Home›Crypto›Market Structure›Trepa and Fireplace prediction markets wind down by Se…

Trepa and Fireplace prediction markets wind down by Sept. 30

Kalshi and Polymarket absorbed nearly all recent trading volume, taking 93.3% of the past 30 days tracked across 40 venues, with Kalshi accounting for 75.7%.

Reported · Written up by our desk · Market Structure

Two crypto prediction market startups, Trepa and Fireplace, said they are winding down within 90 minutes of each other, and that users must withdraw funds by Sept. 30. The closures cap months of competition among prediction venues as market share concentrated elsewhere.

Trepa built its own prediction mechanism on Solana and paid users based on how close their numerical guess landed to an outcome, while Fireplace operated a professional trading terminal on top of Polymarket and charged fees for routing orders there. Both firms said they were unable to maintain positions that lasted across the two exchanges that now account for nearly all trading.

DefiLlama tracks volume across 40 prediction market venues using adapters, and Kalshi and Polymarket together took 93.3% of volume over the past 30 days, totaling $13.87 billion out of $14.87 billion. Kalshi alone accounted for 75.7%, while the third-largest venue, OPINION on BNB Chain, took 2.8%.

The article also detailed each company’s funding and timeline: Trepa raised $420,000, launched on Solana mainnet on Dec. 8, 2025, and said its last playable round is Aug. 12. Fireplace raised $1.5 million, while Kalshi has raised $2.685 billion and was last valued at $22 billion, and Polymarket received $1.6 billion from Intercontinental Exchange across two tranches, according to the outlet.

Latest closeSolana $76.15 ▼0.1%|BNB $598.98 ▼0.5%

More like this

Sources