindsight, that was just a turning point in the development of prediction markets. Kalshi's ability to thrive in a strict regulatory environment demonstrates the exceptional nature of its business model and risk management capabilities.

However, history often repeats itself. Currently, Kalshi faces multi-state lawsuits and regulatory pressure, mirroring Intrade's situation back then. This reminds us that finding a balance between innovation and compliance is always the key to survival in this industry.

Looking ahead, the prospects for prediction market development remain bright. But based on past experience, only platforms that can strike a delicate balance between regulation and innovation will truly stand the test of time. Kalshi’s success may point the way for future entrants, but its challenges also serve as a warning to the entire industry.