A first for DefiLlama
Until now, DefiLlama focused on on-chain data — total value locked, protocol fees, and other metrics generated by smart contracts. The Kalshi addition breaks that pattern. The off-chain revenue figures show earnings from Kalshi's operations, a category not previously tracked on the platform.
Kalshi now appears alongside other revenue-generating entities in DefiLlama's rankings. But unlike most entries, its revenue comes from off-chain sources, not from decentralized protocol fees. The data gives users a view into the financial performance of a company operating outside the blockchain.
Bridging two analytics worlds
The move signals that DefiLlama sees value in tracking both on-chain and off-chain financial activity. By including off-chain revenue, the platform is effectively acknowledging that the line between DeFi and traditional
