Phantom, a Solana ecosystem wallet that has been silent for a long time, announced the integration of Hyperliquid perpetual contract trading on July 9, attempting to create waves in the fierce wallet market through product breakthroughs.

This integration is initially available to EU users, supporting 40x leverage, take-profit and stop-loss orders, and real-time alerts, marking Phantom's move towards a more complex trading experience.

This integration uses Hyperliquid's API. The flow of funds goes through $SOL converted to $USDC and then enters the perpetual contract account, which has sparked discussions among users about fee transparency. Phantom subsequently clarified that the actual exchange takes place on the Hyperliquid platform and is not a fee charged by itself. However, this also reflects users' high sensitivity to "hidden fees" in wallet products.

Phantom had 15.00 million monthly active users during the peak of the Solana bull market and completed three key acquisitions in 2024, including security company Blowfish, embedded wallet platform Bitski, and NFT data service provider SimpleHash, to build a more complete product ecosystem. It also completed a $150.0 million Series C financing round earlier this year, with a valuation of $3.0 billion.

However, recently, facing the strong offensive of exchange wallets such as Binance and OKX, Phantom's revenue has declined. Although it once saw a surge in revenue to $30.51 million in a single week in November 2024 due to the Solana Meme craze, its current Swap market share is only 0.3%, far lower than Binance's 94.5%, but higher than Metamask's 0.1%.

Phantom currently has certain advantages in terms of functionality, user experience, and security data layout, but to truly stand out in the wallet war, it still needs to solve the user growth bottleneck and expand its trading share.

In the context of no token issuance, whether Phantom can rely on continuous evolution of technology and products to return to the growth track in the highly competitive wallet market remains to be tested by the market.
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