After the World Cup, the development directions of leading prediction markets have gradually diverged. Kalshi is solidifying its advantages in off-chain, compliant, and sports-focused markets, while expanding into perpetual DEXs. Polymarket is pushing hard into the U.S. market and perpetual DEXs, but has seen reduced engagement and attention from the Web3 community. Predict Fun focuses on short-term price movements in crypto and stocks, and provides support for event contracts on CEXs. The first two appear to be drifting further away from Web3—Kalshi has always been centralized, and Polymarket operates with a Web2 mindset. Although both are entering the perpetual DEX space, their primary goal remains inflating valuations and expanding into non-prediction businesses to sustain high valuations. Predict Fun’s approach is more native to Web3: it anchors itself in short-term price movements and continuously deepens liquidity in sports, esports, TradFi, and Asian markets. As meme-driven crypto users significantly shorten their holding periods, this new trading format—short-term price movements and event contracts—has the potential to capture increasing trading volume. In a sense, betting on Predict Fun’s valuation is also a bet on this time-slice market. Whether it’s 5-minute or 15-minute price movement markets, Polymarket’s users are migrating to Predict Fun: from just 2% of user market share at the end of May, it now holds a 55-45 split against Polymarket. Beyond crypto price movements, Predict Fun is also prioritizing the development of stock prediction markets, becoming the first platform to launch 15-minute stock price movement prediction markets.