CoinMeta data: According to Researcher Lorenzo Valente, the one-week nominal trading volume of Kalshi reached $17 billion. Based on the current trading scale, the annualized trading volume is approximately $900 billion. Even if the platform's fees are reduced to 1%, the corresponding annualized revenue could still reach around $9 billion. Meanwhile, the estimated revenues for Coinbase and Robinhood this year are both close to $6 billion. The trading volume of Kalshi is expected to increase by about 20 times year-on-year. Even if the growth rate slows down to 5 times next year, the valuation of $40 billion from its previous round of financing might still be on the low side.