Phantom, the most widely used wallet for coins on Solana (SOL 4.68%), just hired a team of developers who ran some of the most high-profile private-company perpetual futures markets on Hyperliquid over the last couple of months. With this, Phantom joins the trend of wallets muscling deeper into leveraged derivatives, and the field is filling fast.
For Solana holders, the temptation here is to read this development as bullish news for buying Solana. But the story is more complicated than that — and the nuance is what’s making me consider buying more Solana — so let’s dive in and see what’s actually happening.
Image source: Getty Images.
Why this isn’t as bullish as it looks
Perpetual futures contracts, or “perps,” are derivatives that offer leveraged exposure to the future price of an underlying asset, with no expiration date.
Phantom’s perp product uses Hyperliquid’s platform as a back end, which is not a Solana-native venue; the wallet is Hyperliquid’s largest distribution partner. The hiring of the developer team deepens that partnership, but it isn’t a bid by Solana to build the next Hyperliquid.
The direct benefit to Solana is thus going to be modest at best. It’ll matter for the chain only if Phantom’s users buy more tokenized stocks on Solana, or keep their trading proceeds in SOL — and neither is likely.
Today’s Change
(-4.68%) $-3.79
Current Price
$77.25
Key Data Points
Market Cap
Day’s Range
$76.97 – $82.62
52wk Range
$60.40 – $252.78
Volume
2.5B
Why I’m still considering buying
Phantom is a wallet that in practice is primarily used by meme coin traders. But there’s a more important backdrop to its move into perpetuals.
Tokenized stocks, which can act as the underlying asset for perpetuals, are booming, and much of the activity is happening on Solana. In the second quarter of 2026, Solana handled $5.8 billion in tokenized asset spot trading volume, a quarterly record. As of July 6, there was $566 million in tokenized stocks parked on its chain, trailing right behind Ethereum with $642 million.
Perp markets for those same equities are probably the next opportunity for Solana to capture, if it can. If it happens, that’ll likely drive more capital to the chain, as well as increase the chain’s activity, both of which will drive transaction fees.
Buying Solana as a result of this thesis alone is too big a stretch.
The token has a value-capture problem in that chain activity doesn’t meaningfully accrue to the coin’s holders, and the Phantom deal does nothing to change that. But if Solana-native perp venues absorb meaningful tokenized stock activity flow over the coming quarters, that might not matter, so watch this chain carefully, as it might be worth buying with enthusiasm relatively soon.
Source: Original Article
