Unchained Why Phantom Is Launching Perps + Why Bit Digital Ditched BTC for ETH - Ep. 866
9 snips
Jul 11, 2025 
Brandon Millman, CEO of Phantom, unveils why his wallet is launching perpetual swaps with Hyperliquid, discussing its user-friendly design and future aspirations. Sam Tabar, CEO of Bit Digital, explains the company's bold transition from Bitcoin to Ethereum, revealing their strategy behind a massive ETH purchase and the reactions from industry figures like Michael Saylor. The conversation dives into the potential of wallets as gateways to crypto and the evolving landscape of digital assets.
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Phantom's Perps Launch Timing
- Phantom launched perpetual swaps leveraging Hyperliquid to provide centralized exchange scale liquidity and superior user experience.
- They saw the timing ideal due to rising community interest and adoption in perpetual products both in crypto and traditional finance.
Phantom's Perps Monetization
- Phantom makes money by charging fees on opening and closing positions in perps, not on conversion of deposited tokens.
- Users currently deposit SOL which converts to USDC for trading, with future plans for more asset support.
Why Phantom Chose Hyperliquid
- Phantom remains a Solana-first product but uses Hyperliquid for perps due to superior liquidity and community ecosystem.
- Hyperliquid aggregates liquidity decentralizedly better than Solana-native options like Drift or Jupyter.
