#预测市场平台发展 Prediction market platform Kalshi faces a class-action lawsuit, which has sparked deep reflections on the overall industry's compliance. From on-chain data, user activity and capital flow on similar platforms have been on the rise, but regulatory risks are generally underestimated. Kalshi is accused of conducting sports betting without a license, exposing the blurred boundary between prediction markets and traditional gambling. More concerning is that its market-making activities are suspected to be detrimental to users, which could undermine user confidence and affect the platform's long-term development. It is recommended to closely monitor the case's progress and analyze the potential ripple effects on the entire industry. At the same time, it is also necessary to reassess the risk premiums of prediction market platforms and adjust related investment strategies.