Original | Odaily Planet Daily ( @OdailyChina )
Author: Azuma ( @azuma_eth )
On July 9, Phantom, the mainstream wallet application in the Solana ecosystem, announced a partnership with the decentralized exchange Hyperliquid. With the back-end support of Hyperliquid, Phantom users will be allowed to trade perpetual contracts directly in the wallet , and go long or short on more than 100 tokens supported by Hyperliquid with a leverage of up to 40 times.
Although only five days have passed since the cooperation was reached, it is almost certain that this cooperation is a victory for both Phantom and Hyperliquid.
Hyperliquid: Reaching the Solana Ecosystem, Coin Price Breaks New High
First of all, from the perspective of Hyperliquid, as the most powerful decentralized contract exchange, Hyperliquids main position was previously in the EVM ecosystem. Although there are some sporadic Solana DeFi projects (such as Ranger) trying to connect the two services, the overall reach rate for Solana users is not ideal. With the completion of the cooperation, Hyperliquid will use Phantom, the most mainstream wallet application in the Solana ecosystem, to reach Solana ecosystem users in the most direct and efficient way.
According to official data released by Phantom in January this year, the wallet currently has 15 million monthly active addresses, which means that even if only 1% of the addresses are converted, it will bring 150,000 new users to Hyperliquid - based on Hyperliquids current total number of approximately 540,000 users, this means a nearly 30% increase in users.
In addition, Phantom also disclosed that the exchange service built into its wallet facilitated a total of 850 million transactions in 2024, with a transaction volume of up to US$20 billion . Currently, the ratio of spot trading volume to contract trading volume in mainstream centralized exchanges is about 15% - 30% - even if a more conservative data of 30% is used for evaluation, this corresponds to an expected contract trading volume of approximately US$66.6 billion.
On the morning of July 13, Phantom officials disclosed that its contract trading volume had exceeded 120 million US dollars. At this time, only 4 days had passed since the launch of its contract trading function. Such a starting result is already quite amazing.
Influenced by the growth expectations brought about by this cooperation, Hyperliquids token HYPE has also continued to set new highs recently. As of 15:45 on July 14, it was temporarily reported at US$49.13, and there is only one last sprint left to break through the US$50 mark.
Phantom: Earn money easily with “rebates”
For Phantom, this cooperation is also of great significance. On the one hand, the introduction of contract transactions enriches Phantoms product functions and can provide users with more diverse service content; on the other hand, with the help of Hyperliquids Builder Codes function, Phantom is also expected to obtain a considerable new income.
The so-called Builder Codes means that Hyperliquid allows third-party builders (Phantom in this scenario) to obtain transaction fees through transactions sent on behalf of users. You can simply understand it as a mechanism similar to rebates.
Hyperformance data shows that just 5 days after the launch of the contract trading service, Phantom’s “rebate” corresponding address (0xb84168cf3be63c6b8dad05ff5d755e97432ff80b) has received $102,155 in Builder codes income.
Even if calculated statically based on the above data, this corresponds to an annual revenue of approximately US$7.45 million. Considering the expected growth in users and transaction volume, this figure may continue to increase several times.
User side: better liquidity, lower fees
From the perspective of Solana ecosystem users, the cooperation between Phantom and Hyperliquid is obviously a blessing. On the one hand, Hyperliquids liquidity has a clear advantage over the current Solana ecosystems contract exchanges, which will provide Solana ecosystem users with better transaction execution prices; more importantly, Phantom and Hyperliquid provide users with extremely attractive fee conditions.
In its latest study , GLC Research pointed out that the median fee offered by Phantom and Hyperliquid is 0.095%, compared with the 0.3% fee for Jupiter contract transactions. The former has a clear fee advantage.
Overseas KOL JJ ( @hyperliquidbull) added that Phantom and Hyperliquid provide users with close to institutional-level transaction fee pricing, which is almost equivalent to the pricing of Binance VIP-1, which usually requires a monthly trading volume of more than US$15 million.
Conclusion: The Future of Chain Abstraction
Looking closely at the cooperation between Phantom and Hyperliquid, the most interesting point is that as the main force of the Solana ecosystem, Phantom did not choose Jupiter, Drift and other decentralized contract exchanges in the Solana ecosystem, but chose Hyperliquid across ecosystems, and all the integration work has been completed on the backend, and front-end users are completely unaware of it.
This is almost the future of chain abstraction that we have imagined - products will no longer be restricted by their native stacks, complex technologies and concepts will be hidden behind the scenes, and users will directly enjoy convenient services in a seamless way.
As two leading players in different fields, Phantom and Hyperliquid have set a good example through their cooperation, which may provide some reference ideas for subsequent cooperative innovation in the industry.
