Polymarket and Kalshi are heading in two completely different directions. Polymarket is focusing on Builder Codes, taking a bottom-up approach with its ecosystem and community, making it ideal for various Crypto Native developers. On the other hand, Kalshi is partnering with Robinhood and Coinbase, relying on centralized entities like online brokers and exchanges for traffic distribution, following a strategy of strong alliances. In terms of results, Polymarket's ecosystem is more diverse, while Kalshi's single-platform growth is faster. Polymarket has incorporated over 170 types of community ecosystems and tools, with Polymarket Builders contributing ~5% of its trading volume, still in its early stages. Meanwhile, online broker distribution channels are well-established—since Q2, Robinhood has contributed over 50% of Kalshi's nominal trading volume, including $2.5 billion in nominal trading volume in October alone, opening up a new revenue stream by charging $0.01 commission per contract. The partnership between Coinbase and Kalshi is likely similar, with Coinbase creating a front-end traffic entry point within the CEX, supported by Kalshi's underlying liquidity. Considering Coinbase Ventures' participation in Polymarket's $3.5 billion valuation funding round in 2024, the two largest Prediction Markets are now both under Coinbase's umbrella.