#MyGateTradeStory A #new battle may begin between regulated trading and DeFi

Kalshi has made a strong entry into the perpetual contracts market for coins like ETH $XRP ‌ $SOL ‌L , but the real discussion isn't just about adding new products.
The deeper idea is that some liquidity might shift from decentralized platforms to off-chain exchanges, and this is what Imran Khan, co-founder of Alliance, warned about. In his opinion, the risk isn't in the trading itself, but in the potential for liquidity, activity, and data to move outside the DeFi environment, which reduces the ability to build on it and the integration between applications.
In DeFi, liquidity isn't just about buy and sell orders.
It's the raw material on which protocols are built: lending, trading, derivatives, risk management, and new applications.
However, when this liquidity moves to closed or regulated platforms off-chain, the trader might benefit from an easier experience, but the decentralized system loses part of its network effect.
Kalshi isn't stopping here, as reports indicate plans to add perpetual contracts on DOGE, SHIB, HYPE, and XLM, making the discussion bigger than just one coin or one platform.